Huddlestock Fintech AS (HUDL) – Huddlestock Fintech AS Q2 and first half-year
2021 Financial Report
Stavanger, Norway, 26 August 2021 – Huddlestock Fintech AS today released its
Unaudited Financial Report for the First Half-year and Second Quarter 2021, a
transformational quarter for the company. In June, Huddlestock acquired the
leading Nordic expert consultancy for financial institutions, Visigon Nordic AB
supplementing Huddlestock’s existing portfolio of wealth tech software.
Huddlestock CEO, John Skajem commented: “With our larger team of expert
consultants from Visigon, we see many opportunities for growth and synergies. At
home in the Nordics, Visigon’s market position and reputation constitutes a
fantastic customer proposition together with Huddlestock Technology, whereas
Huddlestock’s footprint internationally can be a door opener for Visigon’s
services outside the Nordics.”
With its suite of ground-breaking technology solutions for digitizing processes
for wealth managers, custody banks and trading venues, Huddlestock has a strong
pipeline of projects for both the Bedrock connectivity platform for online
trading and the Apex B2B solution for custody banks. During Q2, the company
continued to sign up new clients; including Aledius GmbH and AVL Investment
Fonds. However, as a result of lengthy periods of lock-down due to the global
health pandemic in its key markets, Germany and Malaysia, the indicative project
delivery timeline for a number of client contracts has been delayed.
“The global health pandemic that has ravaged the globe during 2020 and 2021 has
delayed our delivery plans for Huddlestock’s technology in the short term. We
are in close dialogue with our customers, and we expect to go live with several
of them during the second half-year 2021 and the first quarter 2022,” John
Skajem said.
Visigon continued its good development, onboarding 2 new clients during the
first half-year and extending and increasing the customer engagement with a
major Swedish bank after the end of the period. Significant revenues are already
committed for the second half-year.
“We see strong demand for the technology Huddlestock offers, and with Visigon we
have further improved our relevance for the finance industry, our market reach
and ability to execute. Our long-term target to reach revenues of NOK 200
million in 2024 stands firm, and we target the signing of 1-2 Apex contracts and
4-6 Bedrock contracts per year on average over the coming 4 year period,” John
Skajem said.
During the first half-year 2021, Huddlestock had pro-forma revenues, including
full contribution from Visigon as if it was acquired 1 January, of NOK 23.8
million and, adjusted for non-recurring items linked to the acquisition, an
EBITDA loss of NOK 2.2 million. Reported revenue, in which Visigon was
consolidated as of June, was NOK 3.0 million and the EBITDA loss was NOK 3.7
million. The numbers included NOK 1.5 million of one-off cost related to the
acquisition of Visigon. As a result of the delayed project pipeline, postponing
revenue from Huddlestock Technology, the company’s revenue target for 2021 has
been lowered from NOK 51 million to NOK 41 million. The EBITDA target is lowered
from NOK 5.3 million to NOK 1 million.
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