Kommentar: Efter Q2 regnskab her til morgen er Netcompany aktien nede med otte procent under svag omsætning. Udlandet er største nettosælgere.
Vi bemærker, at Q2 regnskabet var svagere end Q1. EBITA faldt markant i Q2 i forhold til Q1, i både den danske forretning, men også i datterselskaberne i Norge og UK. Det sår tvivl om, hvorvidt Netcompany formår at trække vækstmaskine-konceptet i DK ned over de udenlandske datterselskaber. men altså også om, hvorvidt børsnoterings kvartalet var for godt til at være sandt – eller langtidsholdbart.
Økonomisk Ugebrev bringer i den kommende udgave en sammenlignende analyse mellem udviklingen i NNIT og netcompany, baseret på udviklingen i Q2″.
Netcompany skriver:
Summary
Netcompany has continued its strong momentum from 2017 and Q1 2018 into Q2 2018, with organic revenue growth of 36.8% well above the target of annual organic revenue growth of 20% to 25%, and 66.2% reported revenue growth when including the recently acquired business in the UK, resulting in reported growth of 60.5% for the first 6 months
of 2018.
New contracts were won in both public and private segments and revenue visibility for the rest of 2018 has improved, reflecting the continued demand for Netcompany solutions in all segments and geographies. The integration of Netcompany Norway is progressing according to plan as is the integration of Netcompany UK, which has been accelerated during Q2.
The extraordinary high growth in Denmark and Norway is to a certain degree delivered using external freelancers, which in combination with the higher than expected growth in the UK, dilutes expected margins for the full year bringing the expectation to adjusted EBITA margin to be in the low end of the guided range.
On 7 June Netcompany transitioned into a publicly traded company with the completion of the IPO based on the Offering Circular of 23 May 2018. The demand for the Netcompany share was multiple times oversubscribed and the interest in the company was positive.
Performance highlights for the first six months of 2018
• Revenue increased by 60.5%, hereof 34.4%, from organic growth to DKK 1,019.6 million in reported currencies and revenue increased by 61.1% in constant currencies.
• Adjusted EBITA margin was 24.2% in reported currencies and 24.2% in constant currencies compared to 26.7% in reported currencies in 6M 2017.
• Profit before tax decreased by 17.1% to DKK 65.0 million in reported currencies and by 16.2% in constant currencies. Netcompany grows at 60.5% on strong performance in all countries Netcompany Group A/S
• Revenue visibility for the fiscal year of 2018 increased from DKK 1,170.0 million at the beginning of January 2018 to DKK 1,675.9 million
at the beginning of July 2018, of which DKK 1,019.6 million reflected realised revenue in 6M 2018.
• Free cash flow remained strong and increased from DKK 93.5 million in 6M 2017 to DKK 158.6 million in 6M 2018, yielding a cash
conversion ratio of 68.2% compared to 53.6% in the same period last year.
• During the Q2 2018 Netcompany won several tenders in the public sector.
Outlook for 2018
➢ Revenue growth in reported currencies is expected to be between in the top end of range of 37% to 42%.
➢ Organic revenue growth in reported currencies is expected to be between in the top end of range of 20% to 25%.
➢ Adjusted EBITA margin in reported currencies is expected to be between in the low end of the range of 24.5% to 27.5% (was
24.5%-27.5%).
➢ Profit before tax in reported currencies is expected to be between DKK 213 million – DKK 282 million, corresponding to a
margin of between 11%-14%.
➢ Netcompany expects currency fluctuations to impact reported revenue negatively with between 0.5% and 1.0% (was previously positive with between 0.5% and 1.0%) and reported margins negatively with between zero and 0.5% (was previously positive
with between 0.5% and 1.0%).
