A software company QPR Software released its third quarter results on Friday morning.
In July–September, the company’s turnover fell by 22 percent to 1.4 million euros from 1.8 million euros in the comparison period last year. The background to the obvious decline was the termination of consulting outside the company’s core business. The analysis house that follows the company Inderes now anticipates a turnover of 1.5 million euros.
QPR’s SaaS turnover increased by 15 percent from the comparison period. At the same time, the software business decreased by three percent, which, according to the company, was mainly due to the timing of the deals.
QPR’s operating result in July–September was minus six thousand euros, while in the comparison period the corresponding figure was minus twelve thousand euros. Inderes anticipates an operating income of 0.2 million euros.
“Compared to the comparison period, we already achieved the eighth consecutive quarter of profit improvement, which shows a positive development. However, this time the growth was only fine, as the market’s recovery has been slower than expected”, CEO of QPR Heikki Veijola says in the results release.
EBITDA increased to 0.3 million euros from 0.2 million euros in the comparison period. Inderes anticipates EBITDA of 0.5 million euros.
“The positive EBITDA, 269 thousand euros, grew by 11 percent from the comparison period. The company’s result remained slightly loss-making, and the timing of individual deals still has a significant impact on the quarterly result. In this quarter, the company also had one-time depreciation related to the move of the head office, which has contributed to the result.”
As in the comparison period, earnings per share were EUR -0.002. Inderes’ expectation was now EUR 0.01.
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QPR repeated the guidance for the end of 2024 that it had previously given in connection with the results announcement.
The company expects SaaS revenue growth to be double-digit and estimates that the entire software revenue will grow in 2024. In addition, the company expects the operating result to improve significantly.
In 2023, the company had a software turnover of 5.1 million euros and an operating loss of 0.8 million euros.
“Our eyes are now directed to the last quarter of the year, when we plan to utilize our strengths and focus on securing deals efficiently. Despite the challenges of the business environment, we believe in our innovations and strategic partnerships that support the company’s long-term growth goals.”