12.5.2021 07:00:00 CEST | EcoOnline AS | Half yearly financial reports and audit reports / limited reviews
With annual recurring revenues (ARR) at NOK 354 million at the end of Q1 2021, an increase of 51% year-over-year (27% organic), and strong support from current and new shareholders, which contributed NOK 500 million in gross proceeds to the company, EcoOnline Holding AS (EcoOnline) is on track on its growth journey towards an ARR of NOK 1 billion in 2025.
As a European market leader, dedicated to development of software that make workplace safety, management, and documentation of chemicals more user friendly, EcoOnline has taken important steps to broaden its offering, and its geographic reach, partly through acquisitions.
“This quarter, we attracted 191 new customers organically and successfully completed the acquisition of Engage EHS in Ireland, fueling our international growth. Since Q1 2020, acquisitions have added NOK 77 million in ARR, and in Q1 2021 59 percent of new customer ARR were from outside the Nordics,” said Göran Lindö, CEO of EcoOnline.
In April, to drive further growth, EcoOnline has launched its new Learning Manager, an eLearning tool that will digitize and streamline the customers’ environment, health, and safety (EHS) training. The company is also upgrading its EcoOnline platform, making available its suite of EHS management systems as well as its well-known Chemical Manager in one refreshed user interface.
“Investments in product development and improved user experience are important parts of our organic growth strategy. Our EHS and chemical management systems are easy to use and digitally available to customers, and we are opening a large and, in many ways, nearly untapped market. Businesses across Europe are responding to new requirements and regulation aimed at protecting their workers’ health and safety and the environment, and we estimate a ‘white space’ of perhaps as much as 80 percent. Most prospective clients are in fact still using manual and paper-based systems for their EHS tasks,” said Göran Lindö.
During Q1 2021 ARR increased from NOK 317 million to NOK 354 million, despite Covid-19 lockdowns, which delayed customer decisions and recruitment. Pro forma LTM revenues in Q1 2021 reached NOK 378 million.
“We still expect some Covid-19 impact in Q2 2021, especially in the first part of the quarter, but our medium and long term ARR ambition remains unchanged. We are hiring, building the organization, and investing in new solutions with our eyes set on our NOK 1 billion ARR target in 2025,” said Lindö.
For more information and a detailed income statement, statement of financial position and statement of cash flow as of Q1 2021, please see the attached combined Report and presentation for Q1 2021.
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contacts
Göran Lindö, CEO EcoOnline Holding, +47 452 00 660, goran.lindo@ecoonline.com
Morten Evensen, CFO EcoOnline Holding, +47 415 11 169, morten.floberg.evensen@ecoonline.com
About EcoOnline AS
EcoOnline is a European EHSQ SaaS market leader dedicated to developing software creating safer & sustainable workplaces while ensuring compliance and environmental sustainability. EcoOnline has offered a positive contribution to customers and society since its inception and is a chemical management leader in the Nordics, UK and Ireland. The company has a clear history of successfully acquiring and integrating companies with same level of employee engagement as EcoOnline.
Attachments
EcoOnline Q1 2021 report.pdf
