QPR Software Plc’s Financial Statements Bulletin 2022

QPR Software Plc's Financial Statement Bulletin 2022: In the fourth quarter the SaaS revenue grew by 53% and net sales by 5%. The operating result was clearly negative, which was essentially impacted by the delivery challenges of individual software projects in the Middle East and the decrease in new sales of software licenses. During the accounting period, the partner ecosystem was strengthened, and innovative process mining solutions were introduced to the market.

CEO Jussi Vasama:

“I am satisfied with the company's fourth-quarter results and progress. SaaS (Software as a Service) revenue grew remarkably by 53% against the comparison period mostly due to a significant contract made to expand process mining SaaS cooperation with a leading global pharmaceutical company at the end of December. Net sales increased compared fourth quarter of 2021 while the operating profit was flat if the write-down for 2021 is not considered. 
Consulting revenue was also slightly higher than in the comparison period (+2%). 

I’m also very pleased that throughout the year 2022 and in line with the company’s strategy, the SaaS business showed clear growth (+35%). On top of closing new deals with the SaaS subscription model with new customers, we successfully transitioned existing customers into SaaS while simultaneously expanding the business thein value (+45%). Net sales in 2022 fell short of the last year (-14%). EBITDA and operating profit decreased clearly compared with 2021. The most significant factors were the decrease in perpetual licenses and challenges with the Middle East software delivery projects sold during previous years. The revenue of renewable software licenses decreased (-27%) which, however, is in line with our transition to SaaS business.” 

October-December 2022 highlights

  • SaaS software business grew +53%
  • Net sales amounted to EUR 2,142 thousand, an increase of 5% (October-December 2021: 2,043)
  • EBITDA was EUR -430 thousand (-430)
  • Operating result (EBIT) amounted to EUR -681 thousand (-1,050)
  • Result before taxes was EUR -745 thousand (-1,065)
  • Result was EUR -748 thousand (-1,131)
  • Earnings per share was EUR -0,047 (-0,094)
  • The write-downs of 373 thousand euros made in connection with the financial statements weakened the operating income

    Download the full report here
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Sanna Salo

Chief Marketing Officer at QPR Software

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