Letter from Chairman

"In 2021, Netcompany continued to develop presence in Denmark and in the market units outside of Denmark. In addition, our European presence was significantly increased with the acquisition of Intrasoft International S.A., which has elevated Netcompany into an even stronger Group that will lead the digitalisation of Europe in the coming decade."

Bo Rygaard

Chairman of the Board of Directors

Letter from CEO

"In 2021, we have continued to deliver outstanding results of great value to our customers, as well as society, despite another challenging year for all of us with the spread of the COVID-19 virus where standard ways of operating have been challenged. It humbles me deeply to see how we as a business have embraced a changed working environment and I am amazed by the performance delivered togetherwith our customers."

André Rogaczewski

CEO & Co-founder

Letter from CFO

"2021 was an eventful year in Netcompany. We grew our topline close to 28% including the impact from our most recent aquisition, Intrasoft, which in itself contributed with 10% of the growth."

Thomas Johansen

CFO

Financial highlights

ESG key figures

Segment information

Public segment - 60.9%

Public segment - 60.9%

Revenue in the public segment increased by 24.3% of which 12.8 percentage point was organic.

Revenue growth: 24.3%
Gross profit margin: 33.1%
Adjusted EBITA margin: 18.8%

Private segment - 39.1%

Private segment - 39.1%

Revenue in the private segment increased by 34% of which 26.4 percentage point was organic.

Revenue growth: 34.0%
Gross profit margin: 42.2%
Adjusted EBITA margin: 29.3%

Operating entities

Denmark

Denmark

Netcompany Denmark grew 17.8%, negatively impacted by allocating resources to business development locally and internationally.

Revenue growth: 17.8%
Gross profit margin: 42.5%
Adj. EBITA margin: 29.6%
Client facing FTEs: 2,289

Norway

Norway

Netcompany Norway generated a high growth in revenue of 27% driven by high activity and improved utilisation.

Revenue growth: 27.0%
Gross profit margin: 23.9%
Adj. EBITA margin: 6.6%
Client facing FTEs: 266

United Kingdom

United Kingdom

Netcompany UK improved gross profit margin by 7.2 percentage points due to increased utilisation.

Revenue growth: 15.8%
Gross profit margin: 25.5%
Adj. EBITA margin: 9.9%
Client facing FTEs: 408

Netherlands

Netherlands

Netcompany Netherlands declined in revenue and margin due to delays in public projects causing low utilisation of resources.

Revenue growth: -16.6%
Gross profit margin: 12.1%
Adj. EBITA margin: -23.4%
Client facing FTEs: 142

Intrasoft

Intrasoft

Netcompany-Intrasoft performed above expectations on revenue and margins for the two months being part of the Group.

Revenue (DKKm): 285.6
Gross profit margin: 17.6%
Adj. EBITA margin: 7.6%
Client facing FTE: 2,695

A group of Netcompany employees listens to a presentation

2021 financial performance and 2022 guidance

In 2021, the Group delivered revenue growth of 27.0% in constant currencies (27.9% in reported currencies) of which 17% was organic (18% reported currencies) and 10.1% was related to the inclusion of Intrasoft from the period 1 November to 31 December 2021.

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Netcompany Annual Report 2021

Annual report 2021

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