Company Announcement No. 24-2021
Copenhagen, 12 November 2021
*Contains inside information*
Penneo adjusts ARR guidance for 2021 from 56-60M DKK to 54-57M DKK. The adjusted ARR guidance corresponds to a year-on-year growth rate of 46%-54%. EBITDA guidance of negative 15-20M DKK remains unchanged.
Historically, Q3 is a low season for Penneo with the exception of extraordinary results in 2020-Q3 caused by the deadline extension for filing annual reports as a consequence of Covid-19. In addition, the lower inflow of new customers is attributable to a combination of the following two items:
Automating the lead-to-cash cycle In 2021-Q3
Penneo initiated a process to automate certain touchpoints in the customer journey to secure long term scalability, this led to a short term decrease in closing rates. This has now been mitigated, but has affected 2021-Q3.
Higher than expected turnover of commercial staff In 2021-Q3
The turnover negatively slowed down the inflow of new customers.
Consequently, the ARR guidance for 2021 is adjusted to 54-57M DKK.
The 2021-Q3 report is expected to be released on 25 November 2021.
Statements about the future reflect Penneo's current expectations for future events and financial results. The nature of these statements is affected by risk and uncertainties. Therefore, the company's actual results may differ from the guided figures
This information was distributed by Cision http://www.cisionwire.se/