Netcompany publishes Interim report for Q2 2022

Netcompany realised revenue growth of 58% in Q2 and maintains expectations for the full year on Group level.

In Q2 2022, Netcompany grew revenue to DKK 1,305.8m – equal to 58% growth compared to Q2 2021, of which 50.7 percentage points was non-organic and related to Netcompany-Intrasoft. Organic revenue growth was 7.3%.

In constant currencies, revenue grew 57.6% compared to Q2 2021, of which 6.9 percentage points were organic and 50.7 percentage points were non-organic.

Adjusted EBITDA was DKK 188.8m compared to DKK 186.6m in Q2 2021. Adjusted EBITDA margin was 14.5% in Q2 2022 compared to 22.6% in Q2 2021.

  • Temporary higher level of sickness in Netcompany Denmark and Norway impacted margin negatively by 2.5 percentage points.
  • Non-recurring adjustments to three projects in Norway impacted margin negatively by 1.5 percentage points.
  • Improved employee benefits impacted margins negatively by around 2 percentage points.
  • Netcompany-Intrasoft impacted margin negatively by 0.9 percentage point.

The average number of full time employees grew from 3,238 in Q2 2021 to 6,719 in Q2 2022. The acquisition of Netcompany-Intrasoft accounted for 2,965 employees of the growth while Netcompany Core accounted for 516 employees of the growth.

Free cash flow was DKK 7.3m compared to negative DKK 10.2m in Q2 2021.

Revenue visibility for 2022 increased by 62.4% to DKK 4,976.7m compared to DKK 3,064.5m at the same time last year. The acquisition of Netcompany-Intrasoft accounted for DKK 1,555.7m of the increase.

Netcompany maintains expectations to revenue growth and margins for 2022 on Group level.

“In Q2 2022, we grew revenue by 58% compared to Q2 2021 to DKK 1,305.8m, despite a temporary higher level of sickness in Denmark and Norway and non-recurring adjustments to three projects in Norway. 

We continued to see a strong performance in our UK operation that grew more than 30% in the quarter and at the same time Netcompany-Intrasoft performed above expectations and grew close to 15% in the quarter.

Irrespective of the rapid changes occurring in the macroeconomic environment, in which we operate, we continue to see our pipeline increase across our business, hence we have continued to add new employees to the Netcompany family.

At the end of Q2 2022, the Group accounts for more than 6,700 employees including Netcompany-Intrasoft, and during the second quarter of 2022, we welcomed more than 400 new employees in Netcompany Core and more than 250 in Netcompany-Intrasoft.

Despite challenging market conditions, we remain confident that Netcompany is well situated to maintain strong growth and financial performance based on the society and business critical nature of our business, the unique delivery model and best in class employees.”

André Rogaczewski, CEO and Co-founder

Performance highlights for Q2 2022

  • Revenue increased by 58% to DKK 1,305.8m in reported currencies and by 57.6% in constant currencies.
  • Organic revenue grew by 7.3%.
  • Gross profit margin was 27.9% against 35.5% in Q2 2021.
  • Adjusted EBITDA increased by 1.2% and yielded a margin of 14.5%.
  • Adjusted EBITDA margin was 15.4% for the organic businesses.
  • Free cash flow was DKK 7.3m in Q2 2022.
  • Netcompany Core generated a tax normalised free cash flow of DKK 10.5m compared to DKK -49.2m in Q2 2021.
  • Netcompany Core cash conversion rate normalised for tax payment was 12.5% compared to -41.2% in Q2 2021.
  • Debt leverage to 12 months rolling adjusted EBITA was 2.4x.


For additional information, please contact:

André Rogaczewski, CEO, +45 70 13 14 40
Thomas Johansen, CFO, +45 51 19 32 24

About Netcompany

Netcompany was founded in 2000 and has its headquarters in Copenhagen Denmark. Today, we are an international company with more than 7400 employees working from 17 countries. We serve a wide array of customers in their digital transformation journeys in public and private sectors across Europe.

Media enquiries David Tarp Head of PR and Public Affairs +45 2485 2453
Q2 Interim report 2022

Interim report Q2 2022


Press contact

Karen Clement

Head of PR & Communications +45 4090 9241