Digitalist Group Plc’s Business Review, 1 January – 31 March 2023
DIGITALIST GROUP PLC
Stock Exchange Release 28.4.2023 at
9:00
Digitalist Group Plc’s Business Review, 1 January – 31
March 2023
January–March 2023 (comparable figures for 2022 in
parentheses):
- Turnover: EUR 4,6 million (EUR 5,1 million), decrease of
10,5%.
- EBITDA: EUR -0,3 million (EUR -0,5 million), -7,2% of turnover
(-9,9%).
- EBIT: EUR -0,6 million (EUR -1,0 million), -12,1% of turnover
(-18,6%).
- Net income: EUR -0,9 million (EUR -1,1 million),-18,6% of
turnover (-21,6%).
- Earnings per share (diluted and undiluted): EUR -0,00 (EUR
-0,00).
- Number of employees at the end of the review period: 143 (161),
reduction of 11%.
CEO’s review
As a result of the
tighter market conditions the turnover has decreased by 11 %
compared to the same period last year. However, at the same time we
have improved the EBITDA as part of the turnover as well as in
absolute numbers. Our cost saving initiatives have reduced the
operational cost structure by EUR 0.5 million compared to the first
quarter in the previous year.
Our business in the
public sector is strong and continues to grow, while parts of the
private sector see lower budgets and increased competition for the
contracts. We have attracted new clients like Digg (Agency for
Digital Government) and Svenska Kraftnät in Sweden and City of
Vancouver's public transportation company Translink in Canada.
During the first
quarter we completed the acquisition of Walker & Handson Oy to
strengthen the management and tech and design business in
Digitalist Finland Oy. The acquisition is believed to significantly
improve Digitalist Finland Oy’s future growth opportunities in
Finland.
We are still very
focused on improving the profitability of the group and we work
closely in all group companies to ensure the best potential to run
a successful business. We invest in potential growth areas but at
the same time we constantly look for further savings and
adjustments to the market conditions.
We are not yet
satisfied with the result, but we feel that we are moving in the
right direction and that the measures we are taking are leading to
positive results.
CEO Magnus
Leijonborg
FUTURE PROSPECTS
In 2023, turnover and EBITDA are expected to
improve in comparison with 2022.
OTHER EVENTS DURING THE FIRST
QUARTER
The stock exchange releases for the review
period are on the company’s website at
www.digitalist.global/investors/releases.
Continuation agreement
on the delivery of design and development services to a Swedish
public sector operator 2.1.2023Digitalist Group Plc’s (Digitalist
Group or Company) Swedish subsidiary Digitalist Sweden AB has
concluded a continuation agreement with a Swedish public sector
operator on the delivery of design and development services. The
agreement is part of long-term cooperation and its value is
approximately EUR 1.8 million. The delivery of the services is
planned to take place during 2023. The agreement supports
Digitalist Group’s growth in Sweden and its target to act as a
strategic partner in digitalisation.
Digitalist Group
strengthens its Finnish subsidiary through an acquisition
23.2.2023Digitalist Group Plc (“Digitalist Group”) and its
fully-owned subsidiary Digitalist Finland Oy signed a final
agreement on a transaction (“Transaction”) in which Digitalist
Finland Oy acquires Walker & Handson Oy (“W&H”) to
strengthen the management and tech & design business in
Digitalist Finland Oy. Digitalist Group informed about the letter
of intent on the matter on 28.1.2023.In the Transaction Digitalist
Finland Oy acquired all shares in W&H through share exchange by
issuing new Digitalist Finland Oy’s shares in a direct share issue
to W&H representing approximately 10 % of all shares in
Digitalist Finland Oy after completion of the Transaction. With the
Transaction the owner of W&H Jussi Hermunen was nominated as
the Managing Director of Digitalist Finland Oy as of 1.2.2023.
At the beginning of
2023, the company agreed with the financing bank to increase the
financing limit by 0.7 million euros. In February, Business Finland
made a decision not to collect on the 0.3 million euro portion of
the product development loan.
