Digitalist Group Plc’s Business Review, 1 January – 31 March 2022

Digitalist Group Plc                    Stock Exchange Release 29.4.2022 at 9:00 

Digitalist Group Plc’s Business Review, 1 January – 31 March 2022

January–March 2022 (comparable figures for 2021 in parentheses):

  • Turnover: EUR 5.1 million (EUR 4,8 million), increase of 7,1%.
  • EBITDA: EUR -0,4 million (EUR -0,7 million), -7,5% of turnover (-14,3%).
  • EBIT: EUR -1,3 million (EUR -1,2 million), -24,7% of turnover (-26,0%).
  • Net income: EUR -1,4 million (EUR -0,7 million), -26,9% of turnover (-13,6%).
  • Earnings per share (diluted and undiluted): EUR -0,00 (EUR -0,00).
  • Number of employees at the end of the review period: 161 (181), reduction of -11%

CEO’s review

Compared to the same quarter last year we have increased the turnover from EUR 4.8 million to EUR 5.1 million. The EBITDA is slightly better, and we are continuing our work to reach positive numbers. This includes primarily a stronger topline, but also a constant focus on keeping the costs under control and improving our ways of working.

When our studios in Helsinki, Vancouver and Stockholm join forces we can create teams with diversity in both culture and skills. This is valuable not only for international clients, but also for local clients acting on markets that are more international than ever.

The Covid pandemic and the resulting remote work has helped both us and our clients to reach out across borders. As examples, we are now serving a Whistler based entrepreneur with a team from Stockholm as well as a Los Angeles based health care company with a joint team from Vancouver and Helsinki.

During the first quarter we have signed up many new clients. We are serving City of Turku with our Open Tech solutions, helping a large industrial client in Finland with an Artificial Intelligence exploration project, and helping a major Swedish real-estate company to implement a new strategy and brand direction.  We are also continuing our long-term relationships with well-known clients like Honda, Unionen, Electrolux, Posti and Spotify.

Leanlab, our software-as-a-service (SaaS) customer collaboration platform business, has during the first quarter started to explore Swedish and Norwegian market entry.

In March, we also deepened our cooperation with Yangi AB developing sustainable packaging technology, where our Grow AB’s Future Lab team has been a close strategic partner since 2020 in developing the strategy, commercial concepts, and market collaborations.

I strongly believe in our skilled teams and every day we get feedback from clients that our combined skills represent something unique. Going forward we will continue to focus on expanding our client base delivering our services to even more clients!

      CEO Magnus Leijonborg


In 2022, turnover and EBITDA are expected to improve in comparison with 2021.


The stock exchange releases for the review period are on the company’s website at

In March the Board decided to exercise the right granted to Digitalist Group Plc by Holdix Oy Ab and convert three-quarters of the Convertible Bonds into Converted Bonds and to convert the capital thereof, altogether EUR 4,545,827.70, and the unpaid interest on the capital of the Converted Bonds set out in the Terms of the convertible bond into a capital loan meeting the requirements of chapter 12, sections 1 and 2 of the Limited Liability Companies Act, with the terms otherwise remaining the same, where applicable. Holdix Oy Ab is the second largest shareholder of Digitalist Group.

Digitalist Group Plc has made an agreement with Turret Oy Ab on a loan amounting to EUR 500,000. The loan was granted on market terms, and it will fall due on 30 April 2023. Turret Oy Ab is the largest shareholder of Digitalist Group.

Digitalist Group has agreed to implement the following arrangement (the “Arrangement”) regarding Yangi AB, registered in Sweden. Digitalist Group's Swedish subsidiary, Grow AB, will subscribe for a total of 11,111 shares in Yangi AB at a total subscription price of SEK 5,000,000. To increase financial flexibility, Grow AB will then sell a total of 7,778 Yangi AB shares to Turret Oy Ab for a total purchase price of SEK 6,300,000.


The company held its Annual General Meeting on 26 April 2022. The minutes of the Annual General Meeting and the decisions made are available on the company’s website at:

The Annual General Meeting elected Paul Ehrnrooth, Andreas Rosenlew, Esa Matikainen, Peter Eriksson, Maria Olofsson and Johan Almquist as ordinary members of the Board. Audit firm KPMG Oy Ab was appointed as the company’s auditor, with KHT auditor Miika Karkulahti as the principal auditor.

The Annual General Meeting authorized the Board to decide on a paid share issue and on granting option rights and other special rights entitling to shares as set out in Chapter 10 Section 1 of the Finnish Limited Liability Companies Act or on the combination of all or some of the aforementioned instruments in one or more tranches. The number of shares to be issued under the authorisation may not exceed 325,511,370, which corresponds to 50 per cent of all company shares at the time of convening the Annual General Meeting.

The Annual General Meeting authorized the Board to decide on acquiring or accepting as pledge, using the company’s distributable assets, a maximum of 65,102,000 own shares, which corresponds to around 10 per cent of the company’s total shares at the time of convening the meeting. The acquisition may take place in one or more tranches. The acquisition price will not exceed the highest market price of the share in public trading at the time of the acquisition.

The authorizations to the Board will be in effect until the Annual General Meeting held in 2023, yet no further than until 30 June 2023.

In its organizing meeting, the Board of Directors of Digitalist Group Plc resolved to elect Esa Matikainen as the chairman of the Board of Directors and Andreas Rosenlew as the vice chairman of the Board of Directors. The Board also resolved to establish an Audit Committee. Esa Matikainen was elected as a chairman and Peter Eriksson and Maria Olofsson as members of the Audit Committee.

When the business review was published, the company expected its working capital to be sufficient to cover its requirements over the next 12 months.


Additional information:Digitalist Group Plc- CEO Magnus Leijonborg, tel. +46 76 315 8422, CFO Mervi Södö, tel. +358 40 136 5959,

Distribution:Nasdaq Helsinki LtdMajor media                                        



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