Name is Geir Johansen, and I'm the CEO of Arribatec. We are broadcasting this presentation from our new office at Økern Portal in Oslo. Today I will take you through the report, and we will have a Q&A facility in the video link. You should see that below your video screen. We will look at our growth story and the drivers of the growth. I also would like to introduce you to a new set of segments that we now have introduced in our quarterly reporting. Also talk a little bit about the operation and performance of each of our business areas. We will look at people, organization, and some of our ESG aspects.
Of course, we will do a review of our financial numbers. Without any further delay, let's get started. Let's start with the growth. As you can see, the revenue is up 27% compared to what we did in Q1 last year. We reached NOK 125.9 million in Q1 2022. Recurring revenue, as you know, is a profitability driver for us. We are focusing on driving that up. Compared to a year ago, we are up 51%. The absolute number is NOK 46.8 million for Q1 in total. As you can see here, recurring revenue now accounts for 37% of our total revenue.
Let's say also an improvement compared to where we were before. We are still seeing a negative both EBITDA and adjusted EBITDA. I'll come back to some of the reasons behind that. Our adjusted EBITDA is at -NOK 2.6 million with a margin of 2%. If you look at the geographical spread and how we perform in each of the geo areas, we can see that Norway growth there is up 17% to NOK 78.2 million and accounts for 62% of the total revenue for the company. This is also if you look at Norway's performance a year ago, the revenue was NOK 67 million.
The relative size of Norway is down by call it 5 percentage points compared to where we were a year ago. In continental Europe and U.K., the growth there is 67% to NOK 41 million. It was a year ago that number was NOK 25 million. The relative share or size of continental Europe and U.K. is up from 25% a year ago to now it accounts for 33% of our total revenue. This is the highest on record. One of the drivers behind this is the fact that we acquired Integra at the end of last year.
They are performing and driving our growth. U.S. is actually down 15% compared to where we were a year ago, and we are looking at NOK 6.8 million in total revenue in the U.S., and that accounts for 5% of our group-wide revenue. We want to spend some time looking at the way we have organized the business. As you all are aware, we have divided Arribatec into five business areas. What we're trying to show you here is the fact that the three largest business areas, which is enterprise architecture and BPM, business process management, is one of them, the other is business services, and the last one, cloud. These three are the largest business areas.
Then we have marine and hospitality, which we consider to be more a vertical, industry vertical, rather than a pure- play business area. However, all five business areas have separate management teams and are also considered to be separate profit-generating units. Back to the blue ones, the three larger ones. As you can see here, they represent about 90% of the total revenue for the group. They are all of them the largest BAs and both in terms of people, revenue and EBITDA.
The services that we deliver from these business areas, they are, call it industry agnostic, which means that, all, so all industries and all, parts of public sector, needs and can, use the services that we have, and services and products that we provide from these business areas. Cross sales between these business areas is also, easier to obtain, as, they are, in many ways, the services and products are complementary. If you look at, Hospitality and Marine, they are, as you say, both of them are considered to be, industry vertical product, offering units. Hospitality is a, call it a mature startup, company with a, really large, growth potential.
Partly because they have a mature and proven cutting-edge technology and are focusing on the hospitality industry. Marine, on the other hand, also a industry vertical are offering services and products to the marine industry. Marine has been through a difficult time. I'll get back to that a little bit later. They are currently in a restructuring process, and I will give you some more details about how we are looking at the Marine BA performance. Let's look at the quarterly performance for each of the business areas. Business Services, which is the ERP-centric and business analytics- centric business area.
We are experiencing a revenue growth of 40% for Q1 this year, and the BA is delivering NOK 78 million in revenue for the quarter. EBITDA-wise, the BA shows a 13.5% margin and an actual EBITDA at NOK 10.5 million. As you can see on the footnotes here, revenue includes both internal and external revenue. EBITDA is measured before we put on corporate overhead. This is measured how the BA would have performed on a standalone basis to get a full view of the potential and the actual capacity of the BA.
Business Services has seen a strong growth in both Nordics and in continental Europe, and in particular France, we have won several larger projects. We have had, through this quarter and also through large part of last year, a good cooperation and collaboration with our global partners, Unit4 of course, but also RamBase and Hypergene. In addition, we have added one new partner to our portfolio last quarter. That is CatalystOne, and we are chasing new business opportunities with them as well. During the quarter, we also landed and signed our first costing and pricing solution in the U.K.
