Good morning, everyone, and welcome to our Q2 presentation for Arribatec Group. Today, I'll speak to you about financial performance, obviously, and also talk about the operational performance for the group as a whole and for the individual business areas. Lastly, we will tie some comments to what we think is gonna happen in the next couple of quarters. Without any further ado, let's get into the material. For Q2 this year, we have recorded a revenue of NOK 120 million, and this is a 15% increase compared to what we did a year ago. Recurring revenue is also up 15% compared to a year ago, and it now accounts for 36% of our total revenue.
Adjusted EBITDA, as you can see, is negative NOK 9.4 million. This is clearly not something we are happy with, but I'll get into details about the reason for this later on in the presentation. EBITDA and adjusted EBITDA is almost identical, just a couple of hundred thousand NOK difference between those. We have stated on several occasions the importance for us to grow outside of Norway. We want to follow our customers out of Norway, outside the Norwegian borders into where they operate. As you can see from this slide, we now have close to 40% of our total revenue outside of Norwegian borders, and we are happy with that development.
Norway still accounts for NOK 72 million for this quarter. That is 61% of total group revenue. However, we have close to 40% and outside the border, where Continental Europe and U.K. has a revenue for the quarter of NOK 38.6 million. We are also very happy to see that U.S. has grown 19% compared to same quarter last year and delivers almost NOK 9 million in revenue for the quarter and accounts for 7% of the entire group revenue. We have on several occasions explained how we have organized our business. We have five different BAs.
However, we have three larger ones, and then we have the two smaller, call it, industry verticals. Enterprise Architecture and Business Process Management, Business Services and Cloud are the three large BAs, and they account for close to 90% of the total group revenue. These BAs are, call it, industry agnostic, and they deliver services to all industries and to the public sector. What we offer through these BAs is, it meets the needs for both medium-sized and large-sized companies that are mature in their suppliers.
There is a lot of cross-sale going on between these business areas and we encourage that, of course, because that helps the growth of the entire company. Hospitality, we have said for some quarters now that it is a startup that is growing. I would say now the startup phase is behind us. Hospitality has grown into a mature well-functioning organization which now is entirely focused on growing. I'll get back to more details about how that is happening. In Marine, we have an organization that services the ship-owning community and ship managers.
It has been through a restructuring process for some time now, and we think that we start seeing the end of that restructuring. I just want to mention that if we annualize first half of this year, the revenue numbers, we can see that the five business areas in total delivers an annualized revenue of NOK 548 million, and that just show what we are able to deliver as an organization. We have built a foundation now that can take us way beyond NOK 548 million on an annual basis. I would like further to talk a little bit more about the individual business areas.
Here, the three largest one. First, Business Services. Revenue growth compared to last year of 31%. With a total revenue of NOK 72 million. We have experienced a strong growth both in U.K., in France and in Sweden, as well as in the U.S. and we see part of the reason for the growth is the collaboration we have with our partners in particular RamBase, Hypergene, and of course, Unit4. We have several new implementations secured during the last quarter. So far in the 2022, Business Services have secured, as I say here, 97 deals or scope extensions for existing projects at a total value of NOK 70 million.
We are expecting a higher activity based on our current pipeline for second half of the year compared to first half of the year. EA BPM has seen a 7% growth quarter-over-quarter and delivers NOK 21 million in revenue for this quarter. That is lower than what we wanted it to be. The main reason for this is that we have experienced delayed startup of 3 large projects, which we secured towards the end of 2021. We had let's say ramped up hiring in order to meet the demand from these projects, as well as more projects that comes towards or in Q3 and Q4 this year.
However, with the delayed startup, it means that we had not full utilization of the resources in EA BPM, and this had a impact on our EBITDA in that business area. In total, we have recruited 22% more people into the enterprise architecture and business process management activities since January first. This is to take care of increased volumes we have so far in this year, landed 43 new deals or had the scope extensions for existing projects for a combined value of NOK 38 million.
For EA BPM, we are preparing for large public sector bids coming out in Q3 and Q4, and we are in a very good position to win several of those, and we look forward to let's say showcase to those large customers what we as a group can deliver to them. We are also looking at a tighter cooperation between these three large business areas in order to showcase to larger customers what we can deliver across the spectrum of Business Services, EA BPM and Cloud. Talking about Cloud, we see an EBITDA of only NOK 200,000 for the quarter. We are not satisfied with that.
