Okay. Is this better? Magnus?
Yes. This works perfect.
Then after the revenue and the profitability, we will talk about the strategy going forward. Last but not least, a short summary of the second quarter. Let's proceed then. The COVID-19 impact. As I mentioned during the first quarter and my comments in the first quarter report, we have an ambition to handle the crisis like a tiger with a growth mindset and growth strategy.
That means that we will continue to invest in sales and marketing. We will recruit people. We will look for acquisitions, and we will launch new products. During the second quarter, I'm very, very proud of how we have handled the crisis so far. I'm impressed by the activity levels and the engagement level we have had in our organization in total. We have invested in sales and marketing.
We have recruited 45 new employees, and the majority of them will start in the beginning of August. We have launched new products. We have had new campaigns to gain new revenue. And as I mentioned, we have had a high activity level. I'm impressed how we've handled the crisis so far. However, we are not done yet.
The crisis isn't over. I don't know if it will be a second phase or a third phase during the second half and 2021. However, what I know is that we are ready to handle the crisis in the same way as we have done during the first and second quarter, also the second half of the year, with a growth mindset. With that said, we have had an impact, and we are affected by the COVID-19 situation.
We have customers suffer, and we have helped many of our customers with better payment terms and also reduce the number of licenses to help them handle the crisis in a better way. We have given customers better payment terms. We have seen a small increase in customer losses and also a small increase in customer churn.
Not much, but a small, and the order intake from new customers has been low since mid-March until the end of May. However, the order intake both in June and July has been better than last year, and we see improvement in the business situation around all our markets day by day, week by week when the markets open up again. The market is getting better. That's our feeling today. If we look at the order intake during the second quarter, as I have said earlier, the customer concentration is going down.
Today, the 10 biggest customers stand for 8% of our revenue, and the biggest one stands for 1.1%. We have a low risk. We're doing deals with many customers. We have a low customer dependency. Also, when we look at the different verticals, the different industries we do deals with, they are many different, and some of the industries are less affected than others, and we try to look and do deals with customers not so much affected by the COVID-19 situation.
For example, utility companies: Göteborgs Stad, Kretslopp och vatten, Skara Energi are two utility companies we have done new deals with during the second quarter. Membership organization, software companies with a lot of recurring revenue, and other industries that are not so much affected. We have closed two new bigger deals after we have closed the second quarter: Upplands Motor in Sweden and Dansk Skoleidræt in Denmark.
And they will help them with implementation during the second half of the year. Let's proceed to the revenue then. And our most important KPI: annual recurring revenue growth. We had a growth during the second quarter of 17%. If you look at the support contracts, a decrease by minus 3%, and the subscription revenue growing by 24%. We are not satisfied with 17% growth in annual recurring revenue.
As I said earlier, we have helped our customers with reducing the number of licenses, better payment terms, and we have also seen a slightly higher churn during the second quarter. And of course, that affects the annual recurring revenue growth. However, we expect this growth to go up when the COVID-19 situation is over. If you look at the revenue streams, subscription revenue had a growth of 24% during the second quarter.
That front license money, 1%, more or less over the transformation, and then we have the support contracts, 14% on a stable level, and we had a really good growth with high chargeability in our expert services department. We expect, however, as a percentage of total turnover, this one going down going forward, that we had a really good month, good quarter.
If you look at the sales numbers, 21% growth during the second quarter and 17% organic, and during the last 12 months, 21% growth in total and 16% organic. If you look at the split between the segments, Sweden and the rest of the Nordics, 21% in total, 23% in Sweden, a really good growth in Sweden as a segment, and in the rest of the Nordics, 15%, and they are much more affected because the countries have been closed down until May.
Now that when they open up again, it's getting better and better day by day. If you look at the last 12 months, 36% in the rest of the Nordics and 18% in Sweden. Let's proceed to the profitability and numbers.
Thank you. If we stop at the left-hand side, you can see that we reached an adjusted EBITDA margin of 25.6% in the second quarter compared to 19.8% in 2019 and 26.4% the last 12 months. This is, of course, driven by the increase in recurring revenues, but to some extent also driven by a decrease in expenses during the second quarter due to the COVID-19 situation.