EVENTS SINCE THE REVIEW
PERIOD
The company held its Annual General Meeting on
26 April 2023. The minutes of the Annual General Meeting and the
decisions made are available on the company’s website at:
https://investor.digitalistgroup.com/fi/investor/releases
The Annual General
Meeting elected Paul Ehrnrooth, Andreas Rosenlew, Esa Matikainen,
Peter Eriksson, Maria Olofsson and Johan Almquist as ordinary
members of the Board. Audit firm KPMG Oy Ab was appointed as the
company’s auditor, with KHT auditor Miika Karkulahti as the
principal auditor.
The Annual General
Meeting authorized the Board to decide on a paid share issue and on
granting option rights and other special rights entitling to shares
as set out in Chapter 10 Section 1 of the Finnish Limited Liability
Companies Act or on the combination of all or some of the
aforementioned instruments in one or more tranches. The total
number of shares in the company’s possession and the new shares to
be issued under the authorisation may not exceed 341,211,370, which
corresponds to 50 per cent of all company shares at the time of
convening the Annual General Meeting.
The Annual General
Meeting authorized the Board to decide on acquiring or accepting as
pledge, using the company’s distributable assets, a maximum of
68,242,000 own shares, which corresponds to around 10 per cent of
the company’s total shares at the time of convening the meeting.
The acquisition may take place in one or more tranches. The
acquisition price will not exceed the highest market price of the
share in public trading at the time of the acquisition.
The authorizations to
the Board will be in effect until the Annual General Meeting held
in 2024, yet no further than until 30 June 2024.
The Annual General
meeting resolved to amend “Article 8 Notice of General Meeting” of
the Articles of Association so that the meeting place is included
in the title and the regulations concerning the meeting place and
holding a remote meeting are added to the second paragraph. After
the amendments, the Article 8 of the Articles of Association reads
as follows:
“8 § Notice of General
Meeting and meeting placeThe notice of the General Meeting shall be
published on the company's website no earlier than three (3) months
and no later than three (3) weeks before the General Meeting,
however, always at least nine (9) days before the record date of
the General Meeting. In order to be entitled to participate in the
General Meeting, a shareholder must register with the company no
later than on the date set by the Board of Directors, which can be
no earlier than ten (10) days before the meeting.
The General Meeting is
held at the company's domicile. The Board of Directors may also
resolve that the General Meeting is organized without a meeting
place, so that the shareholders will use their full decision-making
power in real time with the help of a data connection and a
technical aid during the meeting.”
In its organizing
meeting, the Board of Directors of Digitalist Group Plc resolved to
elect Esa Matikainen as the chairman of the Board of Directors and
Andreas Rosenlew as the vice chairman of the Board of Directors.
The Board also resolved to elect Esa Matikainen as chairman of the
Audit Committee and Peter Eriksson and Maria Olofsson as members of
the Audit Committee.
Digitalist Group
signed an agreement on development services to Digg, Agency for
Digital Government in SwedenDigitalist Group Plc announced on
19.4.2023, that it’s Swedish subsidiary Digitalist Sweden AB has
won a procurement process to become a new supplier for Digg, Agency
for Digital Government in Sweden. The assignment concerns
management and new development of dataportal.se, Sweden’s national
data portal.The agreement is valid for 4 years and has a budget
frame upto SEK 60 million, (approximately EUR 5.3 million) for the
period. The agreement supports Digitalist Group’s growth in Sweden
and its target to act as a strategic partner in digitalisation.
When the business review was published, the
company expected its working capital to be sufficient to cover its
requirements over the next 12 months.
DIGITALIST GROUP OYJBoard of Directors
Additional information:Digitalist Group PlcCEO
Magnus Leijonborg, tel. +46 76 315 8422,
magnus.leijonborg@digitalistgroup.com
Distribution:Nasdaq Helsinki LtdMajor
mediahttps://digitalist.global
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