Netcompany Annual Report 2022

Netcompany Annual Report 2022

Creating a sustainable digital future

Message from Chairman

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

Message from CEO

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

Message from CFO

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

Financial highlights


ESG highlights

Operating entities

Netcompany Denmark


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 Denmark


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 Denmark


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 Denmark


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

2022 financial performance and 2023 guidance

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%

Annual report 2022