2021 Annual Report - CEO Letter

Other, March 16, 2022

Other, March 16, 2022

2021 – driving tech innovation. Digitalization more important than ever

2021 already seems far away. At Trifork, we look to the future and how we can change it for the better.

The world faces many challenges and one of them is the dying coral reefs around the world. This year, we decided to support the Elkhorn Marine Conservatory which is an organization that actively restores dying reefs. With our sailing program, we make people aware of challenges the marine life is facing. We are appealing to other companies and governments to have or support programs that help restore wildlife and a healthy environment in the seas.

2021 was the second year where Covid turned our lives upside down. First, it meant that our colleagues, to a large degree, still were forced to work from home. For some, remote work can be a good thing. For others, it can be very stressful and can lead to less exercise, unhealthy eating habits, and lack of socialization. Being cut off from our normal social life with colleagues can also stress the corporate culture. However, our many leaders and colleagues are doing everything in their power to counter this problem, and I would like to express my gratitude to everyone for this great effort. I do not envision things going back to where they were but I believe that we will grow stronger from this experience, and the future for Trifork will be a combination of remote working and working from our offices. The difference between 2020 and 2021 is that it will be voluntary and based on the terms of our work and health.

Digital transformation has seen a strong acceleration in the past two years and is currently more important than ever. This I see as a good thing. Software should be for the people and there is a lot of work ahead to improve the user experience and safety of software. I see too much tracking of people in modern systems. We like to be a company that helps balance safety, security, good ethics, and nice user experience. Smart digital solutions are an important tool to fight global problems, and together with our customers, we do this every day. An example from 2021 is our Bane Denmark case story. Here, we worked with our customer and our lab company Arkyn Studios to create tools for improving the quality, safety, effectiveness, and user experience for maintenance of the Danish railroad infrastructure.

At Trifork, we care deeply about the solutions we develop and we innovate with our customers to improve the happiness of the users and the effectiveness of our customer’s businesses.

This, I believe, is why we have experienced accelerated growth in 2021 and, once again, have been able to increase both revenue and profit. This time to EURm 158.5 in revenue, equal to 37.4% growth compared to 2020, with more than half of the growth being organic. Since 2007, where we started our reporting according to IFRS, this has given us a CAGR of 24.1% and makes us comfortable in maintaining our midterm guidance of 15-25% annual growth. Overall, we saw the highest growth in the Danish Public sector and in the UK FinTech sector. In the fourth quarter of 2021, we experienced strong organic growth which we have seen continue in the beginning of 2022.

Read the full 2021 Annual Report here