Good morning, everyone, and welcome to Arribatec's Q1 2023 presentation. Today, as in previous occasions, we will be looking at the financial performance, talk a little bit about the market and contracts, and also some words on operational issues. Let me first start with the highlights of Q1. We have a all-time high quarterly revenue of NOK 150 million. That is a 19% increase compared to same period last year, where we had NOK 126 million in total revenue. More interestingly, for me at least, is the fact that we now are reporting positive EBITDA of NOK 5.3 million.
That is a 11 or more than NOK 11 million improvement compared to the same period last year and is something we have been working hard to achieve. Lastly, from the financial standpoint, it's important to note that we, as of today, have NOK 62 million in cash in our bank accounts. On top of that, we have a NOK 20 million credit facility with our bank, Danske Bank, which has not been utilized. In total, NOK 82 million in liquidity at the end of Q1. I will come back to liquidity a little bit later in this presentation. Also we see strong demand for our services across the board in Arribatec.
Interestingly and importantly for us, we have seen a increase of 25% for our consulting services. As you can see here, we have had a strong business development quarter, a sales quarter. We have landed a total of 465 new contracts this quarter for a combined value of NOK 191 million. That is also for us, a record high quarter. Lastly, I just want to highlight that we have opened and are building up now a Cloud hub in Granada in Spain, where we already have people in the office. We are building this hub together with the other activities that Arribatec has in Spain.
Lastly, we want to mention that we again have been reappointed as a global elite partner by Unit4. Needless to say, we are very happy with that. We are still the largest partner for Unit4 globally. Let's look a little bit more in detail on the financials. As I said, NOK 150 million in revenue, that is all organic growth, 19% growth compared to the same period last year, all organic. Recurring revenue is for this quarter, NOK 51 million. One year ago, it was NOK 47 million, so it's a 9% increase, and it accounts for 34% of our total revenue in the entire group. Lastly, we have an EBITDA of NOK 5.3 million positive.
That is more than NOK 11 million improvement compared to the same period last year. We have a EBITDA margin then on of 3.5%. I'm very happy to be able to show that we now are a profitable company. Looking across the different regions, Norway, we have NOK 93 million of our revenue there. That accounts for 62% of the total revenue in the group. For Europe, including UK, we are logging NOK 45 million in revenue for the quarter, and 30% of the total for. That's an 18% growth compared to the same period last year.
Lastly, rest of world, which for us basically means U.S., we have NOK 11.8 million of revenue. That is a 126% increase compared to same period last year, we are very satisfied with the way things are going now in the U.S. Let's just look at the bigger picture for Arribatec as a group. We have today 16 offices around the world. Most of them, as you know, are in Europe, Norway being the largest of the offices. Currently, we have 370 people in the organization. It's a little bit down compared to fourth quarter, as you know, we restructured and closed down Poland last year.
That is partly reflecting the little bit lower number of employees in this quarter. Also, important to note, we have now 1,000, or actually more than 1,700 customers around the world and still counting. I also would like to spend a few minutes on our strategy. We are a company that we see ourselves as problem solvers. We streamline complexities in organizations, in processes, and in systems with a lasting result for our customers. We have a wide range of backgrounds and expertise in our company, and we offer a unique mix of services and products that help customers unlock their potential. These two sentences are important for us and how we see ourselves.
Strategy-wise, we have set goals within four main buckets, so to speak, within how are we gonna engineer a profitable growth for us, how are we gonna attract and maintain and develop our employees, our talent, how we can create and deliver products and services that our customers can be helped by, and lastly, how we can increase our customer engagement and satisfaction. These four main topics is the drivers of our strategy. We have also during 2022 developed our ESG strategy. Today it has eight main or eight material topics that we have chosen to focus on.
We have spent a significant amount of time and of resources to make sure that all staff in our company know, first of all, that we have an ESG strategy, and we will also be training our staff during 2023 in how to act in according with the this strategy. We are very happy to have this in place, and it is in detail described in our annual report, which we, what do you call it, distributed or published just a few weeks ago. I encourage all of you to have a look if you find this of interest. Arribatec, I just want to mention again how we have organized our activities. We have five business areas today.
Uh, they are, uh, those five that you see in this figure. Uh, the three large ones, EA-BPM, Business Services, and Cloud, they are industry agnostic, uh, and, uh, basically every company with more than fifty people, uh, need to buy services, uh, from one of those, uh, BAs. Uh, they, uh, represent ninety percent of our, uh, total, total revenue and, uh, basically ninety percent of our total amount of, uh, employees as well. Uh, the two smaller ones, Hospitality and Marine, they are what we call industry, uh, um, verticals. And, uh, uh, Marine is offering, um, asset management system to ship owners and ship managers, while Hospitality is offering, um, uh, unmanned, uh, check-in, check-out kiosks where you also can do payments, uh, after you have stayed in the hotel.
On the left-hand side, you can see some of the main services and products that we take to market from the three largest business areas. All of these business areas have their own management teams and their own staff. As I said, we are working closer and closer between those three industry agnostics BAs because we see that more and more of our customers is asking us to provide services from more than one BA at a time. A little bit about financial performance for Q1 for each of the BAs. I'm not gonna go through all these numbers, but I want to point out that we see healthy margin developments both in Business Services, EA-BPM, and Cloud.
We also see that we have a high demand for consulting services out of all of those three larger business areas. We are showing positive EBITDA in all three of them. In Hospitality, we still have a negative margin. This is due to the fact that we are in the middle of an intensive market development period. We are expecting to reduce the negative EBITDA during Q2 and be EBITDA positive later in the year. Marine have a 3.2% EBITDA margin.
