Diggecard reported 2020 turnover of approximately £43 million, or NOK 514 million, against a forecast of £25 million, or NOK 300 million. The company published the figures on November 23, 2021, following completion of its annual reports. Its signed consolidated accounts record NOK 514.449 million of total operating revenue for the year ended December 31, 2020. The sterling figures and forecast are the company’s rounded figures; the charts below use actual amounts from the Norwegian accounts. [1] [S02]

The update discusses coverage by Norwegian financial newspaper Finansavisen, which the company said linked the result to international expansion and demand for digital gift-card technology during the pandemic. The accounts add evidence about where the reported revenue sat and whether it covered operating costs. [1] [S02]

The UK accounted for most of the reported revenue

The geographic note assigns NOK 510.823 million to the UK and NOK 3.626 million to Norway in 2020. Its total of NOK 514.449 million matches consolidated total operating revenue. Although the note is headed sales revenue, that total includes NOK 0.723 million of other operating revenue shown separately in the income statement. These are the company’s geographic reporting categories, not a count of end customers or every country its technology served. [S02]

The data behind the story

Diggecard’s reported 2020 revenue by geographic market

Actual 2020 consolidated geographic figures in Note 2 of the annual accounts.

NOK million
Source
Diggecard AS 2020 consolidated annual accounts, Brønnøysund Register Centre

Source labels the table sales revenue, but its total reconciles to consolidated total operating revenue including other operating revenue. Geography follows the company’s reporting categories; customer residence and gift-card market share are not established.

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Diggecard’s reported 2020 revenue by geographic market (NOK million)
CategoryReported consolidated amount
UK510.823 NOK million
Norway3.626 NOK million

Diggecard highlighted launches with The Body Shop in France, Germany and the Netherlands, with Edenred in Italy and with Appletree in South Africa. Those projects extended its reach beyond the UK and Norway. The company described support for different languages, currencies and payment methods as important to expansion, alongside online and mobile gift-card sales and the ability to establish digital programmes quickly. The annual accounts do not disclose revenue for each named client or launch. [1] [S02]

The directors’ report identifies 2020 as the first year after the 2019 acquisition of National Gift Card UK. That change in group scope matters when interpreting historical growth: the figures here describe the reported 2020 business and do not establish an organic growth rate against the smaller earlier group. [S02]

Turnover exceeded the forecast, but operating costs were higher

The consolidated income statement records NOK 514.449 million of total operating revenue against NOK 517.008 million of operating expenses. The resulting operating loss was NOK 2.559 million. Exceeding a sales forecast therefore did not mean that normal operating revenue covered operating costs in the reported year. [S02]

The data behind the story

2020 operating revenue and operating expenses

Actual consolidated full-year totals; the difference is the reported operating loss.

NOK million
Source
Diggecard AS 2020 consolidated annual accounts, Brønnøysund Register Centre

Both values cover January–December 2020 and the same consolidated group. Revenue includes other operating revenue; expenses include goods sold, payroll, depreciation, amortisation and other operating costs. Neither amount is gift-card balances, profit or the earlier forecast.

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2020 operating revenue and operating expenses (NOK million)
CategoryReported consolidated amount
Total operating revenue514.449 NOK million
Total operating expenses517.008 NOK million

The final annual result was nevertheless a profit of NOK 3.783 million. The signed accounts show NOK 6.200 million of net financial income and a tax credit between the operating loss and that bottom-line result. Operating performance and final profit consequently answer different questions; neither the revenue headline nor the final profit alone describes the margin from the gift-card operation. [S02]

For the period reached by November 2021, Diggecard said the business was 33% ahead of the previous year. Christmas sales were still to come, and the update did not specify an exact measurement window. That statement remains an attributed interim update, separate from the audited 2020 figures and from a full-year 2021 result. [1]

The accounts cover Diggecard AS and its consolidated group, rather than the Norwegian parent alone. Deloitte’s report dated September 30, 2021 gave an unmodified opinion on the annual accounts and separately noted that their preparation was late. These historical accounts support the financial comparisons; they do not independently quantify how much growth came from pandemic demand, individual rollouts or the platform’s technical features. [S02]