We have had a delay in the recharge of some of the price increases we have seen from our suppliers, further to recharge that to our own customers. We are catching up very quickly on that and we should see a performance financially back to where we should be in business area Cloud. Sales in Cloud has secured a total of 38 new deals or scope extensions for a combined value of NOK 22 million up to June 30 this year.
Additionally, as you may have seen in our stock exchange notice, in July, Cloud was appointed by a large Norwegian civil engineering contractor to enter into final contract negotiations for a contract with a value of up to NOK 60 million. That is by far the largest project or contract we have landed in the history of Arribatec, and we are both proud and excited, and we'll do what we can to sign the final agreements and get to work on this. The pipeline in Cloud is robust and is growing, and we are also hiring more sales staff both in Oslo, Bergen and Stavanger now in order to take a bigger part of the Norwegian market.
Simultaneously, we are considering also moving outside the Norwegian borders from the Cloud perspective to follow some of our larger clients outside of Norway. Hospitality has signed in this year new contracts worth close to NOK 5 million. We see a significant shift upwards in demand from the hospitality industry for the products that we are offering to that segment of the market. The summer season has been good for many of the hotels, and we see that they are now ready to sit down and discuss with us.
So far, hospitality is winning anything that they bid on because of the technology, because of the competence and the service mindset of the staff and the service level that they are able to showcase to both existing customers and potential future customers. We have in July this year signed a pilot project agreement with Flytoget or the Norwegian Airport Express for delivering the prototype for a new ticketing machine.
For us, it is an honor and a challenge to be appointed by such a great organization to be their let's say selected company for helping them taking their ticketing process and machines to the next level. It is great exposure for us, and we look forward to embark on this project. Marine is still undergoing changes. We are now at the beginning of the end of that process, and we have seen reduction in staff over the first two quarters of 2022. We expect to see the full effect of the changes that we are doing in Marine in Q4 this year.
We have from a market perspective, the cruise industry is the main segment for Marine, and it's slowly gaining the same momentum and activity levels back to pre-pandemic activities. That also is reflected in the conversations we are having with these clients. We see that there are more business to be had within the cruise segment. We would have to admit that we have seen a reduced pipeline in Marine due to both the war in Ukraine, and we are working hard to build the pipeline now to bring the growth back to Marine over the next couple of quarters. A few words on organization and people.
We have not changed a lot obviously since the last time we presented to the market. The main change I would say is the increase in staff. By the end of last year, we were 2 or 4, sorry, 403 employees and long-term contractors. Now we have moved that up to 445, so an increase around 10% from just six months ago. All this is driven by our pipeline of new projects, and we see that we need to ramp up in order to accommodate for those when these new contracts materialize and start working with them on those with the new and existing staff.
While hiring obviously increases our cost base, it is necessary for us to be able to take on more business. This is what we have built the organization to be able to do. EA BPM has increased by more than 20%. That is, again, market-driven. We have more business, we need more people to execute. We have shown that we are able to attract very talented people into all our business areas. That is rewarding and satisfying for us who spend quite some time to make sure that we are an attractive employer.
Gender balance, this is not a number that moves a lot from one quarter to the other. We are almost very well last quarter when we talked about this, where we have 34% female employees and 66% male employees. In management positions, we have 23% female and 77% male. We do see that there is a difference between the different business units in the organization and also between countries and regions when it comes to gender balance. We also notice that, for example, the entities within our organization that delivers consulting services is much closer to a balanced workforce in terms of gender.
While if you look at entities that are primarily doing or focused on coding and software development, it's harder for us to achieve that balance. But we are working on it, and we want to of course take advantage of all the talent that exists in the marketplace. This chart we also showed last quarter. We are measuring the temperature in the organization on a weekly basis. And this is for us a very important input. It helps us to address problems that inevitably surface in any organization of some size.
