Summary of interim period, October–December 2023
- Net sales
SEK 740 million (578), an increase of 28% - Recurring revenues
SEK 611 million (451), an increase of 35% - EBITA
SEK 224 million (171), an increase of 31% - EBITA margin 30% (30)
- Operating profit
SEK 146 million (106), an increase of 38% - Operating margin 20% (18)
- Earnings per share before dilution
SEK 2.13 (1.87) - Cash flow from operating activities
SEK -11 million (74) - Acquisition of Memorix as well as completed acquisition of Codea
Summary of interim period, January–December 2023
- Net sales
SEK 2,778 million (1,978), an increase of 40% - Recurring revenues
SEK 2,346 million (1,631), an increase of 44% - EBITA
SEK 876 million (582), an increase of 51% - EBITA margin 32% (29)
- Operating profit
SEK 590 million (356), an increase of 66% - Operating margin 21% (18)
- Earnings per share before dilution
SEK 9.07 (6.92) - Cash flow from operating activities
SEK 718 million (563) - The Board of Directors propose a dividend increase to
SEK 3.00 per share (2.28)
Strong growth and steadily increasing margins
High inflation, high interest rates, uncertain economic development and growing turmoil around the world came to characterize 2023. For
These additional sales show that by continuously investing in our products, we can deliver added value to our customers now and in the future, which is fully consistent with our brand promise: “to rely on – today and tomorrow.” Our standardized software is often business-critical and helps customers improve efficiency and automation. This allows customers to cost-effectively benefit from developments underway across an entire industry, which has been appreciated in both upturns and downturns, and which, paired with a high share of recurring revenues, contributes to our own steady growth.
Fourth quarter revenues rose by 28% compared with last year, and the EBITA margin was 30.3% compared with 29.5% last year. Revenues for the full year are
Our margin growth is particularly gratifying as we have simultaneously strengthened the organization with new employees, which has been challenging at times in past years, but is now happening with greater ease. An increasing number of people are applying for our job vacancies and appreciate becoming part of a growing, innovative company that demonstrates stability and security. Net profit is negatively impacted by increased borrowing costs and a higher tax rate than in previous years; non-cash remeasurement of our performance-based supplementary purchase considerations also had a negative impact of
Earnings per share rose to
During the fourth quarter, the previously announced acquisition of Finnish Codea was completed and we acquired Dutch Memorix. A total of six acquisitions were completed in 2023. We are pleased to welcome all new employees!
2024 had an excellent start with yet another acquisition and a new vertical through the purchase of Dutch LDC. We actively seek avenues for acquisition opportunities, both with internal resources and through good contacts among our advisors. Over the years, we have refined our processes for finding, exploring and integrating new companies, which allows us to act quickly and with ease as necessary. We can also wait for the right time in consultation with a seller – an advantage we have as perpetual owners of excellent vertical software companies. From a financial standpoint, we are prepared when opportunities arise through strong earnings and available credit.
I would especially like to thank all of our customers and employees for 2023 and look forward to 2024.
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