Prodware: Growth in 2019 EBITDA and Net Income
11 Mars 2020 - 5:45PM
Business Wire
- Revenue up 6.7%
- EBITDA up 10.0% adjusted for the change in accounting standards
(i.e., eliminating impact of IFRS 16)
- Net income up 15.6%
Regulatory News:
Prodware (Paris:ALPRO):
Under IFRSs
Audited figures - in €m
2018
2019*
% change
% change adjusted for the change
in accounting standards
Consolidated revenue
175.9
187.7
+6.7%
+6.7%
EBITDA
as a % of revenue
33.3
18.9%
48.3
25.8%
+45.2%
+10.0%
Current operating
income
as a % of revenue
16.8
9.6%
17.3
9.2%
+2.7%
+1.4%
Operating income
as a % of revenue
17.2
9.8%
17.3
9.2%
+0.3%
-1.0%
Net income, Group
share
as a % of revenue
9.1
5.2%
10.5
5.6%
+15.6%
+17.4%
* including the impact of the first-time
adoption of IFRS 16 on FY 2019
Significant revenue growth in 2019
Prodware’s FY 2019 revenue came to €187.7 million, up 6.7% from
€175.9 million in FY 2018. Business trends were firm across all
regions, with the top-line performance showing the benefits in 2019
of Prodware’s strategy predicated on four key pillars: consulting,
innovative industry-specific and line-of-business software
solutions, project implementation, and managed services to keep its
clients’ businesses running 24/7.
SaaS sales (€38.9 million, up 34.8% on the previous financial
year) of its solutions again made a substantial revenue
contribution, as Prodware’s development accelerated in
higher-margin segments generating more repeat business.
Higher profitability
2019 EBITDA rose 10.0% adjusted for the change in accounting
standards, eliminating the impact of the lease restatements
required under IFRS 16. On a reported basis, EBITDA climbed 45.2%.
The tight grip on personnel expenses and business growth were the
two key factors behind the increase in EBITDA.
Current operating income, which reflects a significant rise in
depreciation, amortisation and additions to provisions (up 94.0%
with the IFRS 16 restatements and up 17.8% at constant accounting
standards), edged up to €17.3 million (2.7% rise compared with FY
2018).
Net financial expense came to €6.5 million in FY 2019 (€6.1
million excluding the IFRS 16 impact), down from €8.3 million in FY
2018. This improvement flowed from the lower cost of debt and the
steep reduction in provisions for investments.
Net income, Group share totalled €10.5 million in FY 2019, up
15.6% from €9.1 million in the previous financial year (17.4% rise
at constant accounting standards).
A solid balance sheet
Prodware’s balance sheet at 31 December 2019 had €144.8 million
in equity, up 4.8% from its level at 31 December 2018, taking into
account the treasury shares that were acquired in FY 2019
accounting for 5.3% of the share capital.
Net debt adjusted to exclude liabilities arising from the
first-time adoption of IFRS 16 came to €83.2 million. That
represents a gearing of 0.6x equity and a ratio firmly under
control at 2.3x 2019 EBITDA at constant accounting standards.
Outlook
In 2020, Prodware plans to continue to grow its business by
leveraging its innovative approach to supporting its clients’
digital transformation and the development of its human
capital.
In parallel, the group plans to strengthen its existing
geographical positions. That will help to pave the way for even
more profitable revenue growth.
Lastly, when selecting its core segments, Prodware will
carefully nurture its robust business model combining recurring
revenue streams with customisation of its innovative solutions to
lock in sustainable growth in its top-line performance.
Next report: First-quarter 2020 revenue: 14 May 2020,
after market close.
About Prodware
Emboldened by three decades of solid experience and know-how in
the field of IT innovation we have always thrived on delivering
value and expertise to our customers worldwide. Whether enabling
ambitious Cloud strategies, artificial intelligence driven
decision-making tools or IoT applications. Prodware keeps paving
the way to innovation.
Prodware has embraced technology advances and breakthroughs
helping companies step into the future by building the business
models of tomorrow across the manufacturing, retail &
distribution, professional services and finance verticals.
The Prodware group is a global company with regional offices in
15 countries with more than 1350 employees generating €189 m in
annual revenue in 2019. Prodware SA is listed on Euronext Growth
and is eligible for the FCPI investment fund and the PEA/PME share
savings plan. More information: www.prodware-group.com
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PRODWARE
Stéphane Conrard Directeur financier T : 0979 999 000
investisseurs@prodware.fr
PRESSE
Gilles Broquelet CAP VALUE T : 01 80 81 50 01
gbroquelet@capvalue.fr
Prodware (EU:ALPRO)
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