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SmartCraft ASA (SMCRT) – Q3 2024: Continued high growth and strong cash flow, margins impacted by acquisitions and one-off items

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HØNEFOSS, Norway, Nov. 5, 2024 /PRNewswire/ — SmartCraft ASA, the leading Nordic provider of mission-critical SaaS solutions to small and mid-sized companies in the construction sector, today reported its results for the third quarter of 2024, with continued solid revenue growth, strong cash flow, but margins impacted by dilutive acquisitions and one-off items.

Reported revenue in the second quarter grew 32 percent year-on-year to NOK 132 million, of which 94 percent was recurring. During the third quarter, SmartCraft has started to transform the business models in the newly acquired companies to increase their recurring revenues, which has a short-term impact on revenues and margins, but drives both revenues and margins over time.

The adjusted EBITDA-capex margin was 25.3 percent (33.8% in Q3 23), including a negative effect of 4.4 percentage points from acquired companies and a further negative effect of 4.1 percentage points, partly from one-off initiatives in the quarter to increase scale and synergies. Customer revenue churn in the third quarter was slightly up to 8.3 percent. Operating cash flow was 34 million, up 58 percent year-on-year.

“The demand for digital solutions remains high in the construction industry, and with a challenging macroeconomic backdrop, we are pleased with delivering double-digit organic growth in annual recurring revenue (ARR) in the third quarter. From the second to the third quarter, we added NOK 13 million in ARR, to a record-high growth of 3 percent, lifting ARR to NOK 474 million,” said CEO of SmartCraft Gustav Line and continued:  

“The ARR growth since the third quarter last year was 29 percent, including the contribution of the acquisitions of Clixifix in the UK and Locka in Sweden. This underpins our strong long-term record with 28 percent compounded annual growth since 2019.”

The acquisition of Clixifix, concluded in the second quarter 2024, was SmartCraft’s first expansion outside the Nordics.

“The entry to the UK opens a huge opportunity space, increasing our total addressable market to NOK 50 billion, and we have already started multiple projects to explore organic growth and additional acquisitions with Clixifix as a base. I am also pleased to see that the Clixifix operation itself is performing well with significant year-on-year margin improvement and recurring revenue growth above 30 percent,” said Gustav Line.

SmartCraft’s SaaS solutions are primarily aimed at small and medium-sized businesses in the renovation segment, a part of the construction industry which normally is less affected by the soft macroeconomic conditions than the broader construction segment. At the same time, the improving economic outlook in Sweden positively influences trade.

“Three interest rate cuts in Sweden so far this year have resulted in increased optimism within the construction industry and led to accelerating revenue growth for SmartCraft Sweden. This is a good indication of what to expect in Norway when interest rates come down in this market too. All in all, we stay positive about our prospects and reiterate our target of 15-20 percent organic revenue growth in the medium term. Similarly, we expect the adjusted EBITDA margin to increase due to the scalability of the business,” said Gustav Line.

The third quarter 2024 report and presentation materials are enclosed.

WEBCAST PRESENTATION

Investors, analysts, and journalists are welcome to join an English-language webcast presentation of the report today, Tuesday 5 November 2024, at 08:00 CET.

Webcast link: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20241105_2

Presenters: CEO Gustav Line and CFO Kjartan Bø

Viewers are welcome to submit written questions through the webcast player during and after the presentation. A recording of the presentation will be available on the same link and at https://smartcraft.com/investor-relations/ immediately after the live stream is concluded.

DISCLOSURE REGULATION

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.

CONTACTS
Gustav Line, CEO, +47 952 67 104, gustav.line@smartcraft.com
Kjartan Bø, CFO, +47 410 27 000, kjartan.bo@smartcraft.com

ABOUT SMARCRAFT

SmartCraft is the leading Nordic provider of mission-critical SaaS solutions to SMEs in the construction sector, increasing their productivity, margins, and resource efficiency. The Group currently has more than 13 300 customers and 260 employees distributed across Norway, Sweden, Finland and UK. SmartCraft was listed on the Oslo Stock Exchange in June 2021.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/smartcraft-asa/r/smartcraft-asa–smcrt—-q3-2024–continued-high-growth-and-strong-cash-flow–margins-impacted-by-ac,c4061167

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Health Commons Project Completes Acquisition of OneHealthPort to Advance Healthcare Innovation and Access across Washington State

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SAMMAMISH, Wash., Nov. 5, 2024 /PRNewswire/ — Health Commons Project, a leading nonprofit dedicated to improving healthcare access and quality through technology and innovation, today announced it has completed the acquisition of OneHealthPort, Washington State’s Health Information Exchange (HIE) and prominent provider of health data solutions. This strategic acquisition underscores Health Commons Project’s commitment to expanding its impact by improving data interoperability, enhancing care coordination, and promoting public health across Washington.

