Annual Report 2020
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Annual report 2020

Annual Report 2020 consists of integrated reviews of the business operations, Report of the Board of Directors and Financial Statements, and Corporate Governance.

Financial Statements 2020

Financial Statements document contains the Report of the Board of Directors, complete Financial Statements including the notes to the statements, and Auditor's report.

Governance 2020

Governance document contain Avidly's Corporate Governance Statement and information on members of the Board and Management team.

Key figures 2020

Revenue 25.0 M€ +12.8%
Gross Profit 18.6 M€ +8.0%
Continuous services approx 42 % from gross profit
EBITDA 1.7 M€ +386%
EBITA* 0.2 M€
Adjusted operating profit ** 0.3 M€
EBIT -0.1 M€ +97.4%
Net result -0.3 M€
Personnel on average 228
Equity ratio 40.9%
Gearing 14.3%

Towards profitable growth

The global pandemic made the year 2020 exceptionally challenging. Despite the difficult market situation, we managed to grow and turn our operating profit into positive during the second half of the year.

You can read the full CEO's review below.

Read the full CEO's review

In 2020, the global pandemic posed significant challenges to both societies and businesses. Despite the times of uncertainty, we at Avidly carried out a determined strategy and development work. We have now defined the foundation on which we want to build our business. In December 2020, we announced our new strategy, which will give us a clear direction and milestones for the coming years. The brand, launched in March 2021, supports our goals.

We are on a path of growth: in 2020, our revenue grew by 13 percent and during the second half of the year by 16 percent. In these exceptional circumstances, these results were satisfactory. The full-year operating loss of 0,1 million euros was significantly decreased from the 2,4 million euros in the previous year. I am very pleased that despite the challenging situation in markets, we reached a positive operating result of 0,3 million euros in the second half of 2020. That is a significant improvement compared to the loss of 2,1 million euros in the same period in 2019. We have now reached the turning point, and it’s good to continue from here.

Profitable growth

We have good starting points for 2021: as a marketing technology service company, we respond to global megatrends and the growing demand for digital marketing. With our services we help our customers in digital transformation and to meet the requirements of the experience economy. We combine creativity, technology and data to support our customers sustainable business growth.

We have defined clear strategic goals for the period 2021-2025: profitable growth, thought leadership, being the best place to work and the most loyal customers. To achieve these, we have action plans that we have already started to implement. All this has a significant impact on value of the company in the long run.

An essential part of our strategy is profitable international growth. Our goal is a revenue of more than 50 million euros and EBITA of at least 10% in 2025. We believe we can achieve this goal by taking advantage of the opportunities of market and service expansion and the overall growth of the martech market.

Long-term shareholder value

We aim to increase the long-term shareholder value. For the time being, we don’t distribute  dividends, instead we will focus on growth. We believe that focusing on growing our business will benefit our owners and other stakeholders in the long run.

In 2021, the global economy is expected to gradually recover from the sharp recession experienced in 2020. However, predicting business is difficult and general economic activity affects to Avidly's operations. We will do everything we can to ensure both growth and a positive business result in 2021.

The long-term outlook for our business is good. With our unique expertise we’re able to help our customers to improve their marketing technology and above all, the impact it creates.

I would like to warmly thank the whole Avidly’s staff, our customers and partners for their resilience and excellent cooperation in the challenging conditions of 2020. I believe that together we will achieve a lot also in the future.

Jesse Maula

Highlights in 2020


In 2020 we succeeded in one of the most important goals we set for 2020: strengthening the foundation of the company’s business.

The positive turnaround in the second half of the year was the result of a large number of diverse development projects with which we developed our mindset, sales and marketing process, monitoring of the profitability of customer projects and internal costs, organization and management model as well as the predictability of business. 

The rights issue carried out in June and the long-term financing arrangement signed in June were also a key part of the rehabilitation of Avidly’s business and stabilizing the company’s finances.


Great customer experience is holistic and integrated. It takes into account the entire customer journey and every touchpoint leading the customer to the desired outcome by utilizing data and technology as a binding element. 

In 2020 we focused on developing our agile operational  model that supports a continuous and high-performance approach to engage the right audiences with emotional storytelling to aspire and activate them through their entire customer lifetime. We call it Tomorrowave.


One of the key goals we had for 2020 was to clarify the company's strategy. With the updated strategy launched in December 2020, Avidly aims for impact-driven, profitable growth and a position as a leading European martech service provider.

Avidly’s crystallized strategy combines creativity with technology, profitability with sustainability - and above all, sales with marketing. They all contribute as a result-driven platform for our clients’ growth, and also for Avidly’s own growth.


Work in 2020 to renew Avidly brand culminated in early March 2021 with the launch of the new brand. The brand was worked on as part of Avidly’s strategy process, and it  focuses on the core element of the strategy ­– impact. Creating a positive impact for people, planet and profit is the overall objective, leading to sustainable growth with better marketing and business design. 

Avidly’s new brand signifies a future filled with enthusiasm and optimism.  At its core it combines sales and marketing, technology and creative ideas as well as inbound and outbound marketing.

IR contact

Contact investor relations

CEO Jesse Maula
+358 40 548 0248, email

Last updated
5. July, 2021

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