23.2.2023 08:09:34 CET | Huddlestock Fintech AS | Additional regulated information required to be disclosed under the laws of a member state
Huddlestock delivers growth and is well prepared for entering a another lift in commercial activity
Stavanger, Norway, 23 Feb 2021 – Huddlestock Fintech AS, a provider of innovative technology solutions to the capital markets, treasury, and wealth management industries, today released its Unaudited Financial Report for the Fourth Quarter and Full Year 2022.
In 2022, Huddlestock Fintech delivered proforma revenues of NOK 16.19 million in the fourth quarter, resulting in NOK 61.60 million for the full year, an improvement on 2021 of NOK 20.05 million, or +48% YoY, after including F5 IT and Tracs for the full year of 2022.
Consolidated group revenues were NOK 13.16 million in the fourth quarter, and NOK 46.05 million for the full year 2022, an improvement on 2021 of NOK 22.69 million, or +97% YoY.
2022 was another year of growth and progress for Huddlestock. The company continues to see great interest from our Pan European clients and partners alike. Our technology solution is live with thousands of clients, executing trades and growing the Asset under Management. The company is in a strong position and is looking to add new relationships in months and years ahead. In the consulting business, Huddlestock is enjoying solid demand, and has added new first-class clients to the engagement list. While Technology was impacted by the events in Ukraine and the reorganisation in Germany at the beginning of the year, we have seen a marked acceleration in client demand for our technology solutions and tailormade software, and the team secured several large mandates at the end of the year. The Investor Services division has also added new clients and are enjoying strong demand for its services. We are excited for 2023 and expect this to be a year of transformation to include several new products, new geographical locations and several new clients.
“The company is working hard in all areas and a sound foundation has been established for further growth in 2023 and beyond. The work on the next generation technology solutions is going according to plan and will be launched in the latter part of H1. We are planning to demonstrate our suite of products and services at our Annual General Meeting to be hosted June 1, 2023 in Stavanger,” says John E. Skajem, CEO Huddlestock Group.
Huddlestock’s Consulting business continues to deliver strong revenues, with NOK 10.51 in the fourth quarter 2022 and NOK 39.20 million for the full year 2022. Longer-term client commitments, and three major framework agreements signed in the fourth quarter, confirms the strength of the consulting franchise. Looking into 2023, the team has added a few more products to serve the banking industry and there is good visibility with existing and new client contracts.
Within Huddlestock Technologies, Europe’s leading Banking-as-a-Service provider embedded Huddlestock’s Trade Tech solution into their service offering, and the first platform client went live during the second half of 2022. The Huddlestock technology has been validated and is running smoothly as expected. Furthermore, our software developers continue to work on existing client deliveries and onboarding, as well as bringing in new client mandates. During the fourth quarter the team signed 2 significant mandates.
Technology, comprising of several dedicated and first-class developers and commercial colleauges delivered overall technology related revenues of NOK 7.41 million in 2022, up from 2.45 million in 2021, confirming the path to profitable growth in revenues within our technology franchise.
In 2022, the Huddlestock Group delivered consolidated revenues of NOK 46.1 million, +97% YoY, after including F5 IT since acquisition 1st May 2022. The EBITDA was NOK -14.0 million, as the group is scaling up the organization and continuing to invest in our technology suite, adding talent and preparing for growth in future client deliveries. Proforma revenues for the full year of 2022 were NOK 61.6 million +48% YoY.
The company continues to see strong demand for Huddlestock’s Trade and Wealth Tech solutions, Technology Services and Consulting Services across our product suite, signing new major framework agreements during the quarter. We expect to crystalise multi-year synergies on both the revenue and cost side from our recent acquisitions and remain committed to deliver on our medium-term target of NOK 200 million revenues. The group enjoys a strong balance sheet with shareholders’ equity of NOK 121.0 million.
During the Second half of 2022, we closed the acquisition of F5 IT, issuing 6,666,667 new shares. The acquisition of Trac Services and Tracs Technology, a full-service Reg Tech and Investor Services organisation for the Investment and Wealth Management industry, is going to plan and we are currently awaiting final approval from the Norwegian FSA. On close, Njord Group will invest an additional NOK 5 million in Huddlestock Fintech, taking their stake post-close to 8.26%.
“With our acquisition of Tracs, we will have 68 talented colleagues in the group, and are well on our way to build an organisation for profitable growth, creating sustainable and recurring shareholder value,” says Øyvind Hovland, Chairman of Huddlestock Fintech. A presentation will be held at 10.00 in Norwegian and at 12.00 in English. To access the presentation, please contact Investor Relations.
Please find enclosed the Q4 and Year 2022 presentation material.
For questions, please contact investor relations.
CONTACTS:
John E. Skajem, CEO, +47 418 87 412, jes@huddlestock.com
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by the contact person, at the date and time as set out above.
To see all press and investor releases please have a look in the investor relations section of our corporate website www.huddlestock.com/investor-relations
About Huddlestock Fintech:
Huddlestock Fintech delivers innovative technology solutions to the capital markets, treasury, and wealth management industries.
Through its technology offering, Huddlestock offers an innovative, compliant, and data-centric WealthTech SaaS, accelerating the digital transformation, and trends of hyper-personalization and on-demand banking within the wealth management industry. Huddlestock’s SaaS empowers the embedding of low-cost, efficient white-label trading and investment services, underpinning Huddlestock’s mission of delivering financial inclusion by democratizing access to capital markets.
Through its world-class expert professional services business, Huddlestock delivers strategic technology solutions and process automation for the financial services industry. This range of services has propelled Huddlestock into becoming the preferred supplier of financial consultancy services and technology solutions in the Nordic region. Huddlestock Fintech AS was listed on Euronext Growth Market 26 November 2020, as Norway’s first fintech company to be publicly traded.
For more information, please visit www.huddlestock.com
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contacts
John E. Skajem, CEO, +47 418 87 412, jes@huddlestock.com
About Huddlestock Fintech AS
Huddlestock Fintech is an innovative technology software provider with a leading expert professional services business. We deliver innovative and sustainable technology solutions to the capital markets, treasury and wealth management industries.
Through its technology offering, Huddlestock offers an innovative, compliant, and data-centric WealthTech SaaS, accelerating the digital transformation, and trends of hyper-personalization and on-demand banking within the wealth management industry. Huddlestock’s SaaS empowers the embedding of low-cost, efficient white-label trading and investment services, underpinning Huddlestock’s mission of delivering financial inclusion by democratizing access to capital markets.
Through its world-class expert professional services business, Huddlestock delivers strategic technology solutions and process automation for the financial services industry. This range of services has propelled Huddlestock into becoming the preferred supplier of financial consultancy services and technology solutions in the Nordic region. Huddlestock Fintech AS was listed on Euronext Growth Market 26th November 2020, as Norway’s first fintech company to be publicly traded.
For more information, please visit www.huddlestock.com
Attachments
Download announcement as PDF.pdf
HSF ir Q4 2022 Investor Presentation.pdf
