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Kimberly PhanMay 15, 2024 7:08:07 AM2 min read

Strong operational cash flow and improved financial position

Spir Group ASA increased revenues by 1 percent in the first quarter of 2024 compared to the same quarter last year to NOK 263.2 million, despite impacted by easter and fewer workdays than one year earlier. Annual recurring revenue within the Group increased by 5 percent to NOK 399 million at quarter-end. Recurring and recurring-like revenues for Spir Group now comprise 82 percent of total revenues. 

“The four core companies of Spir Group continue to execute on their strategic objectives, and we have gained market-leading positions in Norway and Sweden in two attractive software segments: Mission critical public sector solutions and real estate data & geo information. Within public sector solutions, Sikri continues its steady high public tender win rate.  Our real estate solutions are to a larger extent exposed to macro-driven fluctuations; however, the underlying development of the companies is encouraging,” said Per Haakon Lomsdalen, CEO of Spir Group. 

The company reached record-high free cash flow of NOK 130 million in the quarter and head into the high season with an improved financial position. Adjusted EBITDA was NOK 34.7 million (44.7) in the quarter, representing a 13 percent adjusted EBITDA margin. Reported EBITDA ended at NOK 32.8 million (37.9), implying an EBITDA margin of 12 percent. 

“Spir Group’s SaaS business model has a high cash-generating ability, proven by our operational cash flow of NOK 160 million in the quarter. The Group has improved the financial position considerably during the past year, and the deleveraging accelerated even further in the first quarter as net interest-bearing debt was reduced by more than NOK 120 million in the quarter,” said Lomsdalen. 

Sikri, Boligmappa and Metria all grew revenues compared to the same quarter last year, while Ambita’s revenues declined 2 percent as revenues were impacted by seasonality and market fluctuations.  

“The real estate market has posed challenges over the past year for some of our business areas, including Ambita's growth rate. However, recent data from Real Estate Norway indicates promising signs, with an increasing number of properties being put up for sale. We have robust product and technology development capabilities and capacity. Combined with our improved financial position, we are eager to capitalize on our growth potential,” said Lomsdalen. 

Investors, analysts, and media are welcome to follow a webcast presentation of the results Wednesday May 15th at 08:00. The presentation will be held by CEO Per Haakon Lomsdalen and CFO Cecilie Brænd Hekneby.

Webcast link

Download Q1 2024 report

Download Q1 2024 presentation


Kimberly Phan

CMO Spir Group