“Growth rates were less steep than in previous periods due to an exceptionally strong Q2 2021 comparison base. In that same quarter last year, Covid-19 related tailwinds reached peak levels with our CPaaS platform being heavily used by health services for communication around Covid tests and vaccinations".
BREDA, 28 JULY 2022
H1 2022 Highlights
- Revenue up 21% to € 136 million, organic revenue up 19%
- Gross profit grew by 26% to € 35 million
- Gross margin up 1 percent point to 26%, supported by all segments except Voice
- Awarded Platinum for Best CPaaS Solution and Best Conversational Commerce Solution in Future Digital Awards by Juniper Research
- FY 2022 revenue outlook revised to € 300-315 million (27%-33% YoY growth) from € 310-330 million (31%-39% YoY growth), given uncertain market conditions
- Focus on profitability, positive EBITDA Outlook towards end of 2023 remains unchanged
Q2 2022 Highlights
- Revenue up 5% at € 65.4 million against exceptionally strong Q2 20211 due to peak contributions from Covid-19 related business activities in Q2 2021
- Gross profit increased by 12% to € 17.4 million
- Gross margin up 1.5 percent points to 26.6%, reflecting mix improvements
- Entered CCaaS space through integration of Mobile Service Cloud and Voice
- Official Partner of Google Business Messages
Message from our CEO
"Our business continued to show robust growth in the first half of 2022. Revenue and gross profit were up 21% and 26%, respectively. Growth rates were less steep than in previous periods due to an exceptionally strong Q2 2021 comparison base. In that same quarter last year, Covid-19 related tailwinds reached peak levels with our CPaaS platform being heavily used by health services for communication around Covid tests and vaccinations.
We got off to a good start of the year with a strong 42% revenue growth in the first quarter of 2022. The second quarter yet again demonstrated the robustness of our growth profile as we were able to exceed the high Q2 2021 revenue and gross profit levels by 5% and 12% respectively with a notable increase in gross margin to 27%.
So, without the tailwinds of Covid-related services we continued to grow our CPaaS business by consistently adding new business from existing and new clients. In addition, we saw very strong demand for our SaaS solutions, good growth in Payments and a Ticketing business which hugely benefitted from the surge in tickets for venues and events after Covid-restrictions were lifted.
For us, the past two years since listing have been a time of tremendous growth, not only by revenue and gross profit, but also by staff numbers and our global organization as a whole. We have seen new clients use more of our integrated products from the start and increase the number of products used at a faster pace. More clients embrace our vision of an integrated conversational commerce platform with multiple capabilities and solutions to address their various customer engagement needs. This is also typically reflected in the higher margin we make on new cohorts of clients and new products.
Now with more than 1,000 employees, we believe that our team is nearing the right capacity. At the same time, various one-off implementation projects are moving into their final phase with more efficiencies and clout to come from these improvements going forward. This also means that we have now reached the point where we can shift our focus from accelerating global expansion towards leveraging our current scale and team. While we do intend to continue to invest in growth and future business, this shift is expected to lead to a slower growth of capex and opex including employee levels of which the first signs will become visible in the course of the second half of 2022. In addition, it will allow for increased benefits from cross and upselling, faster commercial paybacks and operating leverage aimed at reaching a structurally positive EBITDA towards the end of 2023.
Finally, to reflect a stronger-than-expected decrease in Covid-related services in the first half of 2022 and signs that clients are becoming more cautious with regard to growth investments and keener on cost savings in light of ongoing inflation and rising concerns about a potential recession, we have slightly lowered our revenue guidance for full year 2022"
Jeroen van Glabbeek
CEO CM.com