Netcompany - Interim report for the three months ended 31 March 2023

·1-min read
Netcompany Group A/S
Netcompany Group A/S

Netcompany grew revenue by 13.7% and free cash flow by 180% in Q1 2023

Company Announcement
No. 8/2023
4 May 2023

In Q1 2023, Netcompany grew revenue to DKK 1,540.2m – equal to 12.3% growth compared to Q1 2022 (constant 13.7%).

Adjusted EBITDA was DKK 242.1m compared to DKK 259.6m in Q1 2022. Adjusted EBITDA margin of 15.7% in Q1 2023 compared to 18.9% in Q1 2022.

Free cash flow continued to be strong and improved by 180% to DKK 141.6m in Q1 2023. Debt leverage was reduced from 2.8x in Q1 2022 to 1.6x in Q1 2023.

Average number of full-time employees grew by 984 from 6,513 in Q1 2022 to 7,497 in Q1 2023.

Cash conversion ratio improved by 77.2% percentage points to 109.2% in Q1 2023 compared to Q1 2022.

In Q1, we grew revenue by 13.7% and generated an EBITDA margin of 15.7% driven by strong results in the UK and in Netcompany-Intrasoft. In addition, we increased our free cash flow by more than 180% compared to the same period last year.

While general macro and geopolitical uncertainty remained at elevated levels during Q1 2023, we are satisfied with a strong start to the year.

It makes me proud that we are able to continue to grow and hire outstanding talents in these times and during Q1 we reached 7,500 full time equivalents – an increase of 15% compared to the same period last year.

With our continued intake of talent, our enhanced “Go-To-Market” approach introduced at the beginning of the year and a continued momentum in building our pipeline across our different geographies, I am confident that we will deliver satisfactory financial results throughout 2023 and beyond.

André Rogaczewski,
Netcompany CEO and Co-founder

Financial overview
For full details on financial performance, see enclosed Company announcement Q1 2023.

Conference details
In connection with the publication of the results for Q1 2023, Netcompany will host a conference call on 4 May 2023 at 11.00 CEST.

The conference call will be held in English and can be followed live via the company’s website;

Dial-in details for investors and analysts
DK: +45 78 76 84 90
UK: +44 203 769 6819
US: +1 646 787 0157
Pin: 598046

Webcast Player URL:

Additional information

André Rogaczewski, CEO
+45 70 13 14 40

Thomas Johansen, CFO
+45 51 19 32 24