TIE Kinetix: First Half Year 2019

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15/05/2019 08:15
First half year results (period Oct, 1, 2018 – March 31, 2019).
Total revenue amounts to € 7.706k (2018: € 8.803k)
SaaS and hosting revenues amounts to € 4.276k (2018: € 4.808k)
EBITDA amounts to € 228k (2018: € 403k)
EBIT amounts to € -388k (2018: € -250k)
FLOW order intake of € 6.5 mln (2018: € 4.8 mln)

Table 1: First Half Year Segment Reporting:
TIE Kinetix, the leading provider of Software as a Service managed solutions for Integration, Analytics, Demand Generation and E-Commerce today released interim results for the first half year of its fiscal year 2019, covering the period October 1, 2018 – March 31, 2019.

First half year 2019 revenue reflects the transition towards focus on integrated EDI/e-invoicing and Demand Generation business (called FLOW). All non-integrated business activities were discontinued in the first half of 2019 resulting in a decline in first half year 2019 revenue compared to first half year 2018. The first half year 2018 revenue of these discontinued businesses amounted to € 1.162k (of which € 826k in SaaS revenue).

We consolidated our investments in marketing and sales and built on the pipeline accumulated in 2018 and our sales teams have been aligned to generate more enterprise level sales. We have initiated an upgrade program in the US as we are migrating our customers to our worldwide FLOW SaaS offering. The company strategy includes selling at the enterprise account level, and using enterprise accounts to connect their medium sized suppliers [our ‘Hub-Spoke’ model].

In the first half year of 2019 order intake increased with 36% compared to 2018, driven by:
more orders in the Netherlands for our EDI/e-invoicing offering,
higher order intake for our Google Adwords offering,
early effects of the newly established corporate account team selling integrated EDI/e-invoicing and Demand Generation (our FLOW offering) at enterprise level customers.
TIE closed H1 2019 with revenue amounting to € 7.706k, and EBITDA of € 228k

Jan Sundelin (CEO) said:“TIE Kinetix made the turn after 3 years of changing the business from a hosting/outscoring and EU funded business to a focused SaaS integration company. We now see the turnaround in commitment of orders and sales pipeline in to our new core business FLOW Supply-chain focus business. Realizing that we have to take the company through a revenue dip due to discontinued businesses, we are pleased with our increased order intake. On top of increased order intake we now have a sales funnel that is some 65% higher than in the same period in 2018. These are signals that our revenue will increase in the second half of 2019. TIE has captured a strong position in the e-invoicing to government market and is on-boarding ten thousands of – mostly retail - government suppliers, onto its e-invoicing platform. Once on-boarded onto our platform, these retail suppliers can also easily exchange documents and invoice each other, creating additional business for TIE. The first effects of this approach have become visible in the first half of 2019. Our Google-Adwords-for-Channel business is still modest and below plan with new customers still weary to sign up in the scale that we projected. Our challenge is to build out our operations and grow the business with the limited investment potential provided by our operational cash flow. Without additional investment capital realizing meaningful growth will continue to be a challenge.”

(For the full version of the press release, please download from the link below.)

This document may contain expectations about the financial state of affairs and results of the activities of TIE Kinetix as well as certain related plans and objectives. Such expectations for the future are naturally associated with risks and uncertainties because they relate to future events, and as such depend on certain circumstances that may not arise in future. Various factors may cause real results and developments to deviate considerably from explicitly or implicitly made statements about future expectations. Such factors may for instance be changes in expenditure by companies in important markets, in statutory changes and changes in financial markets, in the EU grant regime, in the salary levels of employees, in future borrowing costs, in future take-overs or divestitures and the pace of technological developments. TIE Kinetix therefore cannot guarantee that the expectations will be realized. TIE Kinetix als refuses to accept any obligation to update statements made in this document.

For further information, please contact:
TIE Kinetix N.V.
Jan Sundelin (CEO) or Michiel Wolfswinkel (CFO)

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