We share this, all managers in all levels of the organization have access to their own units' level of satisfaction, so to speak, and it helps them address and helps us address any area that needs attention. We will continue to measure and report to both our organization but also to the market to show that we are taking the right steps internally, and that we are focused on making Arribatec an attractive and good place to work. To the financials. This chart shows you our revenue development over the last five quarters, divided by business areas and on the top, you see the percentage of recurring revenue and the percentage of revenue generated outside of Norway.
It's a strategic goal both to grow outside Norway and increase the recurring portion of our revenue and is striving and working hard to achieve that. Compared to a year ago, we have increased from NOK 104 million to NOK 120 million in total revenue, and that is a 15% increase compared to a year ago. Recurring revenue as a portion of the total is fairly stable, and we are looking at an organic growth of close to 5% for this quarter. That is not at the level that we want it to be. We are working at all level in the organization to achieve a higher organic growth rate, and we think that is fully possible for us to achieve.
Looking at EBITDA and adjusted EBITDA over the last five quarters, as you can see, we lost in this quarter NOK 11.2 million. Again, the main reasons for this are actually the delayed startup of some of our larger projects combined with the fact that we already had ramped up resources to accommodate for the growth. The good thing of this is that now we have the staff and we know that the business is coming because they sign contracts, so we are ready to go and take on more work on the current staff volumes that we have.
Partly, we also have losses in two of our businesses, and I'll show you how that impact the overall performance of the group. Lastly, I just want to mention that we have still been spending time on integration and development of tools and processes in the business as a whole. Luckily, we are now seeing the beginning of the end of that, and we have terminated many of the largest internal initiatives, which frees up both our resources that we have tied up internally to go out and actually do work for our customers, which is what we are here to do.
On the right-hand side of this slide, you can see how our EBITDA is developing or is not developing and how it is distributed between the business areas, where Business Services is delivering NOK 10 million in EBITDA and EA BPM both deliver an EBITDA close to zero. This is not something we are happy with or satisfied with. We know for sure that both EA BPM and Cloud will perform better in the coming quarters. We have already put in action initiatives that will improve back to the levels where we should be in those two BAs. Hospitality, again, in the ramp-up phase.
Everything is focused on sales now, and with the sales, we will see a direct impact on the EBITDA going forward. Marine, we have reduced the losses compared to previous quarters, and that is showing up due to the fact that we have had a reduction in staff both through Q1 and also through Q2. Cash flow. Here, of course, the main event and the main thing to talk about is the private placement we did in April, Q2.
We raised NOK 50 million in a private placement, and this was done to improve a tight liquidity situation, but more importantly, also to ensure that we had sufficient cash and capacity to support the anticipated growth in the coming quarters. We raised NOK 50 million, fees paid to our advisors amounted to NOK 1.8 million. The net proceeds from the private placement was NOK 48 million. We used some of the proceeds to repay some drawdown facilities with both Italian and Norwegian banks. The net effect of that is NOK 36 million from financing.
Cash flow from the operating activities was -NOK 16 million, while investments, which amounted to -NOK 3 million, is capitalization of man-hours used to develop software for our clients and that we put on our balance sheet. I should also mention that in Q3, we did a subsequent rights issue of shares for those shareholders that was not able to participate in the main share issue. We printed 3.8 million shares in that event, but that will not show up in our equity until Q3.
Balance sheet, there are not large shifts in our assets in the company compared to last year or end of last year. Our balance sheet total assets have grown from NOK 52 to NOK 576, with no large movements between or within the different segments of the balance sheet asset side. Equity has increased on the equity and debt side from NOK 317 to NOK 325, primarily because we did the share issue, and then we have had to deduct some of the net losses from the two previous quarters. Finally, you can see how our equity has developed over the last two years or two and a half years.
We now have a total equity of NOK 325 million, up from NOK 294 million at the end of previous quarter. That is what I wanted to say about the Q2. We are positive to the coming quarters of this year and also for 2023. We believe that we will see good growth in all business areas and both for the remainder of this year and also for the next year. We have now built the foundation for the company.
We are able to accommodate a much larger revenue level than what we currently are operating at, and we believe that will have a marked impact on our EBITDA going forward. We are ready, and we have ramped up for growth and look forward for the next coming quarters. We will also have a webcast when we are done with the Q3, and then we will also accommodate for question and answer while we are live and online. Thank you so much for attending, and see you soon.