Netcompany Annual Report 2022
Creating a sustainable digital future
Creating a sustainable digital future
“Despite the challenging macro-economic conditions during 2022, I am pleased to report on a year with strong performance in many aspects for Netcompany. In particular, I want to highlight the strong performance of Netcompany-Intrasoft – which in many ways has validated the strategic rationale for making the acquisition in 2021.”
Bo Rygaard
Chairman of the Board of Directors
“In a year with many unforeseen events impacting Europe in an unprecedented way, we have kept focus and continued to deliver results that are truly outstanding – both to our customers, as well as society. We delivered above 52% growth and 20% margin – exactly as we promised the market we would at the beginning of 2022.”
André Rogaczewski
CEO & Co-founder
“2022 was, like 2021, an eventful year for us in Netcompany. We grew our top line 52.7 percent of which 37.8 percent was the non organic impact from Netcompany-Intrasoft, leaving organic revenue growth at 14,9% – including organic revenue growth from Netcompany-Intrasoft for the months of November and December.”
Thomas Johansen
CFO
Netcompany Denmark grew 11.1%, negatively impacted by sickness and allocating of resources internationally.
Revenue growth: 11.1%
Gross profit margin: 42.8%
Adj. EBITA margin: 30.2%
Client facing FTEs: 2,659
Netcompany Norway grew by 8.9%, negatively impacted by sickness and adjustments made to three projects.
Revenue growth: 8.9%
Gross profit margin: 14.4%
Adj. EBITA margin: -4.2%
Client facing FTEs: 297
Netcompany UK grew by 31.7% driven by the public sector, while margin improved significantly due to increased utilisation and activity.
Revenue growth: 31.7%
Gross profit margin: 29.3%
Adj. EBITA margin: 18.0%
Client facing FTEs: 505
Netcompany Netherlands grew revenue by 25.1% solely driven by the public sector and improved margin.
Revenue growth: 25.1%
Gross profit margin: 16.3%
Adj. EBITA margin: -11.3%
Client facing FTEs: 137
Netcompany-Intrasoft delivered above expectations and increased revenue by 12.4% (proforma) and improved margin.
Revenue growth (proforma): 12.4%
Gross profit margin: 20.3%
Adj. EBITA margin: 11.9%
Client facing FTEs: 2,856
Group revenue grew by 52.5% in constant currencies in 2022 – well within the guided range of 48% and 56% as set out in the beginning of the year, and slightly above the narrowed guidance range between 50% and 52% as communicated in connection with the Q3 2022 report.
Group adjusted EBITDA margin in constant currencies was slightly above 20% – also in line with the original guided target of above 20%