Revenue Ahead of Guidance Continued Track Record of Growth
LONDON–(BUSINESS WIRE)– Regulatory News:
MotorK, plc (AMS: MTRK) (“MotorK” or the “Group”) today published a trading update in respect of its financial results for the fourth quarter and full year ended December 31, 2021 (“FY 2021”).
KEY HIGHLIGHTS
Revenues Above Guidance
Performance in the fourth quarter remained robust and the Board expects FY 2021 results to be ahead of the Group’s expectations. The Group recorded €6.7 million in revenues for the fourth quarter, up 16% year-over-year. Revenues for FY 2021 are expected to be €27.6 million (including €0.3 million of December reported revenues from M&A1), up 43% year-over-year, and above the upper end of the previously stated guidance range.
Continued Organic Development
As of December 2021, the Group anticipates Annual Recurring Revenue (“ARR”)2 of €15.1 million (including €2.7 million from M&A), up 23% organically compared to €10 million in the prior year and up 50% while including M&A. This strong momentum reflects the solid performance of the Group’s cloud-based SaaS platform, sustained by a healthy level of R&D investment over the period.
Improved Financial Structure
Between December 2021 and early February 2022, and as previously communicated, the Group used part of its IPO proceeds to repay most of the outstanding financial loans, along with accrued interest and other sums, for a total amount of €23.7 million. The Group also refinanced the loan agreement with illimity Bank. Consequently, the Group today exhibits a substantial cash position of approximately €44 million. The reshaped financial structure will reduce borrowing costs and provide the Group with further flexibility to continue executing strategic M&A and investing in R&D.
UPCOMING FOURTH QUARTER AND FY 2021 EARNINGS ANNOUNCEMENT
On March 10, 2022, MotorK will announce its fourth quarter and FY 2021 financial results and hold a conference call. Details to register for the call will be made available on MotorK’s website (www.investors.motork.io) in advance, and registered participants will have access to a replay of the webcast.
ABOUT MOTORK PLC
MotorK (AMS: MTRK) is a leading software as a service (“SaaS”) provider for the automotive retail industry in the EMEA region, with over 400 employees and eight offices in seven countries Italy, Spain, France, Germany, Portugal, the UK and Israel). MotorK empowers car manufacturers and dealers to improve their customer experience through a broad suite of fully integrated digital products and services. MotorK provides its customers with an innovative combination of digital solutions, SaaS cloud products and the largest R&D department in the automotive digital sales and marketing industry in Europe. MotorK is a company registered in England and Wales. Registered office: Kemp House, 152 City Road, London EC1V 2NX3 – Company Registration: 9259000. For more information: www.motork.io or www.investors.motork.io.
This press release contains information within the meaning of Article 7(1) of the Market Abuse Regulation (596/2014).
category-financial-news
Preliminary results – Non-audited financial information
1 M&A includes the contribution of the DAPDA and Fidcar businesses in December 2021, being the first month of their inclusion in the MotorK consolidated financial statements.
2 Annual Recurring Revenues (“ARR” ) is defined as the yearly subscription value of the Group’s customer base at the end of the reporting period.
