This morning the annual report for Stibo DX was published. The report includes a state-of-the-union from our CEO, Lars Bjørn Falkenberg, our view on the news industry challenges and opportunities, and the outlook and the vision we follow to support the same industry.
You can download and read a PDF of the report here: Stibo DX annual report 2023-2024 PDF
The key take-aways from the report:
Financial highlights
- Revenue increased by 11% year-over-year, reaching DKK 233.7 million.
- Significant growth in (perpetual) software revenue (26%) and SaaS, including cloud services (30%).
- Gross profit rose to DKK 152.2 million, representing a gross margin of 65.1%.
- EBITDA improved to DKK 0.6 million, a year-on-year improvement of DKK 2.3 million.
- Operating profit was a loss of DKK 2.6 million, better than expected.
- Profit for the year was DKK 5.3 million, a substantial turnaround from the previous year's loss.
Strategic initiatives, market trends and outlook
- Transition from traditional perpetual software licensing to a subscription-based model, projected to take one to two more years.
- Expected annual revenue growth of approximately 10-13% in the coming year.
- Expected EBITDA loss due to ongoing investments in long-term profitability.
- Continued focus on enhancing and expanding the CUE media enterprise platform, especially in AI and automation.
- Dedicated effort to establish a footprint in the broadcast market.
- Consolidation and the adoption of standard software solutions are enabling companies to adapt to industry disruptions.
Ethical, social, and environmental initiatives
- Installation of solar panels at headquarters and procurement of renewable energy sources.
- Commitment to Science-Based Targets for emission reduction, aiming for 80% renewable electricity by 2025 and 100% by 2030.
- Diversity and inclusion initiatives, as an example, we are targeting 30% women in leadership by 2025.
- Active community engagement (ReDi School and others) and participation in the UN Global Compact.
Risk management
- Enterprise risk management process closely linked to strategy execution.
- Quarterly reviews of key risks and mitigation plans involving senior management and the Board of Directors.
- Integrated risk management with the group-wide ISO 27001 certification.
Leadership
- Restructured top management with a Global Leadership Team (GLT), including functional leaders from various departments to ensure cohesive and high-quality delivery.