The acquisition of OneHealthPort strengthens Health Commons Project’s position as a leader in health information technology, giving it the tools to support providers, health systems, and public health agencies with real-time, secure access to patient data. With the transition, the nonprofit organization will build on OneHealthPort’s mission to enhance the safety, efficiency, and effectiveness of healthcare delivery while ensuring the seamless exchange of health information for millions of residents in Washington.

Key Benefits of the Acquisition:

Enhanced Data Interoperability: By integrating OneHealthPort into its portfolio, Health Commons Project will further its ability to connect health and social care providers such as fire departments, schools, rural pharmacies and community-based organizations across the state, ensuring critical patient data is available when and where it’s needed.

Improved Care Coordination: The combined resources will help streamline patient transitions between different care settings, ensuring better outcomes and reducing unnecessary costs.

Support for Public Health Initiatives: With the expanded health data network, Health Commons Project will provide real-time, de-identified data insights to public health agencies, empowering them to respond to crises and monitor population health trends more effectively.

Increased Accessibility for Health and Social Care Providers: Health Commons Project will offer new, affordable and equitable ways for providers with limited or no IT staff to access critical health data and reports.

“This acquisition represents a significant milestone in our mission to transform health and social care for the better,” said Rob Arnold, Executive Director of Health Commons Project. “By bringing Washington’s HIE into our nonprofit network, we can empower more health and social care providers, public health agencies, and communities with the tools they need to deliver better, more connected care. We are excited to expand our capabilities to improve healthcare outcomes for all.”

OneHealthPort has served the state of Washington since 2002, providing a robust platform for healthcare organizations to share critical patient data securely and efficiently. Over 35,000 healthcare entities and 150,000 individuals currently use OneHealthPort, including hospitals, primary care providers, specialists, and public health agencies. This acquisition will allow these stakeholders to continue benefiting from the services they rely on while gaining access to Health Commons Project’s expanded suite of health and social care solutions.

“As part of Health Commons Project, we will be able to build on our strong foundation and offer even greater value to our partners and the healthcare community,” said Kerry Tye, Executive Vice President of Operations of OneHealthPort. “Our shared mission of using health data to improve patient outcomes will be more achievable than ever.”

Next Steps

Health Commons Project and OneHealthPort do not anticipate users will experience any material changes or disruptions to services when OneHealthPort officially becomes HCP OneHealthPort, LLC, on 1/1/2025. In addition, the organization plans to roll out new features and tools aimed at enhancing the HIE platform’s functionality and accessibility.

About Health Commons Project

Health Commons Project is a 501(c)(3) nonprofit, committed to leveraging technology and data to advance healthcare innovation, access, and equity. By providing cutting-edge solutions to healthcare providers, public health agencies, and other stakeholders, Health Commons Project aims to improve health outcomes for underserved communities and drive systemic change.

About OneHealthPort

OneHealthPort is a state-leading health information exchange dedicated to improving the quality and coordination of healthcare across Washington state. By facilitating the secure and efficient exchange of health data between healthcare providers, OneHealthPort helps ensure that patients receive better, more informed care.

View original content to download multimedia:https://www.prnewswire.com/news-releases/health-commons-project-completes-acquisition-of-onehealthport-to-advance-healthcare-innovation-and-access-across-washington-state-302296120.html

SOURCE Health Commons Project

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Introducing the Next Generation of 10-inch T1 Slim Subwoofers by Rockford Fosgate®

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TEMPE, Ariz., Nov. 5, 2024 /PRNewswire/ — Rockford Fosgate, a leader in high-performance audio systems, is thrilled to unveil the next generation of T1 Slim Subwoofers. The new T1 series of slim subwoofers deliver next-level reliability and tactile bass performance, offering improved responsiveness and exceptional thermal management. Available in both sealed and ported options, the line of subwoofers is designed for the tightest installations, while still providing class-leading bass output.

