BIMobject AB: Interim Report April - June 2018

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Second quarter 2018 Billing increased by 83 percent to SEK 33 (18) million. The Group's net sales increased by 75 percent to SEK 28 (16) million. The distribution between projects and web services (subscriptions) was 40/60 (60/40) percent. The gross ...

Second quarter 2018

  • Billing increased by 83 percent to SEK 33 (18) million.
  • The Group's net sales increased by 75 percent to SEK 28 (16) million. The distribution between projects and web services (subscriptions) was 40/60 (60/40) percent.
  • The gross margin increased to 86 (81) percent.
  • The Group's operating profit improved to SEK -15 (-17) million.
  • Basic earnings per share amounted to SEK -0.29 (-0.31).
  • Cash flow from operating activities was SEK -18 (-15) million.
  • The accumulated number of users increased to approximately 845,000.
  • The accumulated number of downloads amounted to 25.5 million.
  • The number of manufacturers was 1,230.
  • The Board decided to initiate the process of listing the Company on Nasdaq Stockholm.

Significant events during the second quarter

  • BIMobject forms strategic partnership with Pipe Retail Solution to streamline digital planning of retail spaces.
  • BIMobject signs Letter of Intent with leading US 3D media company Matterport.

CEO's comments

EQT Ventures' investment in BIMobject strengthens our growth opportunities
EQT Ventures is investing SEK 240 million in BIMobject through a directed new share issue. In connection with the transaction, BIMobject gains valuable new expertise and capital to further accelerate the current rapid growth. Operations continued to show strength during the quarter, with net sales increasing by 75 percent and billing by 83 percent.

On 12 July, we were able to announce that we had signed an agreement with EQT Ventures, which is investing SEK 240 million in BIMobject through a directed new share issue. The transaction is the result of many months of talks and negotiations and I am delighted to have EQT Ventures as a partner and shareholder. We saw the potential of a cooperation from the very outset. The combination of our attractive offering in a scalable business model and their overall experience in successfully building fast-growing internet-based global companies can bring a radically increased growth rate.

Growing platform and increased sales
At the end of the quarter, we exceeded 845,000 active users. Together they accounted for 3,300,000 downloads during the period. 

The process of increasing the user base and number of downloads is still a priority. The focus is on our own sales and during the quarter we recruited 47 new employees, mainly sellers and developers. As we expect sellers to take 6-12 months to become profitable, this growth will burden the earnings trend.

Financially, the quarter showed good growth and net sales rose by 75 percent. Sales measured on a rolling 12-month basis amounted to SEK 125 (62.2) million, which indicates a doubling of business since June 2017.

Billing also grew by a strong 83 percent. The gross margin was 86 (81) percent, with the improvement being a result of increased sales and higher share of licence revenue.

Looking at our three geographical regions, the Nordic region and the rest of EMEA showed very strong growth, albeit from low levels. Net sales in the important US market grew by 22 percent during the quarter and intensive efforts are in progress to build an efficient sales organisation.

Operating profit/loss improved slightly and amounted to SEK -15 (-17) million. Costs for the quarter were negatively affected by recruitment and salary costs for new employees and marketing. In addition, the focus on property owners and digitalisation of buildings meant that earnings were affected by additional marketing costs.

Hercules and more efficient property
The initiative to market the Digital Buildings concept to the Nordic Market has had a positive outcome. We can see significant growth in the quarter driven by property and premises owners testing our Digital Buildings offering. Our Nordic sales increased by 167 percent during the quarter. Hercules and Digital Buildings show property owners how they can digitalise and streamline processes in the planning, construction and management phase through their own cloud solution.  European property owners are showing very clear interest in working more digitally, which in turn increases the motivation for architects, designers and manufacturers to implement BIM.

Office established in Dubai
Through the acquisition of all companies that were part of The BIM Hub group social media platform, we established an office and a base in Dubai for continued growth in the expanding Middle East region. The acquisition included some employees, customer agreements, technical platforms, domains, trademarks and all customer data, as well as relationships on the social media platform

Continuing product development and innovation
We continue to connect strategically important partners to the business. The letter of intent with USA-based Matterport, world leader in 3D scanning, is testament to our strong position in the BIM market. Under the cooperation we will work to integrate our solutions, thereby facilitating the digitalisation of existing property portfolios. 3D scanning of existing buildings enables property owners to create complete BIM models of their properties in Hercules solutions. This in turn can generate very substantial time and cost savings for property owners and builders.

Well positioned and good prospects
With EQT Ventures as a new partner, we are taking a major step towards our vision of every building and interior product in the world existing in a digital version on our platforms. The injection of both capital and expertise greatly increases our potential to become a global marketplace and "single source of truth" within BIM. With our combined expertise, the focus on growth-creating activities will be intensified. 

Growth will vary quarter-on-quarter, but in terms of full-year and rolling 12-month growth, we reiterate our targets of two-digit organic growth in the next year and an improved cash flow for 2018. In addition, we aim to develop partnerships and acquire operations that increase our scope for fast establishment in new markets.

Stefan Larsson

For more information, contact:

Stefan Larsson, CEO
Tel. +46 40 - 685 29 00

Stefan Hansson - CFO
Tel: +46 40 - 685 29 00

This information is information that BIMobject AB (publ) is obliged to publish in accordance the EU Market Abuse Regulation. The information was provided by Stefan Larsson for publication on 15 August 2018 at 08:00 CEST. 

About BIMobject AB
BIMobject is a leading global IT company at the forefront of digitalisation of the construction industry. BIMobject offers a cloud-based platform, with over 1,000 manufacturers providing digital product information. Around the cloud-based platform, which currently has over 850,000 users, BIMobject offers a number of solutions aimed at property owners, construction companies and the trade sector. BIMobject, founded in 2011, operates in 20 countries and has over 200 employees. Revenue for 2017 amounted to SEK 84 million. BIMobject's shares are traded on Nasdaq First North under the ticker: BIM. BIMobject's Certified Advisor is FNCA Sweden

This is an English version of an original Swedish press release communicated by BIMobject AB. In case of interpretation issues or possible differences between the different versions, the Swedish version shall apply.

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: BIMobject AB via Globenewswire

Source(s) : BIMobject AB

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