q.beyond generates substantial growth in 2020 and meets all targets
- Revenues based on preliminary calculations up 13% to € 143.4 million
- As forecast, positive EBITDA for fourth quarter of 2020
- Record new orders of € 161 million in 2020 provide superb basis for double-digit growth in 2021 as well
Cologne, 26 January 2021 – Based on preliminary calculations, q.beyond AG increased its full-year revenues by 13% to € 143.4 million* in 2020. This strong growth, against the backdrop of the coronavirus crisis, was driven by consistent implementation of the company’s “2020plus” growth strategy. The IT service provider met the revenue target published before the first lockdown in March 2020, as well as all other targets communicated in its outlook. Based on initial preliminary calculations and consistent with q.beyond’s budget, EBITDA stood at up to € -5 million and free cash flow at up to € -16 million. As forecast, q.beyond also generated positive EBITDA for the fourth quarter of 2020.
Revenue growth of 20% in fourth quarter
Revenues grew for the sixth consecutive period in the final quarter of 2020. At € 39.8 million, they were 13% higher than in the third quarter of 2020 and even 20% up on the equivalent figure for 2019. Explains q.beyond’s CEO, Jürgen Hermann: “Our scalable business model has proven itself even in these exceptional circumstances. During the coronavirus crisis, we are accompanying customers securely and reliably in their digital transformation and thus generating consistently higher and predominantly recurring revenues.”
Record new orders of € 161 million 2020, corresponding to year-on-year growth of 21%, underpin the company’s growth course. Stresses Hermann: “The high volume of new orders provides a superb basis for generating substantial revenue growth once again in 2021.” q.beyond will publish its outlook for the 2021 financial year and all preliminary figures for the 2020 financial year on 1 March 2021.
Revenues of € 200 million in 2022
Following double-digit revenue growth in the past financial year, q.beyond’s CEO sees the company as being very well on track to meet the ambitious targets set out in its “2020plus” growth strategy. For 2022, q.beyond has budgeted revenues of € 200 million, an EBITDA margin of more than 10% and a sustainably positive free cash flow. The company will generate a positive free cash flow from the fourth quarter of 2021 already.
Explains Hermann: “With its focus on the core markets of Cloud, SAP and IoT as well as the retail, manufacturing and energy sectors, our growth strategy is gaining traction. As revenues rise, our financial and earnings strength are growing disproportionately.” This scalability will facilitate a further sustainable increase in the company’s value. q.beyond’s share price already rose by 60% in 2020. Hermann is convinced: “q.beyond’s success story has only just begun. Our pipeline is well stocked and our innovative solutions are being well received on the market.”
* 2019 revenues excluding the TC subsidiary Plusnet, which was sold as of 30 June 2019.
About q.beyond AG:
q.beyond AG is the key to successful digitalisation. We help our customers find the best digital solutions for their business and then put them into practice. Our strong team of 900 people accompanies SME customers securely and reliably throughout their digital journey. We are experts in Cloud, SAP and IoT.
q.beyond AG results from the rebranding of QSC AG in September 2020. With nationwide locations and its own certified data centres, it is one of Germany’s leading IT service providers.
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