Fatman reports strong growth for FY2018; revenue up 48% to EUR 3.8 million
For the fiscal year ending 30 November 2018, revenue of Fatman increased by 47.5% YoY to EUR 3.82 million. IFRS16-specific add-on to Frame Contract Management and large development projects relating to Frame Maintenance Resource Planning were the main driving forces behind this growth.
The immense success of Frame Contract Management and the IFRS16 add-on, which has already been taken into use by more than 30 publicly listed companies, has opened up new markets for Fatman Frame making it even more comprehensive SaaS solution for contract management requirements. At the same time, the rapid development of Frame Maintenance Resource Planning has enabled Fatman to attract new clients, both large corporations and SMEs (small and medium-sized enterprises), from its traditional core segment, the real estate industry.
In the midst of fast growth, the company also managed to improve the profitability of its operations. Fatman’s operating profit for FY2018 increased by 128% to EUR 243 149 setting the profit margin at 6.4%.
During FY2018, Fatman was able to attract new highly-skilled professionals to its software development, project management, and customer support teams. The number of employees increased from 29 at the end of FY2017 to 40, and this trend has continued into FY2019.
“In 2018 we made focused efforts to develop our business, products, capabilities and expertise to be better positioned to meet the requirements of today’s markets”, commented CEO Ossi Talvitie. “This year we will concentrate on optimizing our processes and organizational structure to enable increased efficiency and ensure optimal service quality. As a preparation for potential internationalization efforts, we will also start to evaluate business opportunities in other Nordic countries.”