We are excited about this because we see a large business potential for this in particular in the university sectors in the U.K. We have, as you probably know, a fairly large group of developers in Arribatec, and we are on a continuing basis working to develop our own IP and also the developers are assisting and a crucial part of the implementation of our systems and products at the customers' or on the customer projects. Looking forward for this business area, we are experiencing and we expect to continue to see growth in service revenue.
In particular, in the SaaS and the recurring piece of our P&L will continue to grow the way we see the market. The second largest business area is what we call EA BPM. That means Enterprise Architecture and Business Process Management. During the quarter, we experienced 85% growth, up to a revenue for the quarter of NOK 22 million. EBITDA margin is 9%, with an actual EBITDA of NOK 2 million. We expect EA BPM to realize a somewhat higher EBITDA margin going forward.
Reason being that, due to the growth through last year, we had to realign the management organization in this business area where we now have divided the entire product portfolio into teams of employees that is managing certain parts of the portfolios of customer delivery activities. This took a little bit of attention away from actually delivering projects during January. However, in February, March, we were back on track. As I said, we believe we will have a strong couple of quarters ahead of us from EA and BPM. So far, more than 95% of the revenue in this BA has come from projects in Norway.
We have for some time now been planning for and preparing for a push outside of Norway and particularly now we are looking at U.K. and continental Europe as prime targets together with the U.S. We are excited about the opportunities that we see outside of Norway. Basically all companies now of that has matured into size and complexity are prime targets for the services and products that we deliver out of this business area. During the quarter, we have closed a couple of larger deals. Biggest one is a frame agreement that we think we will have a good revenue from over the next couple of years.
The frame agreement is of the size NOK 25 million, as you can see here. We also have delivered a management system development and signed that contract. We haven't delivered it yet, but we have signed the contract for NOK 9 million during Q1. Looking forward, we are expecting several large public sector bids coming to the market, and we are preparing and evaluating how to approach and which one of these, if not all, we will be bidding for. Lastly, out of these three larger BAs, Cloud saw a 39% revenue growth during the quarter, up to a total revenue of NOK 27 million. EBITDA margin of 7.5% and actual EBITDA of NOK 2 million.
We were happy to see that for the month of March, the revenue was above NOK 10 million. That's the first time in the history of the company that they have recorded those levels of monthly revenue. We see demand for public cloud and security services picking up, and a large part of the revenue growth comes from those two segments within the BA. Public cloud, as we state here, now accounts for 25% of the total revenue in our cloud service. We have been working over the last two and a half quarters on getting ISO certified for our data centers within the cloud operation.
As you can see here, we got accredited in Q1, and we are very proud and the BA has put in a fantastic effort to make that happen. 20 new contracts were signed just during this last quarter. Looking forward, we see a robust pipeline of new contracts and we are hiring additional sales resources both in Oslo, Stavanger and Bergen. So that is the three large business areas. And as I said, combined, they account for more than 90% of our total revenue and are the profit drivers going forward for the company. Let's look at the two other business areas, meaning Hospitality and Marine.
First, if you look at Hospitality, as I said, it's a mature startup company, and the revenue has just started to trickle in for that part of the business. In Q1, we had a revenue of NOK 800,000 and still a negative EBITDA margin, and the EBITDA itself was - NOK 2.8 million. Compared to last year, that is a growth because we had no revenue Q1 last year. The first contract was signed last part of 2021. Since then, we have signed up 19 hotels at the end of Q1 2022. As I said, the technology and the solution that Hospitality has developed is both cutting edge and innovative.
So far, Hospitality has been winning all tenders that they have bid on. The technology is proven and well accepted by all customers that has taken it to the board. During Q1, we hired a new sales rep in Sweden, and this is to support our, let's say medium-term goal, which is to grow in the Nordics. During Q1, we also signed a partner agreement with a large global payment platform solution that makes it a much better solution for our clients. We see that this is something that enhances the product that we are delivering to our customers.
Marine, as you may remember, we closed the transaction of acquiring Marine back in January 2021. We have right now, in Q1 this year, we had a revenue of almost NOK 13 million. That is down some 13% compared to last quarter or same quarter last year. The explanation for the decline is twofold. First of all, we have still, we're seeing an aftermath of the COVID disease or COVID effect, whereby our cruise industry, which is the most important shipping segment for Marine, has been down.
