Beskrivning
| Land | Norge |
|---|---|
| Lista | Euronext Growth Oslo |
| Sektor | Finans |
| Industri | Övriga finansiella tjänster |
29.8.2024 07:00:00 CEST | Huddlestock Fintech AS | Additional regulated information required to be disclosed under the laws of a member state
Huddlestock Fintech AS (“Huddlestock”) reports total operating income of NOK 18 million for the second quarter, compared to NOK 20 million in the first quarter 2024. Staffing changes resulted in a weaker quarter for Consulting, while Investment-as-a-Service saw a healthy 7% organic revenue increase. Personnel costs were reduced 14% compared to the first quarter 2024 while other Operating expenses saw an increase related to financing and restructuring activities set to force in the period. This resulted in a negative EBITDA of NOK 6 million for the second quarter 2024.
In 2023, Huddlestock completed three acquisitions and one divestment resulting in significant changes to its business model. In the first quarter 2024, a new CEO and CFO roles were established setting into force initiatives for cost control and cost reduction which are expected to show visible effects in the second half of 2024 and into 2025. Coupled with enhanced sales activities and technology development and integration from acquisitions, the company has a short-term ambition of turning EBITDA-positive.
“We are taking steps in the right direction” says Leif Arnold Thomas, CEO of Huddlestock. “As we are confident in our technology and market, we are still in a transition phase of streamlining and consolidation to unlock Huddlestock’s full potential. Effects of the hard work laid down in the first half of the year is expected to become visible in the second half 2024 and into 2025.”
Huddlestock will continue to defend its unique position with the only end-to-end Investment-as-a-Service offering. The company operates in a self-reinforced growth market defined by more investors, evolving preferences, and more investment platforms. By gradually consolidating technology from its acquisitions to one platform and making the offering available in existing geographical markets, the company enables up- and cross-selling to an existing combined customer base while attracting new customers. Beyond its existing markets, the company sees a major market opportunity in Europe and particularly Germany where it continues to pursue opportunities which can enable an accelerated market entry.
For the first half year, total operating income amounted to NOK 39 million. This was a decrease from NOK 46 million in the first half 2023, in large related to the strategic divestment of Huddlestock solutions in Q4 2023 which contributed to NOK 9 million of revenue in the first half 2023. EBITDA for the first half of 2024 came in at negative NOK 9 million, compared to negative NOK 4 million in the same period last year.
At period end, the company had a cash position of NOK 10 million and continues its work to identify potential financing partners to support its strategy including non-organic growth.
Presentation and Q&A
Huddlestock's Chairman of the Board, Øyvind Hovland, and the CEO Leif Arnold Thomas, will host webcast presentations of the results in Norwegian and English today, followed by Q&A sessions (10:00 CEST in Norwegian / 12.00 CEST in English).
To participate, please register your interest with investorrelations@huddlestock.com
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contacts
- Leif Arnold Thomas, Chief Executive Officer, Huddlestock Fintech AS, +47 982 15 520, leif.thomas@huddlestock.com
About Huddlestock Fintech AS
Huddlestock is an innovative technology software provider through its Investment-as-a-service offering, with full operational service support and a leading financial Consultancy services business. We deliver innovative and sustainable technology and operational solutions to companies offering financial products and services.
Find out more at huddlestock.com