On the right-hand side, you can see the last 12-month adjusted EBITDA, and you can see we have had a stable EBITDA margin of around 22%-23% during the last couple of years. As the recurring revenue increased, you can see that we've had an increase in margin during the last couple of quarters.
The EBITDA grew by 44% the last 12 months compared to the second quarter of 2019. If we then turn to our expenses, of course, the personnel expenses is the most significant expense in Lime. The personnel expenses grew by 9% in the second quarter, but as a function of sales, it decreased to 57% again relating to the increase in recurring revenues.
If we look at the right-hand side, you can see the other operating expenses grew by 13% compared to the same quarter in 2019, decreasing as a function of sales. We have, as Erik mentioned, we've had a decrease in expenses related to travels and other physical activities, reducing expenses in the second quarter, but we also had an increase, slight increase in provisions regarding bad debt.
Perfect. Thanks, Magnus. Let's proceed to the strategy going forward then. KPMG did a market study 2018 about CRM market in the Nordics, and they expected that the market will have a growth, 12% growth per year annually until 2023. Now, because of the COVID-19 situation, we expect and believe that the growth will be less than that during 2020, less than 12% then.
However, in the medium and long term, we believe that companies will increase and keep the trend to invest in digitalization, invest in software, and also the behaviors we have seen in this crisis with more remote work and also less travels and conferences, we believe that companies need CRM softwares to keep the collaboration between employees and also keep track on what the employees do with the customer and prospects, and that will be positive for the CRM market in overall.
And we believe we can be a winner in the long term and the medium term on that market. The strategy, as I said, the CRM market will not grow 10%-12% during 2020. However, we keep our financial targets. And that means that we will keep our pace in growth, and probably we will win market shares on the CRM market in the Nordics.
If you look at the markets, we continue to invest in Norway, Finland, and Denmark. And now we've also opened up our office in the Netherlands, the first new market outside the Nordics. We have a large customer base with many existing customers. We have compensated some of the lack of new order intake from new customers during the second quarter with sales towards existing customers, both new licenses, expert services, and add-ons. And we will continue with that going forward.
Platform expansion, we will continue to invest in our platforms, Lime Go and Lime CRM, with new functionality. We have new releases planned during the second half, and we'll also add new add-ons to improve our product portfolio. We will also continue to look into acquisitions, and we believe there will appear opportunities during this crisis, and we would like to evaluate those opportunities.
It could be add-ons to improve our product portfolio, but it could also be platforms in new markets, and we will continue to focus on our four verticals: utility, real estate, wholesale, and consultancy. In short then, we keep our growth strategy. We would like to keep our strategy to be tigers, and we will continue to invest in sales and marketing. We will continue to recruit people.
We will continue to look into acquisitions and keep on investing in our markets, our markets in the Nordics, but also in the Netherlands. In short, we will prioritize growth before profit going forward. Let's proceed to the summary then. Sales growth, Lime's objective in the medium term is to achieve an annual organic net sales growth above 15%.
The last 12 months, we have reached 16%. We are above the target. Regarding the EBITDA margin, I have said earlier that we summarize between 23% and 25%. Now we have had two quarters, both the first and the second, with higher profitability than that. We expect this one because we have done a lot of investments during the second quarter and customers' investments in the second half of the year.
We believe that profitability will go down a little bit, and we should be annually somewhere between 23% and 25%. We would like to use our profitability to invest in growth also going forward. We will prioritize growth before profit, as I said. The capital structure, the net debt in relation to the EBITDA should be less than 2.5%.
We are at 0.3%, and this is good because then we have the possibility to do acquisitions with debt going forward, and the dividend policy for the sales of 50% of net profit, and high engagement and the high ability levels among our employees, we have reduced the impact so far.
We have had a growth of 21% during the second quarter, a good growth, and we have improved our profitability by 6% compared to 20% last year, and our strategy going forward, we keep our strategy, we keep our growth strategy, we keep on investing in sales and marketing and recruitments. We keep on investing in our offices in the rest of the Nordics and Netherlands. Thank you for listening, and let's go over to the questions then.
We have no questions in the chat today.
So do we have any questions? Please write them in the chat. Okay. Then I think we are ready for vacation, Magnus.
Yes, we are.
Thanks for listening and have a great summer. And if you have any questions, you can send me an email or Magnus or give me a call. Thank you very much and have a great summer, everyone.