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Results for the fourth quarter and full year 2021

10 / 02 / 2022

Mintra, a leading supplier of digital learning and human capital management software, today announced the results for the fourth quarter and full year 2021.

"We started the year by acquiring Safebridge, and with that, rapidly improved our maritime offering. Throughout the year, the business has expanded across geographies. In the final quarter of the year, we also experienced increased market activity and a healthy appetite for our digital solutions. We expect to continue our profitable growth journey in 2022," said Mintra CEO Kevin Short.

Increased market activity

Throughout the year, we have supported a growing group of customers to develop and deploy their people.
Despite some continued Covid-19 restrictions, customers operating in the maritime and energy sector are slowly returning towards pre-pandemic levels of activity and workforce mobilisation. As a result, Mintra experienced increased activity within its core industries in the quarter. Consumption of elearning courses was up and although the revenue from software and consultancy was down last year, the company has seen positive trends in customer demand in all key markets compared to quarter three. This includes a return in the UK demand.

Annualised recurring revenue remain steady at NOK 108 million, however Mintra has seen an increase in demand for longer term contracts and subscription services. The pipeline has increased, and the order income is significantly up in the quarter. Contract renewal rates were high, and the company also secured several new customers for longer term contracts in the quarter, providing a healthy foundation going into 2022.

Strengthened market position in the maritime sector

Mintra acquired Safebridge Ltd in February 2021. The acquisition strengthened Mintra's market position in the maritime sector and rapidly expanded the company's maritime library with some key proprietary titles. As a part of this move, Mintra completed a major expansion and upgrade of its maritime library during the third and fourth quarters, to complement what was acquired from Safebridge.

Mintra also grew its network of maritime-focused partners in the Asia Pacific region with seven new organizations that will significantly increase Mintra's distribution in the region.

The company has seen that its efforts to grow in Asia and the Middle East are starting to show results, and revenue in the area is increasing.

Mintra also formed a partnership with Marlink, a leading global provider of smart network solutions in key markets which are vital to the growth of Mintra, to strengthen the Trainingportal offering to the maritime sector. The combination of both companies has created a streamlined solution for Mintra's customers by delivering safety training directly to seafarers on board their vessels.

Investing in the future

Mintra is committed to improving its offering to help customers demonstrate compliance and maximise operational efficiency through continued investment in R&D. As a result, Mintra launched its new eproctoring anti-fraud technology to elearning courses in the fourth quarter. This technology can monitor suspicious activity that could indicate cheating and further increases the integrity of Mintra's online exam process.

Financial highlights:

o Group revenue amounted to NOK 61.3 million for the fourth quarter (NOK 43.7 million in fourth quarter 2020) and NOK 239.9 million for the full year 2021. In 2020, including Safebridge on a proforma basis, the corresponding revenue was NOK 53 million for the quarter and NOK 237.5 million for the year.

o EBITDA was NOK 16.5 million in the quarter adjusted for non-recurring acquisition in the fourth quarter compared to NOK 10.3 million last year.
Adjusted EBITDA for the full year was NOK 66.2* million compared to NOK 69.8 million reported in 2020.

o Adjusted EBITDA margin of 27 per cent for the quarter (24 per cent in 2020).

o Gross profit was NOK 54.7 million in the fourth quarter compared to NOK 38.1 million for the same period last year. Gross profit for the full year was NOK 210.9 million vs reported gross profit of NOK 184.6 million in 2020.

Webcast

A live webcast and Q&A will be hosted by Mintra's senior management, starting at 08:00 CET. The live event can be accessed via the following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20220210_5/
The presentation and fourth quarter and full year report will also be made available on www.mintra.com/investors

For further information, please contact:

Kevin Short, CEO, tel +44 1224 651340

Torbjørn Blom-Hagen, CFO, tel +47 24 15 55 00

About Mintra

Mintra Holding AS is a technology company that has been shaping the eLearning industry for more than 30 years. By taking pride in helping more than 3,600 companies develop and deploy their people, manage and meet their competency and training requirements, Mintra is a preferred partner in the eLearning and human capital management solutions markets. The company is focused on clients with workforces operating in safety-critical industries such as energy and maritime where regulatory training is mandatory and needs to be refreshed and assessed on a frequent basis.

This release is an announcement issued pursuant to legal information obligations and is subject of the disclosure requirements pursuant to the Market Abuse Regulation (MAR) Article 17 no. 1 and section 5-12 of the Norwegian Securities Trading Act, and was prepared by Torbjørn Blom-Hagen, CFO at Mintra Holding AS.

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