Vercom SA., a technology company providing cloud-based solutions in the CPaaS (Communication Platform-as-a-Service) model, summarises the first quarter of 2023. In the reported period, revenues increased by 51 per cent y-o-y. to nearly PLN 75 million, gross margin increased by 145 per cent y-o-y. to more than PLN 40 million, while adjusted EBITDA amounted to PLN 17.6 million, a nearly twofold increase y-o-y. In Q1 2023, Vercom continued to increase the diversification of its business and also launched new growth initiatives.
The first quarter of 2023 was a record quarter for Vercom in terms of financial performance. Thanks to a leap in its customer base, the Company recorded a 145 per cent increase in y-o-y. gross margin reaching PLN 40.3 million. The Company also boasts a 21 p.p. y-o-y increase in gross sales margin. for which the increased share of high-margin, fast-growing services is responsible. Thanks to increasing operational efficiency, the EBITDA margin improved by approximately 5 p.p. y-o-y, which, combined with the high dynamics of revenues, translated into a doubling of EBITDA to PLN 17.6 million.
- A very good quarter is behind us. Thanks to well-considered investments and consistent implementation of our strategy, we can boast further dynamic growth in the scale of our operations, accompanied by improvement of key financial parameters,” comments Krzysztof Szyszka, Vercom CEO.
Vercom is steadily expanding its activities on the international market. In the past quarter, the Group acquired nearly 5,000 new customers, mainly from the attractive markets of the United States and Western Europe. The total number of paying customers exceeded 70,000 and the number of customers on freemium packages is already close to 2 million. As a result, Vercom’s business is now more diversified than ever, as evidenced, for example, by the share of foreign sales in the Group’s revenue, which has reached a record 58%.
Vercom is now focused on integrating the acquired companies and implementing key growth initiatives to accelerate growth in the global market.
- In Q1 2023, we launched pilot access to the new MessageFlow platform designed for mid-market customers. With its English language localisation, it will allow us to attract foreign customers even more effectively. At the same time, we are working on integrating products for SME customers, using the potential of the MailerLite brand. This is a very intensive time for us, in which we want to be well prepared for further dynamic growth in the coming years,’ adds Krzysztof Szyszka.
Dynamic growth combined with the generation of high cash flows allows the Company to allocate a record amount to dividends. From last year’s net profit, the Company’s Management Board will recommend a dividend of PLN 25 million (PLN 1.13 per share) to be paid at the general meeting of shareholders. This is a derivative of the dividend policy established in March 2023 to pay out a minimum of 50 per cent of consolidated net profit.
About Vercom
Vercom develops cloud-based communication platforms that enable companies to build lasting relationships with their audiences across multiple communication channels. Vercom’s solutions have been helping customers automate and scale their communication processes for 20 years, while maintaining high deliverability and efficiency. Today, Vercom’s services are used by more than 70,900 companies and private entrepreneurs in 180 markets, including entities such as IKEA, Rossman, American Express, DHL, Coca-Cola and BNP Paribas. The Vercom team comprises more than 300 people concentrated in 30 locations worldwide, including San Francisco, New York, Berlin, Prague, Poznan and Warsaw. The Vercom Group is characterised by a strong growth business profile – EBITDA has grown at an average annual rate of more than 50% over the past 5 years and for the last 12 months amounted to approximately PLN 64 million.
Since 2021, the company has been listed on the Warsaw Stock Exchange and is part of the sWIG80 index. As at the date of publication, Vercom’s market capitalisation value is approximately PLN 1.3 billion.
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