ARR Subscriptions decreased 6% in H1 2024 due to clients’ technology consolidations and M&A driven changes primarily in Q1 2024. Agillic maintains its 2024 guidance due to expected growth from both existing clients and new sales in the second half 2024 as well as cost measures implemented during the first half 2024. Net profit was DKK 3.6 million vs. DKK -4.7 million 30 June 2023. The increase is mainly due to the final decision of the Danish Tax Authorities review, approving 71% of the applied tax credit for 2019-2022.
Key financial and SaaS highlights
Income statement (DKK million)
1H 2024
1H 2023
Change
Q2 2024
Q2 2023
Change
Revenue Subscriptions
24.9
26.6
-6%
12.3
13.5
-9%
Revenue Transactions
4.7
6.1
-23%
2.5
2.9
-14%
Other revenue
0.0
0.0
-
0.0
0.0
-
Total revenue
29.6
32.7
-9%
14.8
16.4
-10%
Gross profit
24.4
26.2
-7%
12.1
13.2
-8%
Gross margin
82%
80%
-
82%
80%
-
Other operating income
0.4
0.3
33%
0.2
0.2
-
Employee costs
-16.6
-18.1
8%
-8.0
-9.4
15%
Operational costs
-7.6
-7.4
-3%
-4.3
-3.0
-43%
EBITDA
0.6
1.0
-40%
0.0
1.0
-
Net profit
3.6
-4.7
-
7.0
-1.8
-
Financial position (DKK million)
Cash
4.4
18.3
-76%
4.4
18.3
-76%
ARR development (DKK million)
ARR Subscriptions
51.7
54.9
-6%
51.7
54.9
-6%
ARR Transactions
10.0
11.5
-13%
10.0
11.5
-13%
Total ARR
61.7
66.4
-7%
61.7
66.4
-7%
Change in ARR
-4.7
2.2
-
-4.7
2.2
-
Change in ARR (%)
-7%
3%
-
-7%
3%
-
Reclassification between other operating income, employee costs and operational costs is updated in 2023 figures.
Disclaimer The forward-looking statements regarding Agillic’s future financial situation involve factors of uncertainty and risk, which could cause actual developments to deviate from the expectations indicated. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the presented outlook. Furthermore, some of these expectations are based on assumptions regarding future events, which may prove incorrect. Please also refer to the overview of risk factors in the ‘risk management’ section of the annual report.
About Agillic A/S Agillic is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create. automate and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark, with teams in Germany, Norway, and Romania. For further information, please visitwww.agillic.com
Appendix: Financial development per quarter
DKK million
2024
2023
2022
INCOME STATEMENT
Q2
Q1
FY
Q4
Q3
Q2
Q1
FY
Q4
Q3
Q2
Q1
Revenue Subscriptions
12.3
12.6
52.4
12.2
13.6
13.5
13.1
49.9
13.5
13.1
12.2
11.1
Revenue Transactions
2.5
2.2
12.0
2.9
3.0
2.9
3.2
16.7
6.0
4.8
3.3
2.6
Other revenue
0.0
0.0
0.3
0.3
0.0
0.0
0.0
0.4
0.0
0.0
0.1
0.3
Total revenue
14.8
14.8
64.7
15.4
16.6
16.4
16.3
67.0
19.5
17.9
15.6
14.0
Gross profit
12.1
12.3
52.2
12.6
13.4
13.2
13.0
49.6
15.5
11.4
11.7
11.0
Gross margin
82%
83%
81%
82%
81%
80%
80%
74%
80%
63%
75%
78%
Other operating income
0.2
0.2
0.6
0.1
0.2
0.2
0.1
0.3
0.3
0.0
0.0
0.0
Employee costs
-8.0
-8.6
-36.8
-10.8
-7.9
-9.4
-8.7
-32.5
-9.2
-7.3
-8.0
-8.0
Operational costs
-4.3
-3.3
-14.1
-3.5
-3.2
-3.0
-4.4
-16.3
-5.1
-2.7
-3.7
-4.8
EBITDA
0.0
0.6
1.9
-1.6
2.5
1.0
0.0
1.1
1.5
1.4
0.0
-1.8
Net profit
7.0
-3.4
-27.5
-22.4
-0.4
-1.8
-2.9
-10.6
-2.0
-1.2
-2.7
-4.7
BALANCE SHEET
Cash
4.4
7.2
9.8
9.8
11.5
18.3
26.9
7.4
7.4
1.8
12.6
7.5
Total assets
45.8
51.5
47.1
47.1
64.9
69.0
75.8
52.8
52.8
54.0
58.7
55.4
Equity
-16.0
-23.6
-20.2
-20.2
1.5
1.8
3.4
-15.0
-15.0
-13.2
-12.0
-9.6
Borrowings
21.4
24.3
23.7
23.7
23.0
24.2
25.7
24.3
24.3
23.7
26.1
26.4
CASH FLOW
Cash flow from operations
2.6
0.0
-6.5
-0.6
-2.8
-4.3
1.2
3.1
7.3
-4.9
9.0
-8.3
Cash flow from investments
-2.7
-3.0
-11.7
-2.1
-3.1
-3.2
-3.3
-13.5
-3.3
-3.3
-3.7
-3.2
Cash flow from financing
-2.7
0.4
20.6
1.0
-0.9
-1.1
21.6
-2.8
1.6
-2.5
-0.2
-1.6
Net cash flow
-2.8
-2.6
2.4
-1.7
-6.8
-8.6
19.5
-13.2
5.6
-10.8
5.1
-13.1
EMPLOYEES & CLIENTS
Employees end of period
39
41
50
50
50
50
46
48
48
47
51
47
Clients end of period
113
116
122
122
120
120
118
118
118
111
108
105
ARR & SAAS METRICS
ARR Subscriptions
51.7
52.2
57.8
57.8
56.8
54.9
54.2
54.1
54.1
50.3
49.6
48.5
ARR Transactions
10.0
8.9
12.3
12.3
12.1
11.5
17.3
22.6
22.6
19.6
14.6
10.3
Total ARR
61.7
61.1
70.1
70.1
68.9
66.4
72
76.7
76.7
69.9
64.2
58.8
Change in ARR (DKK)
0.6
-9.0
-6.6
1.2
2.5
-5.1
-5.2
21.0
6.8
5.7
5.4
3.1
Change in ARR %
1%
-13%
-9%
2%
4%
-7%
-7%
38%
10%
9%
9%
6%
Average ARR
0.5
0.5
0.6
0.6
0.6
0.6
0.6
0.6
0.6
0.6
0.6
0.6
Yearly CAC
-
-
0.2
-
-
-
-
0.1
-
-
-
-
Months to recover CAC
-
-
6
-
-
-
-
3
-
-
-
-
Definitions
Cash is defined as available funds less bank overdraft withdrawals.
ARR, i.e. the annualised value of subscription agreements and transactions at the end of the actual reporting period.
Average ARR, i.e. the average Total ARR per client.
Customer Acquisition Costs (CAC), i.e. the sales and marketing cost (inclusive salaries, commissions, direct and share of costs of office) divided by the number of new clients. CAC is calculated end of year.
Months to recover CAC, i.e. the period in months it takes to generate sufficient gross profit from a client to cover the acquisition cost.
Reclassification between cash flow from investments and cash flow from finance has been updated.
