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Are you sure this email is correct? Group Year-end report 2023 Group (STO:CHECK) reports MSEK 16 in cash flow from operating activities and 38% organic growth during the fourth quarter of 2023.

The report in brief:

FY 2023 (vs FY 2022):

  • Net revenue increased to KSEK 96,987 (70,187) which corresponds to a growth of 38 (81)%, of which 37 (55)% was organic.
  • Gross profit for the period amounted to KSEK 79,690 (59,952) with a margin of 82 (85)%.
  • EBITDA for the period amounted to KSEK 27,204 (5,509) with a margin of 28 (8)%.
  • Cash flow from operating activities amounted to KSEK 24,627 (2,898).
  • Net Revenue Retention LTM amounted to 141 (116)%.
  • Cash and cash equivalents amounted to KSEK 37,656 (47,425).

Q4 2023 (vs Q4 2022):

  • Net revenue increased to KSEK 27,191 (19,750) which corresponds to a growth of 38 (48)%, of which 38 (31)% was organic.
  • Gross profit for the period amounted to KSEK 22,035 (17,196) with a margin of 81 (87)%.
  • EBITDA for the period amounted to KSEK 9,238 (3,927) with a margin of 34 (20)%.
  • Cash flow from operating activities amounted to KSEK 16,578 (4,301).
  • Net Revenue Retention LTM amounted to 141 (116)%.
  • Cash and cash equivalents amounted to KSEK 37,656 (47,425).


CEO Letter from Year-end report

The fourth quarter rounds up a year where we have continued to grow organically while almost all profitability measures have improved. The profitable growth we have seen during the year also results in money on the bottom line. Cash flow from the ongoing operations exceeds MSEK 16 during the quarter which has enabled reinvestments in research and development at the same time as our net cash position has strengthened by almost MSEK 7 in this quarter alone. We have during the quarter also taken several important steps that long-term should secure a profitable growth and ultimately generate continued value for us shareholders. I am grateful that we begin the new year with this strength at our back.

It is the high-quality software we offer our customers that enables our profitability and efficient growth. Here we have successfully rolled out two new modules during the quarter that solves important problems for our largest customers. Our focus towards large enterprise customers is beginning to make a real impact, not only as a commercial focus but also in our product offering as such. The new modules have already begun generating revenue and started to open up possibilities to reach even more large customers within our key segments. At the time of writing, we are also in a position with significantly more ongoing processes with large potential customers than ever before.

When it comes to our existing customers the travel segment did experience a seasonally weaker period during the quarter, which is a significant factor for the organic growth this quarter staying at 38% compared to the previous year. But at the same time the technological roll-out with our largest customer has continued during the quarter and we now handle a larger part of their total user flows. This should result in a significant boost when the traffic for the travel segment increases again during the spring. Besides a deepened cooperation with existing customers we are also in discussions with several international airlines and we have strengthened our conviction that this segment can contribute significantly to continued growth long term, even if it clearly is a sector with uneven volumes throughout the year. In summary, we expect continued lower usage for much of the first quarter, while our expectations for the summer and the full year have strengthened.

In terms of enterprise customers we not only have high hopes for the travel segment but have also taken important steps within several other segments during the quarter. Here I would like to highlight that we are now  in a revenue generating phase with the large Swedish fintech company that uses our software. We are also at the time of writing working together with the customer to deepen their usage of the software further. If played right this customer should not only become a significant revenue driver but also increase our opportunity to attract more customers among the largest financial players, both fintechs and more traditional banks. The impact that customers of this size have should be assessed in the long term, but the potential is promising, and it will be exciting to see how the collaboration develops during 2024.

Empowered by the experience from the two acquisitions we have completed, we have also worked on additional acquisitions during the latest quarter. Here we remain convinced that there are concrete opportunities to create shareholder value by adding cutting-edge technology within specific areas at the same time as we build scale. Combined with our proprietary research and development, the right acquisition will strengthen our technological lead while we should be able to realize synergies in a similar way to our previous acquisitions. The right acquisition should not only increase revenue but also enable economies of scale from a profitability perspective. Given a more stable macro situation we will pick up the pace, and I myself will dedicate a significant part of my time to this going forward. Thanks to our strong organic momentum we will only push the button if the conditions are just right, but I will do my utmost to deliver on this during the coming year. 

Kristoffer Cassel
CEO and founder, Group

The full Year-end report is now published and available on:

Webcast (Swedish)

Investors, analysts and journalists are invited to a webcast 2024-02-15 08:30 CET where the company’s CEO and CFO will present the report, followed by a Q&A session. The presentation is available through this link:

An English version of the webcast will be published on the company’s website later today.

For further information, please contact:

Jonas Köpniwsky, Head of Communications Group, [email protected]

This information is information that Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above, at 07.30 CET on 15 February 2024.

Certified Adviser Group’s Certified Adviser is Carnegie Investment Bank AB (publ).

About Group Group creates shareholder value through capital efficient growth achieved by strong organic growth and strategic acquisitions. The Group’s advanced technologies and innovations offers a unique end to end solution that reshapes how end users checkin with products and brands online. The comprehensive framework gathers multiple hyper specialized technologies that covers every aspect of an end user’s checkin experience.

The company has its headquarters in Stockholm, Sweden, but operates and recruits globally to attract world-leading talent across the globe. Group’s share is since 2021 listed on Nasdaq First North Growth Market under the trading symbol "CHECK”. 

For more information about the company visit:

regulatory Group: Webcast of Year-end report for 2023 Thursday February 15th 08.30 CET

non-regulatory Group has signed an agreement with leading North American AI platform