8.12.2021 07:00:01 CET | Skitude Holding AS | Additional regulated information
required to be disclosed under the laws of a member state
(Oslo, 8 December 2021) Skitude Holding AS (Skitude Group, OSE:SKI) reported
continued revenue growth in the second quarter of 2021/2022 and remains well
funded with a cash position of NOK 111 million at the end of the quarter.
Estimated annual recurring B2B revenues at end of November 2021 were EUR 7.0
million corresponding to a growth of close to 15% compared to end of April 2021.
The company has decided to change name to Canopy Holdings AS (Canopy) to reflect
the company's multi-brand strategy across destinations, attractions and seasons.
"Although the summer and autumn are low-seasons for Skitude, where our main ski
resort business has limited activities, we continue to see a positive
development in our annual recurring and subscription revenues. We had EUR 7
million in estimated annual B2B recurring revenues at the end of November which
represents an increase of close to 15% since end of April. The growth is
primarily driven by the performance of Catalate and its solution for dynamic
pricing for high-volume ticketing businesses. As we are entering the winter
season, we also see a strong season start for our alpine resort offerings in the
US and Europe, " says Bent Grøver, Chief Executive Officer of Skitude Group.
With a reported cash balance at the end of the quarter of NOK 111 million,
Skitude Group is well positioned to fund planned organic growth initiatives well
beyond 2022. Reported revenues and EBITDA were NOK 9.1 million and NOK -15.0
million, respectively, for the period from 1 August 2021 to 31 October 2021
"We expect continued strong growth as we are entering the winter season with
higher revenues and lower cash burn. We see the world's alpine resorts and
summer parks gradually preparing for more normalized activity into 2022, with a
pent-up demand from European and American travelers, pending the implication
from the recent pandemic developments, " Grøver adds.
The company and its Board of Directors continue to see a strong potential in
Skitude, leveraging on the solid position within travel industries with
accelerated digitization. To reflect the multi-brand strategy across
destinations, attractions and seasons, the company has decided to change name to
Canopy Holdings AS.
"Based on our heritage and leading position withing digitizing the market for
skiers and other mountain enthusiasts, we see significant opportunities in
adjacent industries across destinations, attractions and seasons for our
products and services. The name change to Canopy Holdings AS reflect this season
independent multi-brand strategy, while we remain committed to further grow and
capitalize on our pole-position within winter applications, " Grøver concludes.
Skitude Group will present the second quarter 2021/2022 financial results, 1
August 2021 to 31 October 2021, at 08:00 CET Wednesday 8 December 2021.
The event will be hosted by Bent Grøver and Ivar Blekastad and is streamed at:
The presentation will be held in English and questions can be submitted
throughout the event.
The presentation is enclosed.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
* Bent Grøver, CEO, +47 95 04 03 92, email@example.com
* Ivar Blekastad, CFO, +47 48 26 36 70, firstname.lastname@example.org
ABOUT SKITUDE HOLDING AS
Skitude Holding AS/Canopy Holdings AS is a multi-national technology company
listed on Euronext Growth Oslo. The company owns a leading portfolio of brands
and companies that provides digitalization solutions to resorts, destinations,
parks and attractions in key markets. Canopy Holdings AS currently consists of
Catalate, Liftopia.com - http://liftopia.com, Skioo, Skitude and Spotlio.
Skitude Holding AS Half year report 31 October 2021.pdf -
Skitude Group Q2 2021.pdf -