We have not been able to deliver as much services to that part of the shipping industry as we did in previous year. Additionally, the war in Ukraine has reduced our activity on one of our client, the Russian- related clients. Therefore, we are looking at an EBITDA for Q1 at -NOK 4.4 million, and that is a margin of -34%. We have started, early this first quarter, a restructuring process for business area Marine, and we expect to see the full effect of the restructuring take effect in Q4.
The restructuring includes both adjusting the staff levels as well as the product offerings from that BA. Going forward, we are focusing now on getting the business area into profitable territory. Our pipeline is somewhat reduced because of the conflict in Ukraine. However, the cruise industry is slowly recovering, and we expect to have somewhat more business there going forward compared to what we are seeing in Q1. That is the overall picture of the business. Let's look a little bit more in detail now on organization and people and some of the ESG activities that we undertook in Q1.
Just to recap, we have today 28 offices around the world, and we are now 427 employees divided by these five business areas that we just looked at. More importantly, we have more than 1,000 clients across different industries in all the regions and countries where we operate. As I said, at the end of Q1, we were 427 people, and that is comparing to 403 people. An increase by 24 people over the last quarter. Business Services, as you can see, is by far the largest BA in terms of headcount, where we now are at 231 employees in several countries, obviously.
After that, you can see Marine was 88 people at the end of last year. It's down now to 75, and the restructuring process will take this number down further. EABPM now counts 55, up 10% compared to where we were at the end of last year. During last year, we had about 17 new employees joining the company. Cloud, lastly, 44 people there at the end of this quarter. Hospitality, a slight change from last year, up one person to 10 people. Group, that includes a support center in Poland together with the group staff here in Norway. We are accounting for or we are counting 12 people in total.
Looking at gender balance in the global organization today, we have 32% female and 68% men. When you look at how our management and in management positions, how that distribution is, it's a somewhat lower female content, meaning only 23% female and 77% men. We are working on an ongoing basis to get that female percentage up. Age distribution for those who are interested, you can see on the right-hand side, where the largest segment, so to speak, is those employees aged between 31 and 40, that accounts for 29%. That is people with experience and the largest segment of employees.
People younger than 30 years is just below 30% of our total staff. We are taking the temperature on the organization on a weekly basis. We are using an external provider of these services, and we are measuring the temperature within different aspects of work life, so to speak. We can measure or we can compare ourselves to the industry average and, as you can see here, we are the yellow bars within all these nine different aspects. We are performing better than the industry average.
We continue to have focus on both employee satisfaction and also to make sure that we're doing the right thing for the people and for the customers and for stakeholders in general. We feel that we are on a good track here, but are getting information from this weekly survey, and it gives us both tools and insights to make sure that we keep our staff happy and motivated and engaged. On the ESG side, we are doing what we have said we will do. We are focusing on, among other things, the health and the well-being of our employees.
One of the things that we did was to have all those who have a commitment to the well-being of our fellow humans, so to speak, donate money to a good cause. This year, or this quarter, we donated some NOK 60,000 between all the employees and the company to the Norwegian Childhood Cancer Society. In Stavanger, we actually, in order to contribute our share to the environment, inaugurated beehives not inside the office, obviously, on the terrace of the office in Stavanger.
We believe that all actions are important if we can contribute to do the right things for the environment and the climate. Now lastly, I want to do a more detailed review of our financial performance. This is a slide chock-full of information. We have a strategic goal to grow internationally, and we have talked a little bit about that already. First, let's look at the revenue distribution over the last five quarters between each of the business areas.
As you can see, on the top left, revenue outside Norway, the share of revenue that we have outside of Norway has grown from 33% to 38% at the end of last quarter. We are happy that we are able to drive growth also in all regions outside of Norway. Recurring revenue has been a target for us strategically over the last six quarters. We see a growth in both absolute numbers and also in relative portion. 37% of our total revenue for Q4 was recurring revenue, and that is up from 31% 1 year ago.
