adminFortnox AB (OTCPK:FNOXF) Q4 2024 Earnings Call Transcript February 13, 2025 4:00 AM ET
Company Participants
Roger Hartelius – Acting Chief Executive Officer
Conference Call Participants
Simon Granath – ABG
Charles Brennan – Jefferies
Georg Attling – Pareto
Joachim Gunell – DNB
Bharath Nagaraj – Cantor Fitzgerald
Unidentified Company Representative
Good morning, everyone, and very welcome to Fortnox Q4 2024 Report Presentation. My name is Niro Dander, and I’m Head of Investor Relations here at Fortnox. And today, in the studio here in Becker, I have our acting CEO, Roger Hartelius. Today, we will hear Roger presenting the Q4 numbers, followed by some business highlights, and then we have time for questions. [Operator Instructions] We will have around 20 minutes for a Q&A session, and we will try to answer as many questions as possible.
But with that, I hand over to you, Roger.
Roger Hartelius
Hi, and welcome, and thank you, Mia. So, let’s look at some numbers for Q4. It was been a good quarter. We had an organic growth by 25% and a strong margin. We saw a customer growth of 13,000 customers, little bit below last year and slightly affected by the divestment of Offer- ta but also some slow growth among accounting firms’ customers. Another important metric for us is the usage in which we measure the average revenue per customer, which increased by SEK 5 in the period. And the revenue growth was 20%, but the organic growth was 25% and that’s excluding then the impact of the divestment of Offer- ta. We had an EBIT margin of 47% and here we had some nonrecurring other operating revenue by SEK 25 million. And we had two one offs. One was the divestment of Offer- ta but also reevaluating the earn out connected to the acquisition we made earlier this year of Boardeaser and VisualBy. And excluding those, the EBIT margin would have been 42%. And when we then combine our
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