NFON AG has seen a 2.1% revenue growth for the first nine months of 2023, rising from €60.4m to €61.7.
In the same period recurring revenue rose by 5.1% to €57.8m, now representing 93.6% of total revenue.
Growth in Q3 2023 was driven by new customer acquisition, with the number of seats installed also increasing within its existing customer base. In the first nine months of 2023, seat growth increased 3.7% and the number of seats installed with customers increased to 645,707 (9M 2022: 622,785).
The company reported improvement in adjusted EBITDA from €-0.8m in the previous year to €6.0m in the 2023 reporting period.
This period coincides with transformation process launched by NFON after the first half of 2023. Further structural changes are planned as part of this programme.
For fiscal 2023, NFON plans growth in recurring revenue of a mid to upper single-digit percentage. The Management Board expects recurring revenue to account for >88% of total revenue.
It is confident that adjusted EBITDA for 2023 will be between €7.8m and €8.3m.
CEO Patrik Heider said: “Operating developments in the first nine months of 2023 highlight the opportunities open to NFON and confirm our plans.”