Double-digit revenue growth thanks to mid-market customers: Advania FY24 results

While its double swoop of Servium and CCS weren’t applauded as the main drivers, Advania notes their financial impact on a pro forma basis

Swedish IT services provider Advania hails double-digit revenue growth as it rings in its full-year 2024 financial results.

Net revenue grew 11.3 per cent year-on-year to SEK 15.1bn (£1.2bn) in FY24.

Gross revenue (including agent software sales) surged 15.6 per cent to SEK 17.2bn (£1.3bn) for the year ended December 31, 2024.

Advania made headline news for M&A not once but twice in the past 12 months with its double acquisition of Servium followed by CCS Media through its UK arm.

Factoring in these dual buys, Advania’s net revenues would have arrived at SEK 18.4bn (£1.4bn) for last year.

But M&A aside, the Microsoft partner managed to have a successful year driven by its mid-market customers, according to CEO Hege Støre.

“Our priority is to help our customers navigate complexity with confidence,” she said.

“We’ve grown by staying close to our customers and investing in the capabilities they need most—cybersecurity, AI, and scalable IT services. Increasingly, our mid-market customers are turning to us as their end-to-end IT partner.

“They want to ensure operational stability while preparing for the next wave of digital transformation — and we’re uniquely equipped to help them do both.”

Henrik Schibler, CFO added: “This year’s financial performance reflects the resilience and scalability of our business model.

“On a pro forma basis, including the full-year effect of our 2024 acquisitions, revenue would have reached SEK 18.4bn.

“With these businesses now fully integrated and an improved capital structure following our successful debt repricing in the first quarter of 2025, we are entering the year with solid momentum and the flexibility to support continued investment and long-term growth.”

Advania UK was the newly unveiled brand of Microsoft partner Content+Cloud, which was acquired by the Nordic reseller in December 2022.

The 52 ranked Top VAR which bills itself as a cloud services and digital transformation provider, generated revenues of £81.1m for its year ending 31 March 2022, dropping one place on 2023’s list.

However, with the added Advania scale, this outfit is poised for growth in the coming years, as CEO Geoff Kneen eyes double AI revenue in 2025.

“I think 2024 was a good start in our industry around AI, and I think it will accelerate in 2025.

“We’re setting ourselves a KPI around making sure we see the level of AI revenue more than double into 2025 as well.”