BERLIN (Reuters) – German software company TeamViewer forecast that its business would grow by up to a third this year while profit margins would hold firm, as the remote connectivity specialist reported a strong end to 2020.
Billings are forecast in a range of 585-605 million euros ($707-$731 million) after growing by 44% last year to 460 million euros, the company said, confirming preliminary results published in January.
TeamViewer provides “anytime, anywhere” solutions that make it possible to operate applications remotely. Since floating in Sept. 2019, it has actively pursued acquisitions and added new features to its product range.
“We will expand our solution scope across more verticals, grow our global enterprise footprint and increase use cases for Augmented Reality and Internet of Things broadly,” CEO Oliver Steil said in a statement.
Fourth-quarter billings grew by 32% at constant currency to 128 million euros, continuing to grow strongly even as a demand surge arising from a shift to home working during the coronavirus pandemic ebbed.
TeamViewer, based in Goeppingen, southwest Germany, forecast billings growth of 29-33% this year at constant currency, while adjusted core profit margin would be between 55% and 57% – touching last year’s outturn at the top end of its guidance.
The company set a mid-term target of increasing billings to 1 billion euros in 2023.
($1 = 0.8280 euros)
(Reporting by Douglas Busvine; Editing by Riham Alkousaa, Kirsti Knolle)
