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Interim report July - September 2019
- Net sales amounted to MSEK 2.5 (3.2)
- EBITDA amounted to MSEK -5.6 (-7.4)
- EBT amounted to MSEK -10.7 (-10.4)
- Earnings per share before dilutions amounted to SEK -0.08 (-0.23)
- Hosni Teque-Omeirat appointed as new CEO
First nine months
- Net sales amounted to MSEK 8.8 (16.8)
- EBITDA amounted to MSEK -22.0 (-15.7)
- EBT amounted to MSEK -37.7 (-27.2)
- Earnings per share before dilutions amounted to SEK -0.30 (-0.58)
Significant events after the reporting period
- Divestment of legacy business and established the new Norwegian subsidiary SpectrumOne AS
When entering the last quarter of the year, TargetEveryone is now ONE company. During my first months as new CEO of TargetEveryone, we successfully divested our legacy business as the first step to create a company with the ability to grow fast. We now have a company with one focus towards high-potential revenue streams combined with further cost cuts that makes the road to positive cash flow much shorter. We get frequent updates from the market that reminds us of how great the potential of our great product is, and I now look forward to a period of onboarding customers and building sustainable revenue!
The divestment of our legacy business has made a huge positive impact on our ability to accelerate the SpectrumOne sales. Even though we tried to direct our full attention towards SpectrumOne, it quickly became clear to me that the legacy business was to resource intensive. If we should be able to commercialize SpectrumOne fast, we needed to have one focus. Fortunately, we came out with a great solution where our legacy customers will be taken care of by a new provider with their needs as core competence. This was very important to me, as my passion is sales and I always put the customers first.
The combination of the two brands TargetEveryone and SpectrumOne has also been confusing to the market and our potential customers. Our new Norwegian company, SpectrumOne AS, now carries the same name as our product, and we are now in the process of changing the name in Sweden.
Our organization now contains only highly skilled co-workers that have one focus – to sell SpectrumOne and make sure that new clients will get a great experience and significantly better knowledge about their markets and customers.
Positive cash flow is closer
Another positive consequence of our divestment is that we have been able to reduce our costs even further, as the complexity of our daily operations has decreased. We entered this year with an unacceptable cost level at approximately MSEK 4 per month. We will now enter next year with an ordinary fixed cost level that is reduced by almost 60 %.
Being a significant shareholder myself, it is my clear opinion that our company needs to reach positive cash flow as soon as possible. These cost cuts have been vital steps towards this goal. Since the clear majority of the cost cuts has been a consequence of reduced effort towards legacy business, our ability to deliver on SpectrumOne customers is intact.
The Martech market is worth over € 125 billions and is growing by over 30% annually and SpectrumOne is perfectly positioned to take advantage of this development. With a transition from transactional sales to solution sales, we will enable ourselves to be a market leader in the Nordic market and an obvious player in the international arena. With these goals in mind, we have also adapted our business model to better suit our customers and created a partner program. The new business model is much more appetizing for our customers and our partner program ensures that we can accelerate our sales in a way we could never have done on our own.
I look forward to coming quarters where we can report larger customers, bigger deals and better profitability, hence making positive cash-flow possible.
The interim report is available at https://www.targeteveryone.com/investors/financial-reports.php?lang=en&type=ann
For further information contact:
Chairman of the Board
+46 73 978 78 44
Mangold Fondkommission AB (556585-1267)
Box 55 691 102 15 Stockholm
Telefon: +46 8 503 015 50
TargetEveryone AB (publ) is obligated to publish this information under the EU Market Abuse Regulation. The information was provided by the above contact person's auspices, for publication on October 29, 2019 at 11.30 a.m. CET.
TargetEveryone is a MARTECH company, enabling our clients to streamline their 1-1 digital marketing, content and experiences within one SaaS online platform. Our unique solution makes marketeers able to easily target exactly the customers they want, and communicate with them in the channels they prefer, to maximize ROI. Our clients can easily segment their customers based on CRM data, market data and transactional data. Further, they can use a campaign editor to quickly build campaigns, and distribute these through our multichannel distribution system either by Email, SMS or SMS landing pages. TargetEveryone´s headquarter is in Oslo, with branch offices in Sweden, Holland and USA. TargetEveryone is listed on Nasdaq First North Growth Market in Stockholm and Merkur Market in Oslo.
www.targeteveryone.com / www.spectrumone.com