NOK 47 million is recurring, and that gives us, let's say, more visibility on our total revenue in terms of forward-looking. Consulting then of course is NOK 79 million for consulting and one-off, meaning one-off is sale of licenses. In majority of that revenue is license sales. Consulting and license sales account for NOK 79 million in Q1 this year, and that is up from NOK 68 million a year ago. If you look at the revenue we have on the right-hand side shown how the recurring revenue is generated in the different business areas. Cloud is the business area with the highest ratio of recurring revenue.
We see we're up at 76% of the revenue there. That is natural since most of it is cloud services that is delivered from our data centers and that is a subscription model that drives the revenue there. Next is business services. 27% of the total revenue in last quarter came from both SaaS and SolaaS projects. We are working hard to increase the portion of recurring revenue there as well. EABPM has NOK 5 million or 25% of their revenue from recurring business.
Lastly, Marine has also several subscription agreements to their software and product solution, and they're at 39% of their revenue is recurring. If you look at the EBITDA in each of the business areas, not in each of quarters, we see that we have a reduced EBITDA compared to a year ago, and there are primarily four drivers for this. First of all, we are experiencing operating losses in business area Marine. We have, as I said, initiated a restructuring program to cut costs and size the organization to the business or the revenue level that we have. And that is a ongoing initiative for us. Hospitality is in a startup phase.
We are registering a negative EBITDA for the BA in this quarter, but we expect, as I said, to see close to break-even performance during last quarter this year. We have also spent a significant amount of time and resources on internal integration projects. We can now say that we are starting to see the beginning of the end of all the large integration and system and procedures implementations in the group. We now feel that we have reached a stage where we are more cohesive as an organization and are ready to take on more business volume on the platform that we have built.
Also some of the explanations for the drop from Q1 last year to now, or to Q1 this year, is the fact that we have had to increase business support as well as some staff in the corporate units in order to be able to facilitate further growth and in the company. -NOK 6.2 million EBITDA this quarter and an adjusted EBITDA at NOK 2.6 million. The difference here is primarily restructuring costs in Marine as well as. Well, that is, let's say that's the difference between actual EBITDA and adjusted EBITDA. One slide addressing what we have said.
We have here looked at the revenue and EBITDA per business area. Again, Business Services, EABPM, as you can see, are combined, accounting for more than 90% of the revenue. Marine has a total of NOK 10 million out of NOK 126 million revenue for the quarter. Also here you can see the recurring revenue in each of the BAs. What's interesting to note is that if you just look at the numbers here, we have the three largest business areas.
If you add up and annualize that number, we get to around 465, 464 million in annual revenue from those three business areas alone and an EBITDA of 60 million on an annualized basis. When we expect this to also grow organically, and those three BAs are the major growth and profitability driver for the coming quarters. As you can see, Hospitality in the buildup phase have just below 3 million in negative EBITDA, while Marine is at a little bit more than 4 million. And we are working hard to restructuring the business area Marine. Cash flow.
At the end of last year, we had NOK 43 million in cash and cash equivalents. At the end of last quarter, we had NOK 37.4 million. You can see how operating, financing, and investing, how that's contributed or deducted from the cash pool. From those 37 million at the end of Q1, NOK 5 million were restricted cash. We had NOK 32.4 million in readily available cash. For a company with a revenue of more than NOK 400 million, that is too low to operate efficiently. We also are preparing for the growth, which requires more working capital.
As you can see here, we have put in a demarcation line where we also here mention the events of the balance sheet date. As you all know, we raised another NOK 50 million by issuing 100 million shares back in on April 7th. When you add the gross proceeds from that event to our existing cash pool, we have more than NOK 80 million in our bank. We are at a comfortable position. We can operate efficiently, and we are very satisfied with the liquidity situation here now. Balance sheet. You can see here the left column in both these two graphs.
Year-end 2021 compared to end of quarter 2022. There is not much changes in the balance sheet. Our equity has, before our share issue, dropped down to NOK 294 million, and this compares to NOK 316 million at the end of last year. Total assets at the end of the quarter is at NOK 567 million. From there, equity development. We had an equity of NOK 294 million at the end of last year. Now after the share issue, it is approximately NOK 344 million as per mid-April. This is the end of the presentation.
As we, as I said in the beginning, we have a Q&A functionality on our website where we are broadcasting, and you are welcome to put forward any questions if there should be any. We have not received any questions now to the presentation. I would like to thank you all for participating and wish you a good day. Thank you.