“Zalaris continued its strong start to 2022 with another quarter of record-high revenues, driven by new customer wins. The growth in demand for our services remains strong, as customers look to digitise and improve their people processes," says Hans-Petter Mellerud, Chief Executive Officer of Zalaris.
The reported revenues of NOK 210.2 million in the second quarter of 2022 compares to NOK 185.4 million in the second quarter 2021. Adjusted EBIT*, excluding the recently launched APAC operations, was NOK 10.2 million in the second quarter, compared to NOK 11.4 million in the second quarter of 2021. The reported EBIT ended at NOK 1.2 million (3.1).
"The company grew almost 15 percent in the quarter in constant currency. We have recently made several notable wins, which has given us a lot of attention resulting in opportunities that have the potential to take us to the next level,” adds Mellerud.
Zalaris invested NOK 3.4 million in the planned market expansion in APAC in the second quarter.
“We are very encouraged by the development of the APAC unit so far, having recently entered into the first agreement for a new cloud-based HR solution. We target positive EBIT starting from Q3 2022 and a doubling of the current monthly revenue by the third quarter next year,” says Mellerud.
Zalaris is well positioned and benefitting from an underlying positive market, with double-digit growth rates for multi-country payroll and cloud-based HR services.
“Our underlying fundamentals remain strong, and we have a solid pipeline of potential new sales in all regions. As our services allow customers to focus on their core business and streamlining their operations, we believe we will continue to benefit from the current uncertainties in the market," Mellerud concludes.
The presentation of the second quarter 2022 financial result and the Board of Director's report are enclosed.
*Adjusted EBIT and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the second quarter 2022 financial report on page 24 and 26.
Hans-Petter Mellerud, CEO
Mobile: +47 928 97 276
Gunnar Manum, CFO
Mobile: +47 951 79 190
Zalaris simplify HR and payroll administration, and empower you with useful information so that you can invest more in people. We are a leading service provider of Human Capital Management (HCM) solutions, serving more than 1.5 million employees monthly with an annual revenue of more than 80 million Euros. We hold #1 or #2 positions in most of our markets, and carry over two decades of experience in transforming HR and support creating sustainable businesses with our clients. Simplify work life. Achieve more. For more information about us, go to zalaris.com.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act. The information was submitted for publication by [Gunnar Manum], CFO, on behalf of the company on the time and date set out above.