I sure you would remember that we restructured them last year, and they are now at a place where they have a cost base that is better suited to the product family that we are delivering to the market. Also, we see a reduction in top line or revenue. This is due to the fact that we in Q4 last year sold a part of the IP to another company in order for us to be able to focus on our core business.
By doing this, we also handed over, so to speak, a few customers to our the company that actually acquired the software. So that is what is going on in the individual business areas. A quick look at how revenue has developed for the company and for the business areas over the last five quarters. What I would like to point out here first, if you look at the top line of the five top boxes, it tracks recurring revenue as a percentage of total revenue in the entire group quarter by quarter. We see that we have gone from 37% to 34%. However, this is not because the recurring revenue is decreasing.
As I said earlier, in this presentation, recurring revenue for this quarter increased by 9%. As the rest of the revenue streams increased more, the relative portion of recurring has come down to 34%. We are also seeing that activities outside Norway accounts for 38% for this quarter. That has been fluctuating around 38%-40% over the last five quarters, and we are working hard to build higher activity levels also outside of Norway. The individual BAs here, you can see the revenue development over the last five quarters, and it's a growth in all five of them except Marine. Next, I would like just to highlight what we are doing on the business development side.
What you see here is the total Norwegian krone amount or value of the deals or transactions we have signed over the last quarter. You can see that the Business Services is still the most active business area with NOK 87 million in new contracts or scope extensions. Both EA- BPM and Cloud is having a very good momentum in the marketplace.
We have signed agreements for 465 new contracts, either for scope extension or new business, for a combined value of NOK 191 million, and that is an all-time high for a quarter for us as a company. I also want to just briefly mention some of the contracts that we have signed in this quarter. These five contracts represent customers within segments where we are strong. They, some of them have a mixed deliverable of services and products from more than one business area
As you can see, combined, they account for 76 million Norwegian krone. Mind you, this is only five contracts out of a total of more than 400 that we have signed so far in or during the entire Q1. I would like to address the cash flow development of the company. First of all, we have increased our cash balance by NOK 22 million since over the last quarter. We ended last year with NOK 40 million in our bank accounts. It now stands at NOK 62 million by the end of Q1. We have reduced our bank debt or credit facility utilization by NOK 7 million and repaid a small amount in our of our bank debt in Italy.
With total cash at NOK 62 million and a credit facility that we have not touched in Danske Bank of NOK 20 million, we have total liquidity of NOK 82 million at the end of the quarter. In there is NOK 13 million, which is restricted cash, meaning money that we cannot touch because it's either something that's gonna be paid to the government every second month, or it could be house or office rent security deposits. Lastly, the blue letters at the bottom right says that right now, as of this morning, we had a total cash and unused overdraft facility of NOK 84 million. That, for us, is a comfortable, more than comfortable level of liquidity.
A quick look at our balance sheet. We have increased total value of the balance sheet by NOK 40 million since end of last year. The increase in cash accounts for half of that increase. We have an equity ratio now of 50.2%. Apart from that, not any significant changes that needs commenting on in the balance sheet. Let's look at the outlook for the next few quarters. First of all, we expect a higher growth rate in 2023 compared to last year. That is without any planned M&A, that is all pure organic growth.
The background for that is that we have responded, and we are continuing to respond to several large tenders, and we are optimistic about our chances to win new work through those tenders. We see a strong demand for cloud services, hence we have, as I mentioned in our previous quarterly report, built up or strengthened the cloud team in Bergen. This quarter, we are actually building up our cloud cluster in Granada in Spain. This is all due to market demands, and we also see that more and more of our larger clients come to us and asking for our ability to take on and take over and manage their IT services and their IT landscape.
Cloud grows and that is good news for the entire group. Hospitality are in dialogues with several larger customers that speaks for a large amount of hotels. The solution that we are offering to the market is of interest to all the hotels that we're talking with. Now we are continuing to letting the conversations with our customers mature, and we believe that during Q2 and the following quarters, we will see a higher rate of signing up new hotels. That is interesting for us for many reasons, but it's also building up our recurring revenue base, and that is of a good thing.
Marine, seeing incoming calls from the marine industry and cruise industry in particular. Our own software, Infoship, has we have done a lot of demonstrations both in U.S. and in Italy and in Greece with very good response from our customers there. We do expect to be able to sign contracts on a regular basis going forward now for new vessels to take our software in use. Lastly, looking forward, we will continue to focus and drive margin expansion, and that should that's the pressure that we will not let up on.
To summarize, NOK 150 million in revenue for the quarter, all-time high, 19% growth compared to a year ago, and all organic growth. Recurring revenue, NOK 51 million, and that is for an improvement of NOK 4 million compared to a year ago. We continue to build the recurring volume, and it accounts for 34% of our total revenue in this quarter. EBITDA, NOK 5.3 million positive EBITDA for the quarter. That is more than NOK 11 million improvement compared to the same period last year. Margin of 3.5%, as I said, we are pushing hard to expand the margin of our business. Lastly, NOK 62 million in cash, or actually in deposits in the bank.
We have on top of that, a credit facility, NOK 20 million that is not being utilized. Total liquidity of NOK 82 million at the end of Q1. With that, I will stop my presentation and ask if there are any questions to what I've said or what you might be wanting to hear more about. We have not received any questions to the presentation. It only remains for me to wish you all a good day and talk to you again soon. Thank you so much.