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Talenom expands through acquisitions in Sweden and raises its guidance regarding net sales

Written by Customer Service on . Posted in Public Companies.

Talenom Plc    Inside information    18 March 2021 at 12:00 EETTalenom Plc has agreed to acquire Crescendo AB’s accounting firm in Nacka and Progredo AB’s accounting firm in Östersund and Åre. With these acquisitions, Talenom further strengthens its position in the Swedish market and expands its operations to two new municipalities, Östersund and Åre. Talenom believes that the acquisitions will support its organic growth in the new areas and also in the eastern part of Stockholm. The acquired businesses will be transferred to Talenom on 1 April 2021. The combined net sales of the of the acquirees in the period of last 12 months was approximately 2.3 million euros the (previous 12-month comparison period: 2.3 million euros) and operating profit approximately 0.3 million euros (the previous 12-month comparison period: 0.3 million euros). As a result of the acquisitions, Talenom revises its financial outlook and raises its guidance for 2021 regarding net sales.New guidance for 2021

Net sales for 2021 are expected to amount to 78-82 million euros and operating profit is expected to be 14-16 million euros. Previous guidance for 2021According to the previous guidance that was published in the Financial Statement Bulletin 2020 on 8 February 2021, net sales for 2021 were expected to amount to 75–80 million euros and operating profit was expected to be 14–16 million euros.Due to integration costs and the depreciation of the transaction price, the acquisitions will not increase operating profit for the financial year in the short term, especially as the business will be transferred to Talenom after the most profitable spring months.Completion of acquisitionsThe transactions will be carried out by acquiring the entire share capital of the companies and paid in the form of new Talenom Plc shares subscribed for in a directed share issue and with cash. The total combined value of the transaction prices is 2.2 million euros. The total value of possible additional purchase prices, if the operational and financial targets of the acquired businesses are reached, is 0.4 million euros at maximum.“I’m very pleased that the Crescendo and Progredo offices will strengthen our growth in Sweden. Our position in the Swedish accounting firm market is constantly strengthening. It’s great to have two excellent offices that have been operating very successfully with a clearly customer-oriented business model for a long time. By joining forces, we can offer entrepreneur customers in Östersund, Åre and Nacka even better service. At the same time, we are expanding opportunities to accelerate Talenom’s business growth in Sweden. We warmly welcome these new accounting firms to Talenom,” says Otto-Pekka Huhtala, CEO of Talenom.“Both Crescendo and Progredo are actively working to promote the well-being and success of their customers. This customer-oriented approach has been the starting point for growing business operations in Sweden. Now we get significant expertise in our ranks, which strengthens Talenom’s position as the closest advisor to its customers also in the international environment,” says Tuomas Iivanainen, Director of International Business at Talenom.Financial information on the acquirees and purchase prices The figures have been converted from Swedish krona into euros by applying the rate on 16 March 2021 (EUR 1 = SEK 10.14).The 99,285 new Talenom shares subscribed for in the directed share issue related to the transaction will be registered in the Trade Register approximately on 8 April 2021. The total number of Talenom Plc shares is 43,465,622 shares following the registration of the new shares. The number of new shares issued corresponds to approximately 0.2% of all Talenom Plc shares outstanding before the new shares are issued. The new shares will carry shareholders rights as of their registration day. The shares issued in the share issue will later be admitted to trading on the stock exchange list of Nasdaq Helsinki Oy.TALENOM PLC
BOARD OF DIRECTORSFurther information:
Otto-Pekka Huhtala
CEO, Talenom Plc
tel. +358 40 703 8554
otto-pekka.huhtala@talenom.fiTalenom is an agile and progressive accounting firm established in 1972. Our business idea is to make day-to-day life easier for entrepreneurs with the easiest-to-use digital tools on the market and highly automated services. In addition to comprehensive accounting services, we support our customers’ business with a wide range of expert services as well as financing and banking services. Our vision is to provide unbeatable accounting and banking services for SMEs.Talenom has a history of strong growth – the average annual increase in net sales was approximately 15.5% between 2005 and 2020. At the end of 2020, Talenom had 912 employees in Finland and Sweden at a total of 47 locations. Talenom’s share is quoted on the main list of the Helsinki Stock Exchange.DISTRIBUTION:
Nasdaq Helsinki
Main media
www.talenom.fi

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