Sales growth +22%, ARR +14% y-o-y in Q4 We raise estimates on the new defence order Good outlook for accelerating growth and improved cash flow
ANNONS
Accelerating growth on the cards
Q4 results were in line with what was pre-announced on 9 January, i.e. sales of SEK 48m and EBITDA of SEK 6m, which was also in line with our expectations ahead of the pre-announcement. Sales growth accelerated to 22% in the quarter (in line with management's target of 20% annual sales growth) compared with 9% in Q3 and 13% for full-year 2023. With ARR at SEK 120m, up 14% y-o-y, we expect to see good underlying growth in the firewall and IAM business in 2024 as well, coupled with the ramp-up of defence deliveries. Another highlight from the report was management's positive wording around the potential for a return to growth for the telecom business in 2024, which could add additional upside to growth estimates.
