Huddlestock Fintech AS (OSE: HUDL) - Huddlestock Fintech AS Q4 2022 Financial Report

23 Feb 2023 08:09 CET

23.2.2023 08:09:34 CET | Huddlestock Fintech AS | Additional regulated
information required to be disclosed under the laws of a member state

Huddlestock delivers growth and is well prepared for entering a another lift in
commercial activity

Stavanger, Norway, 23 Feb 2021 - 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
Fourth Quarter and Full Year 2022.

In 2022, Huddlestock Fintech delivered proforma revenues of NOK 16.19 million in
the fourth quarter, resulting in NOK 61.60 million for the full year, an
improvement on 2021 of NOK 20.05 million, or +48% YoY, after including F5 IT and
Tracs for the full year of 2022.

Consolidated group revenues were NOK 13.16 million in the fourth quarter, and
NOK 46.05 million for the full year 2022, an improvement on 2021 of NOK 22.69
million, or +97% YoY.

2022 was another year of growth and progress for Huddlestock. The company
continues to see great interest from our Pan European clients and partners
alike. Our technology solution is live with thousands of clients, executing
trades and growing the Asset under Management. The company is in a strong
position and is looking to add new relationships in months and years ahead. In
the consulting business, Huddlestock is enjoying solid demand, and has added new
first-class clients to the engagement list. While Technology was impacted by the
events in Ukraine and the reorganisation in Germany at the beginning of the
year, we have seen a marked acceleration in client demand for our technology
solutions and tailormade software, and the team secured several large mandates
at the end of the year. The Investor Services division has also added new
clients and are enjoying strong demand for its services. We are excited for 2023
and expect this to be a year of transformation to include several new products,
new geographical locations and several new clients.

"The company is working hard in all areas and a sound foundation has been
established for further growth in 2023 and beyond. The work on the next
generation technology solutions is going according to plan and will be launched
in the latter part of H1. We are planning to demonstrate our suite of products
and services at our Annual General Meeting to be hosted June 1, 2023 in
Stavanger," says John E. Skajem, CEO Huddlestock Group.

Huddlestock's Consulting business continues to deliver strong revenues, with NOK
10.51 in the fourth quarter 2022 and NOK 39.20 million for the full year 2022.
Longer-term client commitments, and three major framework agreements signed in
the fourth quarter, confirms the strength of the consulting franchise. Looking
into 2023, the team has added a few more products to serve the banking industry
and there is good visibility with existing and new client contracts.

Within Huddlestock Technologies, Europe's leading Banking-as-a-Service provider
embedded Huddlestock's Trade Tech solution into their service offering, and the
first platform client went live during the second half of 2022. The Huddlestock
technology has been validated and is running smoothly as expected. Furthermore,
our software developers continue to work on existing client deliveries and
onboarding, as well as bringing in new client mandates. During the fourth
quarter the team signed 2 significant mandates.

Technology, comprising of several dedicated and first-class developers and
commercial colleauges delivered overall technology related revenues of NOK 7.41
million in 2022, up from 2.45 million in 2021, confirming the path to profitable
growth in revenues within our technology franchise.

In 2022, the Huddlestock Group delivered consolidated revenues of NOK 46.1
million, +97% YoY, after including F5 IT since acquisition 1st May 2022. The
EBITDA was NOK -14.0 million, as the group is scaling up the organization and
continuing to invest in our technology suite, adding talent and preparing for
growth in future client deliveries. Proforma revenues for the full year of 2022
were NOK 61.6 million +48% YoY.

The company continues to see strong demand for Huddlestock's Trade and Wealth
Tech solutions, Technology Services and Consulting Services across our product
suite, signing new major framework agreements during the quarter. We expect to
crystalise multi-year synergies on both the revenue and cost side from our
recent acquisitions and remain committed to deliver on our medium-term target of
NOK 200 million revenues. The group enjoys a strong balance sheet with
shareholders' equity of NOK 121.0 million.

During the Second half of 2022, we closed the acquisition of F5 IT, issuing
6,666,667 new shares. The acquisition of Trac Services and Tracs Technology, a
full-service Reg Tech and Investor Services organisation for the Investment and
Wealth Management industry, is going to plan and we are currently awaiting final
approval from the Norwegian FSA. On close, Njord Group will invest an additional
NOK 5 million in Huddlestock Fintech, taking their stake post-close to 8.26%.

"With our acquisition of Tracs, we will have 68 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.

A presentation will be held at 10.00 in Norwegian and at 12.00 in English. To
access the presentation, please contact Investor Relations -
http://investorrelations@huddlestock.com/.

Please find enclosed the Q4 and Year 2022 presentation material.

For questions, please contact investor relations.

CONTACTS:

John E. Skajem, CEO, +47 418 87 412, jes@huddlestock.com

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. The stock exchange
announcement was published by the contact person, at the date and time as set
out above.

To see all press and investor releases please have a look in the investor
relations section of our corporate website
www.huddlestock.com/investor-relations -
http://www.huddlestock.com/investor-relations



About Huddlestock Fintech:

Huddlestock Fintech delivers innovative 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 26 November 2020, as Norway's first fintech company to be publicly
traded.



For more information, please visit www.huddlestock.com -
http://www.huddlestock.com/

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

CONTACTS

* John E. Skajem, CEO, +47 418 87 412, jes@huddlestock.com

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/17848032/2129/2862/Download%20announcement
%20as%20PDF.pdf

HSF ir Q4 2022 Investor Presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/2129/2858/HSF%20ir%20Q4%202022%20
Investor%20Presentation.pdf

More information:
Access the news on Oslo Bors NewsWeb site

583294_en_Download announcement as PDF.pdf
583294_en_HSF ir Q4 2022 Investor Presentation.pdf