Invoicery Group (FRILAN) Q4 2024 earnings summary

Executive summary

• Revenue grew 8.8% year-over-year to 1,789 MSEK, with Q4 revenue up 6.7% to 511 MSEK.

• EBITDA for the year rose to 15.1 MSEK (0.84% margin), and net income reached 10.0 MSEK, reversing a prior year loss.

• Growth was driven by B2B engagement and digital marketing, with over 25,000 self-employed workers using the platform.

• Workforce Management segment saw strong expansion, while international operations remained challenging.

• A new dividend policy was adopted, and a 0.18 SEK/share dividend is proposed for 2025.

Financial highlights

• Q4 EBITDA was 6.7 MSEK (1.31% margin), down from 9.2 MSEK, mainly due to non-recurring items in 2023.

• Full-year operating income improved to 11.8 MSEK from 0.3 MSEK, with net income at 10.0 MSEK versus -2.0 MSEK last year.

• Cash at year-end was 105.2 MSEK, up from 78.7 MSEK; equity increased to 54.3 MSEK (18.3% equity ratio).

• EPS for the year was 0.34 SEK, up from -0.07 SEK.

• Cash flow from operations for Q4 was 33.2 MSEK, with investments in intangibles totaling 2.4 MSEK for the year.

Outlook and guidance

• Continued focus on international expansion and cost efficiency, with centralization of support functions to Sweden.

• Market for self-employment expected to grow, supported by gig economy trends and digitalization.

• Dividend of 0.18 SEK/share proposed, pending AGM approval in April 2025.