SaaS revenue grew in line with the strategy. Revenue and operating profit clearly fell short of the comparison period, weakened by the delivery difficulties of a few Middle East software projects signed in previous years. The partner ecosystem strengthened, and innovative process mining solutions were launched on the market.
“The third quarter of the fiscal year was challenging for QPR Software. During the quarter, the full scale of the challenges with Middle East software delivery projects sold in previous years came to light, which had a significant impact on the quarter's operations and financial results. On September 7, 2022, we issued a negative profit warning and communicated that we would immediately take action to improve profitability. On September 20, we announced the start of change negotiations.
The focus on growing the SaaS business can be seen in a clear 43% increase compared to the comparison period. We have also continued investing especially in process mining product development, strengthening the partner ecosystem, and ensuring the effectiveness of marketing and sales. During the second and third quarters, we have offered our customers new innovative solutions that distinguish us from our competitors in the growing process mining market.” Jussi Vasama, CEO of QPR Software, comments.
Highlights from the report (July–September 2022);
- SaaS software business grew +43%
- Net sales amounted to EUR 1,468 thousand and decreased 28% (July–September 2021: 2,043)
- EBITDA amounted to EUR -853 thousand (103)
- Operating result (EBIT) amounted to EUR -1,102 thousand (-208)
- Result before taxes EUR -1,111 thousand (-213)
- Quarter’s result EUR -1,111 thousand (-165)
Download the full report here.
Hae
