Huddlestock Fintech : 18/08/2022 Press release H1 2022
PRESS RELEASE
Huddlestock Fintech AS (OSE: HUDL) – Huddlestock Fintech AS Financial report for the 2nd quarter and first half of 2022
Stavanger, Norway, 18 August 2021 – Huddlestock Fintech AS, a provider of innovative technology solutions to the capital markets, treasury and wealth management industries, today published its unaudited financial report for the first half and second quarter of 2022.
The second quarter was a transformation quarter for the company. In April, Huddlestock acquired software developer F5 IT AS, adding new customer relationships and 15 front-to-back software developers. After the end of the second quarter, we agreed to acquire Trac Services and Tracs Technology, a full-service RegTech for the Wealth Management industry, and secured a new cornerstone investor in Njord Group. Njord will appoint two members to the board and invest a further NOK 5 million in Huddlestock Fintech, which takes their shareholding close to 8.8%.
“We are pleased to welcome a respected and long-term investor in the Njord Group. With our acquisitions of F5 IT and Tracs, we will have 67 talented colleagues in the group, and are well underway in building an organization for profitable growth, creating sustainable and recurring shareholder values, says Øyvind Hovland, chairman of Huddlestock Fintech.
For the first half of 2022, Huddlestock Fintech delivered pro forma revenue growth of 30% and pro forma revenues of NOK 30.9 million at group level, after including F5 IT and Tracs in the first half of 2022.
“The first half of the year was another excellent period for Huddlestock. Within our consulting business, we enjoy strong fundamentals with ongoing high customer demand and higher prices. While technology was impacted by the events in Ukraine and the reorganization in Germany at the beginning of the year, we are pleased that Europe’s leading Banking-as-a-Service provider has chosen Huddlestock’s TradeTech solution for their Brokerage-as-a-Service offering The teams at F5 IT add strong talent to our development teams and mean we can accelerate the onboarding of the two additional clients we signed during H1, as well as start work on next-generation technology solutions,” says John E. Skajem, CEO Huddlestock Fintech.
Huddlestock’s advisory business delivered a strong first half of the year amid tight labor markets and inflationary pressures. Revenues of NOK 18.62 million in the first half of 2022, up 8% from the previous half-year period, confirm today’s excellent fundamentals. Increased customer demand resulted in higher prices and long-term customer commitments that confirm the strength of our consulting franchise. Looking ahead to the rest of the year, all our consultants are fully booked for 2022, and we have good visibility for 2023.
Within Huddlestock’s technology segment, the first Banking-as-a-Service client has embedded our TradeTech SaaS solution into its service offering. Late in the first quarter, two more customers signed agreements to integrate our TradeTech solution. F5 IT’s software developers are currently working on the client onboarding, confirming the agility of our talented teams. Technology, which consists of Huddlestock and F5 IT, delivered combined technology-related revenues of NOK 2.23 million, an increase of 22% from the previous half-year period, confirming the scalability of our technology business.
Group revenues were NOK 21.2 million, an increase of 5% from 2H 2021. The company delivered a proforma EBITDA loss of NOK -7.2 million, and a reported EBITDA loss of NOK -5.5 million. The group has a strong balance sheet with equity of NOK 122.47 million.
Huddlestock Fintech AS is registered in Norway no. 821 888 522. Registered office: Gamle Forusveien 53b, 4031 Stavanger, Norway
A presentation will be held at 14.00 in Norwegian and at 15.30 in English. To access the presentation, please contact Investor Relations.
Attached you will find presentation material for H1 2022 and half-yearly report.
For questions, please contact investor relations.
CONTACTS:
John E. Skajem, CEO, +47 418 87 412, [email protected]
Cecilia Luras, head of strategy and communication, +47 951 45 382, [email protected]
This information is considered inside information according to the EU’s market abuse regulation and is subject to the disclosure requirements according to Section 5-12 of the Securities Trading Act. The stock exchange announcement was published by the contact person on the date and time stated above.
To view all press and investor releases, please take 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, finance and wealth management industry.
Through its technology offering, Huddlestock offers an innovative, compliant and data-centric WealthTech SaaS, which accelerates the digital transformation and trends of hyper-personalization and on-demand banking within the wealth management industry. Huddlestock’s SaaS powers the integration of affordable, efficient white-label trading and investment services, which underpin Huddlestock’s mission to deliver financial inclusion by democratizing access to capital markets.
Through its world-class professional services business, Huddlestock delivers strategic technology solutions and process automation for the financial services industry. This range of services has driven Huddlestock to become the preferred provider of financial consulting services and technology solutions in the Nordics. Huddlestock Fintech AS was listed on the Euronext Growth Market on 26 November 2020, as Norway’s first fintech company to be listed on the stock exchange.
For more information, please visit www.huddlestock.com
Huddlestock Fintech AS is registered in Norway no. 821 888 522. Registered office: Gamle Forusveien 53b, 4031 Stavanger, Norway
