Good morning, everyone, welcome to Arribatec's second quarter presentation. Second quarter has been a good quarter for the company, both financially and in the market. I look forward now to take you through the most important aspects of the second quarter report. First to the highlights. We're reporting a quarterly revenue of NOK 148 million, which is a 23% growth compared to same period last year, all of it being organic. Additionally, we report positive EBITDA of NOK 8.4 million. That is an improvement of NOK 19.9 million also compared to previous, or the quarter, the same quarter last year.
Liquidity-wise, we have NOK 42 million bank balance, and on top of that, we have the credit facility of some NOK 20 million. Both consulting services and recurring revenue is up 23%. Additionally, we have signed 334 new contracts for new business as well as scope extensions, for a total value of NOK 121 million during the quarter. We also would like to highlight a couple of new signed contracts that we saw come in second quarter. First of all, we won the tender process with the Sykehuspartner.
That's a public one of the public contract that we have been waiting for quite some time, and we are very happy, of course, that we managed to to be the selected partner. It's a contract valued at NOK 6.3 million just for the licenses, and we expect there to be consulting work on top of that. We also signed a new contract with Vår Energi, worth NOK 11.9 million, and that's for work that has already now started up in June, and it's gonna last for about 10 months. Also we have in U.K. landed a ERP support contract, worth NOK 16 million, and that, of course, is very valuable for for for Arribatec and for our U.K. operation.
Here, you, you see on the top of the slide, the performance for the first half of this year, NOK 298 million in revenue, compared to NOK 246 million same period last year, so 21% growth from, from last year. Payroll, as you see in the middle, no, total NOK 215 million as compared to NOK 206 million in, in previous year. That is a 4.7% increase, and I'll come back to, to why this is part of our presentation. Lastly, we see the, the half year EBITDA of NOK 13.7 million.
That is a NOK 31.4 million improvement compared to first half last year, with a EBITDA margin of 4.6% so far this year. For those of you who has not followed us over the last quarters, I just want to repeat, we have organized our business into five business areas. Where the light blue business areas are the three largest ones. They are what we call industry agnostic in the sense that every company, no matter which industry you are, whether you're a public entity or a private-held company, needs services both from our Business Services segment, or from EA & BPM business area, or from the Cloud business area.
We have a substantial cross sale between those three business areas. The main products that those BAs are delivering to the market, you can see on the left-hand side. We also have Marine, which is our Marine and Hospitality. They are smaller BAs, we call them industry verticals, they are specializing in delivering products and services to Marine and Hospitality, respectively. If you look at the individual business areas and see how they have performed during the quarter, first of all, all five of the BA. BAs have grown compared to same period last year. If we start with Marine down in the right-hand corner, you can see a 3.3% revenue growth.
They are now back to where the, the, the activity level that we saw before we started restructuring back in 2022. We have recorded NOK 13 million in revenue for the BA, and more interestingly, I would say, 37% EBITDA margin for the second quarter this year, and that is NOK 4.8 million in actual EBITDA. So a very good performance now from Marine. Hospitality also have a very high growth rate, but that, of course, comes from a low base. So far, or in the Q2, we have a NOK 2 million revenue and EBITDA for all practical purposes, break even. Cloud also a strong growth, 12% compared to last year...
Shows NOK 32 million in revenue for the quarter, EBITDA margin just north of 10%, with the actual EBITDA of NOK 3.3 million. EA BPM has also a very strong growth for the second quarter, 37%, with an EBITDA margin for the quarter of 13.8% and NOK 3.9 million in actual EBITDA. Lastly, our biggest business area has business services, NOK 75 million revenue, which is a 6% growth compared to a year ago, and 8.5% EBITDA margin. This slide we have shown now over the last few quarters. It shows our revenue development, BA by BA and quarterly by quarterly.
We can see that we have a healthy growth from one year ago. Also, on the top, you see our recurring revenue. It accounts for 35% of our total revenue, and it has increased by NOK 10 million from NOK 43 million last year to NOK 53 million this year. We continue to build a recurring revenue in the company. Also, we see that revenue from outside of Norway now stands at 39%. And we, of course, are still focusing on growing our revenue also outside Norway, and we are on track to continue growing outside Norway.
I also wanted to show you the change that constitutes the EBITDA increase for the first half this year. We increased our revenue by NOK 52 million. If you look at first half, 2022 to the first half, 2023, that is a 21% growth. The COGS or cost of goods sold, which is basically hired-in consultants as well as licenses that we resell, that increased almost the same pace as the revenue, which is normal. More importantly, I would like to just highlight that payroll increase only is 4%, while we had a 21% revenue growth.
It really shows the restructuring that we undertook in Arribatec Marine has had a significant impact on payroll for this year. I'll get back to that in a little bit. Other OpEx, despite high inflation in most of the countries where we operate, we managed to keep other OpEx at a growth rate of 6%, and the increase in actual number is NOK 2 million. All these components then builds up to an EBITDA improvement over last year of NOK 31 million, and we are quite satisfied that we have been able to do that.
Also, another way to look at the EBITDA improvement, compared to first half last year, you can see here that four out of five BAs have contributed to the improvement. The blue bars here represents the actual improvement in EBITDA for each of the business areas. Marine obviously has a strong contribution to the EBITDA, and NOK 12 million in improved EBITDA over a year, and that is that is a good performance. Hospitality and Cloud also on a smaller scale, but still contributed NOK 2 million and NOK 3 million in improvement, respectively.
