Agillic A/S, a Nordic software company, has issued its financial results for the first half of 2020 and provided a new guidance for 2020. The company says that its results were also negatively impacted by the COVID-19 and related new market realities like the dwarfing impact of COVID-19 crisis among many industries and companies.
During the second quarter of 2020, the started prioritizing the support to its clients with set of solutions to keep company running in its technology ecosystem.
Agillic reported disappointed top-line development results during the reporting period but somehow it mananged to hold the clients markedly challenged by COVID-19 that’s why it was able to post a positive EBITDA for first six months of 2020.
Agillic EBITDA for first half of 2020 showed an increase by DKK 8.5 million, being an achievement compared to first half of 2019 and amounted to DKK 0.2 million. EBITDA for second quarter of 2020 remained DKK 0.6 million as compared to prior year same period EBITDA of DKK -4.8 million.
The company posted total revenue with 2% decreased compared to prior year same period but its subscription sengment of revenue showed an increase of 16% as compared to first half of 2019. While Agillic revenue during second quarter 2020 remained DKK 11.8 million which is 18% lower compared to second quarter of 2019.
The company’s Annual Recurring Revenue (ARR) by subscription showed a decrease of 2% as compared to what it was reported for 30 June 2019. During the same period, it raised DKK 22.1 million from equity capital and DKK 12.0 million in terms of COVID-19 borrowing.
Agillic CEO, Emre Gürsoy said, “As the overshadowing impact of COVID-19 cuts through many industries and companies, our results have also been influenced by the new market realities. Therefore, during Q2 2020, we have prioritized supporting our clients with solutions to retain Agillic in their technology ecosystem. Although our top-line development for the period is disappointing, we are pleased that we have been able to retain clients significantly challenged by COVID-19 and that we have delivered a positive EBITDA for H1.”