The 500-watt subwoofers have been re-engineered with more mass to fit in smaller enclosures and includes upgrades like a new surround and better heat management.  The “P” (ported) version is designed for ported enclosures and work best in open-air environments (topless/convertible).  The “S” sealed version is designed for smaller sealed enclosures and work best in closed environments (truck cab).

The voice coil now uses pure copper wire for better conductivity, paired with a new composite former to dissipate heat and reduce distortion. Additionally, an aluminum spider spacer improves cooling.  The suspension utilizes a new polymer surround, made using an advanced NCDI (Nano Cell Direct Injection) process to enhance efficiency and durability without risking dry rot.

“With the ever-increasing popularity of compact SUV’s, pickups, crossovers, and EV’s, less volume is available for a consumer to dedicate towards a subwoofer. Yet the new T1Se subwoofers are the culmination of the latest advancements in simulation software, materials, textiles, allowing customers to have the best of both worlds,” said Wayne Connolly, Vice President of OE Business Development.  

The four models: T1S1-10P / T1S2-10P / T1S1-10S / T1S2-10S will be available in January through Rockford Fosgate dealers and at rockfordfosgate.com

For further details, visit rockfordfosgate.com.

About Rockford Fosgate

Setting the standard for excellence in the audio industry, Rockford Corporation markets high-performance audio systems under the brand Rockford Fosgate® for the mobile, motorsport, and marine audio aftermarket and OEM market.  Headquartered in Tempe, Ariz., Rockford Corporation is a wholly owned subsidiary of Patrick Industries, Inc. (NASDAQ: PATK).

View original content to download multimedia:https://www.prnewswire.com/news-releases/introducing-the-next-generation-of-10-inch-t1-slim-subwoofers-by-rockford-fosgate-302294777.html

SOURCE Rockford Fosgate

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Sinochem Holdings secures over $13 billion in procurement at 7th CIIE, enhancing global industrial collaboration

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SHANGHAI, Nov. 5, 2024 /PRNewswire/ — The 7th China International Import Expo (CIIE) opened at the National Exhibition and Convention Center in Shanghai, China on November 5, 2024. Sinochem Holdings, one of the world’s leading chemical conglomerates, participated in the event for the seventh consecutive year. Leveraging its international operations, the company organized five overseas subsidiaries for the event to deepen global industrial cooperation and share opportunities in the Chinese market.

During a dedicated signing ceremony, Sinochem Holdings secured procurement agreements with over 20 companies from more than 10 countries and regions, including Saudi Arabia, Kuwait, Iraq, Japan, France, Malaysia, the US, Germany, India, Thailand, and China’s Taiwan region. These agreements spanned various sectors, such as crude oil, petroleum products, high-quality chemicals, food, agricultural products, high-end intelligent equipment, technology research, and digital production services, totaling over $13.6 billion.

Sinochem Holdings emphasized its strategy of expanding diverse import channels to ensure supply chain stability. Partnerships with renowned companies such as Saudi Aramco, Kuwait Petroleum, Mitsui & Co., Ltd., Vitol Group, TotalEnergies, CHIMEI, Kao Corporation, and Sri Trang Group enabled the import of high-quality crude oil, petroleum products, methanol, engineering plastics, emulsifiers, industrial salt, and natural rubber. By collaborating with upstream energy and chemical companies, Sinochem Holdings is enhancing quality import channels to stabilize domestic supply chains.

Furthermore, Sinochem Holdings focuses on new productive forces and is committed to promoting high-quality development in domestic industries. The company has been dedicating to enhancing the business presence of its overseas subsidiaries in China, empowering domestic industries with advanced global technologies. Five participating subsidiaries—Syngenta Group (Switzerland), Adisseo (France), Elkem (Norway), KraussMaffei (Germany), and Prometeon Tyre Group (Italy)—showcased innovative technologies and solutions in areas like biotech breeding, digital agriculture, animal nutrition, new chemical materials, low-altitude economy, additive manufacturing, high-end tires, and green low-carbon technologies. These companies signed multiple supply agreements with Chinese clients at the CIIE, generating sales exceeding $1.5 billion

SOURCE Sinochem Holdings

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