In Finland, we promoted our digital sales channel in the small customer segment and began digital marketing activities in the segment, and we implemented a number of acquisitions that support our strategy and growth in all of our operating countries. Active sales in Sweden got off to a good start, and we continued to expand the sales organisation. We continued to get ready in Sweden for the massive rollout of our own software, which is anticipated to happen in the fall. We have continued our planned investigation into new accounting service markets because we want to use our collected expertise and participate in the digitalization of the European accounting service market.
The first half of the year went very well in terms of profitability and in accordance with the typical seasonality of our business. Our inflation resistance is good. We will grow our investments in strategic growth projects in the second half of the year. We, e.g., accelerate the scaling of our small customers business, implement our software in Sweden and speed up the business ramp-up in Spain. These actions will be visible as increased investments and costs.
We reiterate our guidance and expect 2022 net sales to be around EUR 100-110 million and EBIT to be EUR 15-18 million.
Net revenues increased significantly. With net sales growth of 16.4% in the second quarter and the same in the first half of the year, the positive trend in Finnish operations continued. In addition to acquisitions, sales of value-added services and new customers also contributed to the rise of net sales. The Swedish market had strong growth that was mostly fueled by acquisitions. During the second quarter and the first half of the year, net sales rose by 77.3 percent and 75.5 percent, respectively.
Trends affecting our industry include the accelerating digital transformation driven by EU’s Green Transition projects, and a number of EU-level legislative projects, such as the Payment Services and e-Invoicing Directive. We estimate that over 90% of European companies employ less than five people. We believe a majority of small businesses do not yet use a financial management platform. The above drivers have an impact on the fact that smaller and smaller companies are adopting financial management platforms. We have, therefore, developed our small customer concept and digital sales. To our understanding customer retention in the chosen financial management platform is strong. To speed up the implementation of our software platform in Spain, we acquired the locally operating Nomo customer interface. Our aim is to integrate Nomo into Talenom’s own software. Talenom’s vision is to be a one stop shop for a software platform, accounts and cards, and accounting services which we believe provides the best possible customer experience and retention.
The company’s CEO Otto-Pekka Huhtala will present the main points of the review in a live webcast today Tuesday 2 August 2022 at 10:00 EEST. The live webcast will be in Finnish, but a recording of the event will be published also in English on Talenom’s website https://sijoittajat.talenom.fi/en
The live webcast event can be viewed at: https://talenom.videosync.fi/2022-q2-results
Participants will have the opportunity to present questions during the briefing over the webcast platform. The presentation materials will be published before the start of the briefing on the company’s website.