Financial statements 2021/2022 for the Stibo Group:
Growing and has a strengthened position going forward
All three business activities in the Stibo Group report growth in the financial statements for 2021/2022 and are in a strong position transitioning to new market conditions and the continued digitalisation of all industries.
The Stibo Group has three independent business divisions. The two software divisions, Stibo Systems and Stibo DX, are specialised in software solutions within Master Data Management and solutions, respectively that enable media houses worldwide to publish content across all channels. The third division, Stibo Complete, is the leading graphical supermarket in Scandinavia.
In the financial statements for 2021/2022, the Stibo Group presents a revenue increase of 15.8% from DKK 1.8 billion in 2020/2021 to DKK 2.1 billion in the new financial statements. Profit before tax was DKK 4.3 million - an increase of DKK 4.9 million compared to the year before. EBITDA increased from DKK 70.7 million in 2020/2021 to DKK 75.6 million in 2021/2022.
“The new financial statements reflect that the Stibo Group has been strengthened within important areas, and we are particularly pleased to note solid growth at the end of the financial year”, says chairman of the Stibo Group, Per Asmussen.
Synergy and positive expectations
The three divisions are specialised within each their area, but the increasing need for digitalisation of the customers’ business models still provide the basis for achieving more synergies particularly between the Group’s two software companies.
The Group’s expectations for the financial year 2022/2023 are positive in terms of both top line and bottom line. DKK 2.3 billion to DKK 2.4 billion and EBITDA of DKK 100-150 million.
It is Stibo’s intention to hire additional 140 employees in 2022/23 because of growth and increased R&D in the software companies.
Given Stibo’s nearly 230 years in the market and foundation ownership, we are used to taking the long view in terms of investments, innovation and growth. This applies to our business areas as well as via the Stibo Accelerator, which through the past eight years has carried out innovation projects in close cooperation with entrepreneurs, university students and Stibo's own employees, customers and partners. In addition to a number of new projects, the past year has been used for further internationalisation of the Accelerator, which is also a platform for recruiting new talents for interesting positions in Denmark and abroad.
Stibo Systems accelerates growth
Stibo Systems is a leading, international supplier of software and related services for the Master Data Management market. Master Data Management is basically about structuring entities’ enormous volume of business-critical data on e.g. customers, products and suppliers.
In these years, market developments are favourable to Stibo Systems. There is a clear tendency that the customers now tend to subscribe for software instead of purchasing licences for software. This brings a great advantage to Stibo Systems in the long run as income is recurring which strengthens the business. The allocation was 89/11 in this financial year in respect of customers subscribing for software and customers purchasing licenses.
Stibo Systems focuses on the manufacturing and retail area, wholesalers and distribution, and had 80 new customers in the financial year 2021/2022, among others Sun & Ski Sports (USA), Ocado Retail (UK), Aeon Next Preparation (Japan) and Grupo RFP (Mexico). In Q4, the division surpassed the record of new sales, and at the end of the financial year, the order book was the highest in the division’s history.
Stibo System’s increased its revenue in 2021/2022 by 30% from DKK 706.4 million to DKK 918.9 million. Profit for the year was just under DKK 23 million against DKK 21.6 million last year. EBITDA totalled DKK 33.9 million against DKK 21.4 million last year.
Stibo Systems A/S expects to report growth in terms of revenue and earnings in the coming financial year - an accounting profit in the range of DKK 120 - 140 million.
“Stibo Systems has a strong position in the global market within Master Data Management, which among others is reflected in our considerable customer intake. The global tendency with an increasing number of subscriptions for software licenses suit our long-term way of thinking business opportunities and organic growth. Through our foundation ownership, we have the strength to continuously adapt our business model to our customers’ needs”, says Per Asmussen.
Stibo DX supports the world's media houses
For more than 30 years, Stibo DX has been a leading technology partner to many of the world's largest media houses. Stibo DX counts the New York Times, the German Axel Springer, Times of India, Børsen and JP/Politikens Hus in Denmark among its customers. New international customers in this financial year are i.a. Singapore Press Holdings, Mediahuis and Bayard.
Stibo DX’s software solution, CUE, is developed for storytelling in digital channels and is easily integrated with other systems. CUE enables media houses to be agile and efficient when launching new content products and distributing news on many channels. CUE is well-known and acknowledged among editorial offices all over the world for its considerable user-friendliness. In the financial year, the company succeeded in increasing the number of CUE users by 33%.
In the financial year 2021/2022, Stibo DX reported growth in revenue, number of employees as well as customers, while at the same time heavy investments were made in future business opportunities.
Stibo DX has for several years invested in an expansion of its business volume. Most recently, an investment of DKK 20 million in the development of a Digital Experience Platform (DXP) targeted at manufacturing and retail companies.
“The DXP platform is developed in cooperation with Stibo DX and Stibo Systems and is a good example of the obvious synergy there is between our two software divisions. We must fully exploit those opportunities. Not only to the benefit of ourselves, but certainly also to the benefit of our customers”, says Per Asmussen.
In 2021/2022, Stibo DX’s revenue totalled DKK 185.6 million against DKK 183.4 million last year. The Company reported a profit before tax of DKK 3.8 million in 2021/2022 against a profit of DKK 11.8 million last previous. EBITDA totalled DKK 4.8 million in 2021/2022 against DKK 14 million last year. The heavy R&D costs in the DXP platform have affected the size of the profit for the year in the division.
Stibo DX expects an increase in revenue next financial year of approx. +10% and an EBITDA excl. investments in the Digital Experience Platform, DXP, in the range of DKK 8 - 18 million.
Stibo Complete – stands strong
Stibo Complete has its roots in the traditional printing industry and has undergone a considerable transformation throughout the years, and today, Stibo Complete is the leading graphical supermarket in Scandinavia offering physical as well as digital communication services.
The traditional printing market has experienced a decline for several years, and through acquisitions, Stibo Complete has contributed to a consolidation of the industry throughout the years. Massive investments have concurrently been made in developing the business.
Stibo Complete was standing strong at the end of 2021/2022 with top-line and bottom-line growth. In 2021/2022, Stibo DX had a turnover of DKK 1.06 billion against DKK 979.8 million last year. Profit for the year totalled DKK 27 million in 2021/2022 against a loss of DKK 1.8 million last year. EBITDA totalled DKK 77.5 million in 2021/2022 against DKK 50.5 million last year.
“The positive development in Stibo Complete relates to increasing activities after two years with several COVID-19 close-downs. Revenue was i.a. higher than expected as we fulfilled our growth target of 25% in the Healthcare segment, increased our focus on selling more services to existing customers and had a very satisfactory sale to new customers”, says Per Asmussen.
According to expectations, revenue and earnings in Stibo Complete for 2022/2023 will be in line with this financial year.
For further details, please contact Per Asmussen, Chairman of the Board of the Stibo Group at tel.: +45 2016 7077.
Please feel free to use photo of Per Asmussen, Chairman of the board of the Stibo Group. Download high-resolution image here: Per-Asmussen-Stibo-2022-HIGH-RES-6720x4480px.jpg