Quarterly report Q4, 2018

Tuesday, January 29, 2019

Visma had another strong quarter with excellent top-line revenue and continued profit growth. Visma made two strategic acquisitions in the Netherlands, its third largest core geography and largest total addressable market. Visma also announced its sponsorship of Dutch professional cycling and speed-skating teams Jumbo-Visma.

The total revenue growth in the fourth quarter was 32.6 percent while EBITDA grew by 28.3 percent over Q4 2017 to reach NOK 792 million.

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Strong growth in cloud revenue
SaaS and SaaS transactions continue to be the strongest driver of organic growth in Visma, and cloud annualised revenue grew by 50 percent to reach NOK 9,400 million.

– The demand for cloud services continues to increase, and we are experiencing good traction in our product portfolio. We are investing considerably in new cloud products that provide our customers with new opportunities for automation, said Visma CEO Øystein Moan.

Expansion in strategic markets
Visma completed seven acquisitions during the quarter; this included Számlázz, a fast-growing provider of invoicing to over 100,000 customers in Hungary, increasing Visma's geographic footprint in Central Europe.

Visma's strategic advancement into the Dutch market continued with the acquisition of two software companies: Proactive, a fast-growing procurement software company and Idella, a leading provider of pension software. The Netherlands is Visma's largest addressable market, and the software company has made four acquisitions there over the last six months.

– We are glad to welcome another two Dutch cloud software companies to the Visma Group. The Netherlands is a strategically important market for us, and we will continue to look for organic and acquisition growth opportunities in the region, Moan continued.

At the end of 2018, Visma announced its new sponsorship agreement with Dutch professional cycling and speed-skating teams Jumbo-Visma. The sponsorship is an essential step in the process of increasing Visma's brand awareness in the Netherlands and throughout Europe.


4th quarter

Q4 2018

actual

Q4 2017

 actual*

Growth 

Year 2018

2018 actual  

2017 actual*

Growth 

Revenue

3,444

2,598

32.6%

Revenue

11,390

8,537

33.4%

EBITDA

792

617

28.3%

EBITDA

2,795

2,101

33.0%

EBIT

366

323

13.0%

EBIT

1,423

1,226

16.1%

Profit before tax

300

265

13.4%

Profit before tax

1,126

993

13.4%

 * 2017 has been restated to reflect the sale of Visma Hosting and Visma Retail