From the CEO
The past year was again a time of profitable growth for Admicom, but also a time of change. The acquisitions made at the end of 2021 and the acquisitions in early 2022 significantly expanded Admicom’s solution offering and customer base. During the year, we served more than 3,000 customer organizations, which accounted to more than 50 % increase compared to last year, forming a significant expansion revenue and cross-sales potential.
Supported by acquisitions, our revenue grew by 27 % year-on-year and by 27 % in the fourth quarter. Our profitability for the full year was at an excellent level with an EBITDA of 45 %. Our fourth-quarter EBITDA, 37 % of revenue, is typically lower than the full year seasonally, and the quarter was also burdened by growth investments and strategic changes.
During the third quarter, we started clarifying our strategy and announced the chosen direction at the beginning of November. In the updated strategy, we seek to accelerate the growth rate by focusing on the customer experience of construction vertical customers. We will improve the productivity and operational quality of enterprises in the sector through digitalization. In the chosen strategy, Admicom will develop from a multi-industry ERP system supplier to a versatile data-driven digitizer and simplifier of processes in the construction and real estate value chain.
Our strategy has two phases: in the first phase, during the next 1-2 years, we will create the conditions for accelerated growth and internationalization during a possible recession in the construction industry. In the second phase, we will accelerate our growth both in Finland and in selected international markets. Our strategic direction allows us to focus our expertise and processes specifically around the digitalization of the construction industry. Thus we are better able to take advantage of synergies between our subsidiaries and make further acquisitions that benefit the whole. Through this, we aim for accelerating growth and more scalable business in the medium term. We will review our goals and explain our strategy in more detail at the Capital Markets Day, which will be held as a hybrid event in Helsinki on January 30, 2023.
In the short term, the global recession and its impact on the construction industry, are also likely to hamper Admicom’s growth. However, we are confident that we will continue to grow, as our solutions specifically enhance our customers’ operations and productivity. Based on the sales figures for the last months of the year, we have not yet seen clear signs of the impact of the recession. This year, we will continue both strong new sales and, in particular, cross-selling to our current customers.
Admicom’s team has grown and diversified significantly during 2022. Our employees have conveyed to the new CEO a sense of belonging and an understanding of the importance of driving towards a shared mission. I would like to thank all the employees of Admicom for their efforts towards common goals.