Agillic: Key results from the annual report 2023 and video of management presentation
This morning, Agillic released its annual report for 2023 and the new guidance for 2024.
In 2023, Agillic reported revenue of DKK 64.7m (-3% YoY) and a total ARR of DKK 70.1m (-9% YoY) by the end of 2023. The decline is primarily explained by a decrease in transactions and longer sales cycles due to macroeconomic uncertainty and customers in some segments being directly affected by geopolitical factors. The revenue was below Agillic’s recent guidance range of DKK 67-70m, while the total ARR was at the lower end of the guidance range of DKK 70-77m.
Unfolding the total ARR, ARR transactions decreased to DKK 12.3m by the end of 2023, corresponding to a decline of -46% YoY, while ARR subscriptions grew to DKK 57.8m, corresponding to an increase of 7% YoY. In 2023, Agillic increased its number of clients to an all-time high of 122 compared to 118 in 2022.
Agillic continued its focus on achieving positive EBITDA and improved its EBITDA to DKK 1.9m in 2023 (from DKK 1.1m in 2022), corresponding to an increase of 71%. This was within the company’s latest guidance range of DKK 1-4m.
Net profit ended at DKK -27.5m in 2023, which was negatively impacted by a provision for tax and interest of DKK 14.3m related to a change in practice by the Danish Tax Authorities on how they assess and interpret the Tax Credit Scheme and uncertainty related to the outcome of an appeal related to tax credits in 2019.
Today, Agillic also presented its new 2024 guidance. In 2024, revenue is expected to be in the range of DKK 62-66m, EBITDA in the range of DKK 0-2m, and total ARR in the range of DKK 66-74m (ARR subscriptions in the range of DKK 56-60m and ARR transactions in the range of DKK 10-14m) by the end of 2024. The 2024 guidance ranges are roughly in line with the company’s 2023 results based on the midpoint and/or upper end of the guidance ranges. Agillic comments that the general market conditions are leading to an increase in both business and technology consolidations. As a result, this may lead to a reduction in ARR, which is reserved in the company's 2024 guidance.
Earlier today, Agillic’s CEO Emre Gürsoy and CFO Claus Boysen presented the results for 2023 and the new guidance for 2024. The presentation was followed by a Q&A session with several questions from the audience. Watch the full presentation here: https://www.inderes.dk/videos/agillic-presentation-of-q4-2023-results-and-annual-report-2023
HC Andersen Capital receives payment from Agillic for a Corporate Visibility/Digital IR subscription agreement. /Kasper Lihn 14:30, 22 February 2024.
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Agillic
Agillic is a Danish Software as a Service (SaaS) company within marketing technology (MarTech), headquartered in Copenhagen, Denmark. Agillic’s omnichannel marketing automation platform empowers brands to work with data-driven insights and content to create, automate and send personalised communication to millions. Proven business cases are found in retail, finance, travel & hospitality, energy & utility, technology & software, entertainment & gaming, media & publishing, charity & NGO, and in subscription businesses across all industries.
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