H1 2024 report - Implementing the new growth initiatives

Company announcement no 14-2024 H1 2024 report - Implementing the new growth initiatives In Q2 2024, the net ARR increase amounted to DKK 0.2m, reaching DKK 19.6m on June 30, 2024 an ARR growth of 5% (YoY). During Q2 2024, focus was on implementing the new growth initiatives and developing the new Konsolidator Banking application. While there has been good progress in the new initiatives, and sales in Denmark remain satisfactory, international sales did not meet expectations due to...

Søborg, 22/08/2024 (informazione.news - comunicati stampa - economia)

H1 2024 report - Implementing the new growth initiatives
In Q2 2024, the net ARR increase amounted to DKK 0.2m, reaching DKK 19.6m on June 30, 2024 an ARR growth of 5% (YoY). During Q2 2024, focus was on implementing the new growth initiatives and developing the new Konsolidator Banking application. While there has been good progress in the new initiatives, and sales in Denmark remain satisfactory, international sales did not meet expectations due to longer decision-making processes and thus sales cycles, and therefore, we have lowered our expectations for the full 2024. Further, our capital structure will be strengthened by either a capital increase, or income from the growth initiatives together with the initiated cost reduction in the sales and marketing department.

The second quarter of the year was busy, with a strong focus on completing the first go-to-market version of the new banking application and we closed the first two customers in Konsolidator Iberia. However, sales in the existing business did not meet our expectations in Q2 2024. As a result, Konsolidator lowered the expectations of ARR of DKK 24-28m to DKK 21-23m and EBIT loss to 10-12m in 2024 (see company announcement no 13-2024)

In Q3 2024, the focus will be on strengthening the capital structure and improving the operations as well as securing the funding of the operations. Konsolidator is currently exploring possibilities to secure funding from investors, banks and loan providers.

“H1 2024 has been affected by a lack of sales to international customers. The slow international sales resulting in an unsatisfactory result in our CAC/new ARR has led us to restructure our marketing department and focus on improving the CAC/new ARR. In the longer term, we are getting ready to harvest the return on the investments made in the new growth initiatives. We have high expectations of our new Konsolidator Banking Application and Konsolidator Iberia.”, says CEO Claus Finderup Grove.

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About Konsolidator
Konsolidator A/S is a financial consolidation software company whose primary objective is to make Group CFOs around the world better through automated financial consolidation and reporting in the cloud. Created by CFOs and auditors and powered by innovative technology, Konsolidator removes the complexity of financial consolidation and enables the CFO to save time and gain actionable insights based on key performance data to become a vital part of strategic decision-making. Konsolidator was listed at Nasdaq First North Growth Market Denmark in 2019. Ticker Code: KONSOL

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