Administer - Figures as expected
Administer’s H2 figures were well in line with our expectations, with revenue of EUR 22.0m (Evli EUR 22.1m) and EBITA of EUR 1.3m (Evli EUR 1.3m). Administer expects revenue in 2022 to grow to at least EUR 51m and an EBITDA-margin of at least 8%. The BoD proposes that no dividend be paid for FY 2021 (Evli EUR 0.00).
- Net sales in H2 amounted to EUR 22.0m (EUR 21.3m in H2/20), in line with our estimates (Evli EUR 22.1m). Net sales in H2 grew 3.2% y/y. Growth was mainly attributable to the acquisition of EmCe.
- EBITDA and EBITA in H2 were EUR 1.7m (H2/20: EUR 2.9m) and EUR 1.3m (H2/20: EUR 2.6m) respectively, in line with our estimates (Evli EUR 1.6m/1.3m). The EBITA-margin amounted to 5.9%. Profitability was burdened by growth investments.
- Operating profit in H2 amounted to EUR 0.3m (EUR 2.2m in H2/20), in line with our estimates (Evli EUR 0.4m).
- During H2 Administer completed the acquisition of financial management software producer EmCe Solution Partner Oy and accounting firm Tilikamut Oy and its subsidiary Konnektor Oy. Administer has during Q1 announced two acquisitions, WaBuCo Financial Services Oy (2021 revenue EUR 0.9m) and the payroll services of Konjunktuuri Oy.
- Guidance for 2022: Administer expects that its net sales will increase to at least EUR 51m and the EBITDA-margin to be at least 8%. The company further expects to make 5-10 acquisitions over the course of 2022.
- Dividend proposal: Administer’s BoD proposes that no dividend be paid for FY 2021 (Evli EUR 0.00).