Then again, we look at EA & BPM, with a strong 36% revenue growth, and have improved the margins and also showing a NOK 9 million EBITDA improvement compared to a year ago. Business Services, while they still had the revenue growth, we saw a slightly higher cost increase during the first half this year, and they have a slightly lower EBITDA first half this year compared to last year. Then, the last blue bar shows NOK 8 million improvement in corp and overhead, and that is showing the effect of us finishing all the internal projects and internal building activities that we were undertaking during 2022.
Now that they have stopped, it immediately shows up as, as a improved, or reduced, cost on, on a group level. We are, of course, satisfied with that. All in all, these five, six contributors show how we managed to improve the EBITDA by some NOK 31 million compared to a year ago. I also wanted to show the revenue development in a longer perspective. On the left-hand side, you see the quarterly revenues that you have been reporting over the last, let's say, 2, 2.5 years, currently standing at NOK 148 million for Q2.
More interestingly, if you look at the right-hand side, that is 12 months trailing revenue, which means that if you look, stand in end of Q2 this year and look 12 months back, that amounts to NOK 557 million in a 12-month trailing revenue. For those of you who is good at math, then you can see that this points to a full year 2023 revenue north of NOK 600 million, and we think that is achievable. Sales on the left-hand side, you see the volume of new contracts and scope extensions that we have signed. Q2 was NOK 86 million last year.
This year, we signed the contracts worth NOK 121 million, and that's a 40% increase, and we are satisfied with that increase. On the right-hand side, you can see how each individual BA has-- how the sales have increased compared to last year, and four out of five BAs have a increase in sales, while Marine, due to restructuring last year, has, this year then, a slight dip in, in new contracts, but we expect that we will win more in the coming quarters. I wanted to show you some of the very interesting contracts that we have been winning and signing during the second quarter.
First, on the left-hand side, you can see The Growth Company. That is a ERP support and development contract won by our U.K. operation worth NOK 16 million over three years, starting as we speak, and we are very happy that we have secured this during the quarter. Vår Energi has signed up with us for another NOK 11.9 million. The work has started on this contract. It's business process management consulting, and we expect to work through this contract in about 10 months. As I said, at the beginning of the presentation here, Sykehuspartner is one of the public tenders that have been out for quite some time.
During Q2, we were selected, and we signed the contract with Sykehuspartner. Very important, and a strategic important contract for us. We have a value of NOK 6.3 million for this contract. That is only licenses, and we expect that there will be consulting work on top of this. That, for us, is a very important and exciting contract. We have also signed Hallingplast, and that is for business area cloud. That's outsourcing of the IT platform, value of NOK 6.1 million over three years, and also starting as we speak.
Lastly, I just wanted to highlight one of the new contracts that Hospitality has signed during the quarter. It's a Swedish hotel group, Gothia City. Eight hotels, value roughly NOK 3.2 million over three years. Very important for us because we now have a bridgehead in Sweden, and we look forward to see additional contract being signed going forward for Hospitality in Sweden. All these good signs of us having a good traction in the markets where we operate. Cash flow-wise, we end the quarter with NOK 41 million in the bank. On top of that, we have a NOK 20 million credit facility with Danske Bank unused.
This is slightly down from from previous quarter in terms of cash in the bank. However, we got a large customer payment just a few days after the closing of the quarter. Thus, the actual cash or liquidity balance, so to speak, now, mid-August, is NOK 78 million , and we are comfortable with the that position, and we are comfortable looking forward. Lastly, balance sheet development. Here we are comparing the end of 2022 with end of Q2 2023. Not any big movements.
What we can say here is that our equity ratio is 52%, and it has been at that level now for quite some time, and we don't expect any big movements either on the balance sheet going forward. To outlook. We expect a slightly higher revenue growth in 2023 compared to 2022. We see robust, strong demand for our cloud services, and that will, of course, drive growth for for our cloud and managed IT services activities.
Hospitality, continue to sign new contracts, and we, we expect that, to go on into the next quarters, and that means that, we are building SaaS revenue in Hospitality, as well as getting one-time payments for, for all the check-in kiosks that we are installing in the hotels. Marine, we expect them to, to continue growing. There are a lot of large projects available in the market, and we are, we are, quoting and, and, fighting for, for, being selected from, from, some of these. We expect that, Marine again, will continue to, to grow in, in the quarters ahead. We are also looking for partnerships with, AI and machine learning companies.
We have during Q2, signed a agreement, a cooperation agreement or partnership agreement with Semine, that is related to our ERP service offering to the market. We think that is exciting for the company, and we are and will be continuing to look for other partnerships, both within the business services space and also EA, BPM and cloud space. We also see that the demand for hyperautomation is increasing. This is something we expect to materialize into new or additional revenue streams for EA & BPM. It's a exciting part of the market that is now rapidly growing the way we experience it.
Lastly, of course, we will continue to focus on EBITDA margin improvements, and that we, we, it will always be relevant to, to, for us to, to work, to improve our margins and our business performance in general. That is what I intended to talk about. I will now give you a minute or two to send in questions if there should be any. Thank you so much. Yeah, we got one question here, asking why Hospitality only shows NOK 71,000 as payroll during second quarter. That is, let's say, due to two things.
First of all, that we have capitalized some of the development hours for projects that now has completed during Q2, that means that you're reducing the actual payroll cost. Secondly, we have what we call in Norwegian, feriepenger, in June, and part of that is contributing to reducing the actual cost or reported cost in that business area. That is actually also an effect that we see in all Norwegian entities in the Q2 report. Any other questions? If not, I thank you all for participating, and have a nice day.