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Huddlestock Fintech AS, a provider of innovative technology solutions to the
capital markets, treasury, and wealth management industries, today released its
Unaudited Financial Report for the First Half-year and Second Quarter 2022.
The second quarter was a transformational quarter for the company. In April,
Huddlestock acquired the software developer F5 IT AS, adding new client
relationships, and 15 front-to-back software developers. After the close of the
second quarter, we agreed to acquire Trac Services and Tracs Technology, a full
service RegTech for the Wealth Management industry, achieving a new cornerstone
investor in Njord Group. Njord will appoint two members to the board and invest
an additional NOK 5 million in Huddlestock Fintech, taking their stake
post-close to 8.8%.
“We are delighted to welcome a respected and long-term investor in Njord Group.
With our acquisitions of F5 IT and Tracs, we will have 67 talented colleagues in
the group, and are well on our way to build an organisation for profitable
growth, creating sustainable and recurring shareholder value,” says Øyvind
Hovland, Chairman of Huddlestock Fintech.
For the first half of 2022, Huddlestock Fintech delivered proforma revenue
growth of 30% and proforma revenues of NOK 30.9 million at the Group level,
after including F5 IT and Tracs in 1H 2022.
“The first half was another excellent period for Huddlestock. Within our
Consulting business, we are enjoying strong fundamentals with ongoing high
client demand and higher prices. While Technology was impacted by the events in
Ukraine and the reorganisation in Germany at the beginning of the year, we are
delighted that Europe’s leading Banking-as-a-Service provider has chosen
Huddlestock’s TradeTech solution for their brokerage-as-a-service offering. The
teams at F5 IT add strong talent to our developer teams and means we can
accelerate the onboarding of the two additional clients we signed during H1, as
well as start work on the next generation technology solutions,” says John E.
Skajem, CEO Huddlestock Fintech.
Huddlestock’s advisory business delivered a strong first half amid tight labour
markets and inflationary pressures. Revenues of NOK 18.62 million in H1 2022, up
8% on the previous half-year period, confirming the current excellent
fundamentals. Increased client demand resulted in higher prices, and longer-term
client commitments confirming the strength of our consulting franchise. Looking
into the rest of the year, all our consultants are fully booked for 2022, and we
have good visibility for 2023.
Within Huddlestock’s technology segment, the first Banking-as-a-Service client
has embedded our TradeTech SaaS solution into their service offering. Late in
the first quarter, two additional clients signed agreements to integrate our
TradeTech solution. F5 ITs software developers are currently working on the
client onboarding, confirming the agility of our talented teams. Technology,
comprised of Huddlestock and F5 IT, delivered overall technology related
revenues of NOK 2.23 million, a 22% increase on the previous half-year period,
confirming the scalability of our technology business.
Consolidated Group revenues were NOK 21.2 million, a 5% increase on 2H 2021. The
Company delivered a proforma EBITDA loss of NOK -7.2 million, and a reported
EBITDA loss of NOK -5.5 million. The group enjoys a strong balance sheet with
shareholders’ equity of NOK 122.47 million.
A presentation will be held at 14.00 in Norwegian and at 15.30 in English. To
access the presentation, please contact Investor Relations -
http://investorrelations@huddlestock.com/.
Please find enclosed the H1 2022 presentation material and Half-year report.
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
CONTACTS
ABOUT HUDDLESTOCK FINTECH AS
Huddlestock Fintech is an innovative technology software provider with a leading
expert professional services business. We deliver innovative and sustainable
technology solutions to the capital markets, treasury and wealth management
industries.
Through its technology offering, Huddlestock offers an innovative, compliant,
and data-centric WealthTech SaaS, accelerating the digital transformation, and
trends of hyper-personalization and on-demand banking within the wealth
management industry. Huddlestock’s SaaS empowers the embedding of low-cost,
efficient white-label trading and investment services, underpinning
Huddlestock’s mission of delivering financial inclusion by democratizing access
to capital markets.
Through its world-class expert professional services business, Huddlestock
delivers strategic technology solutions and process automation for the financial
services industry. This range of services has propelled Huddlestock into
becoming the preferred supplier of financial consultancy services and technology
solutions in the Nordic region. Huddlestock Fintech AS was listed on Euronext
Growth Market 26th November 2020, as Norway’s first fintech company to be
publicly traded.
For more information, please visit www.huddlestock.com -
http://www.huddlestock.com/
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/1668/2243/Download%20announcement
%20as%20PDF.pdf
Huddlestock Fintech H1 2022 Report.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/1668/2241/Huddlestock%20Fintech%2
0H1%202022%20Report.pdf
Huddlestock Fintech H1 2022 Investor Presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/1668/2242/Huddlestock%20Fintech%2
0H1%202022%20Investor%20Presentation.pdf
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