PRESS RELEASE: BIGBEN: FIRST HALF 2023/24 RESULTS - English
version
Press release
Lesquin, 27 November 2023 - 6 p.m. CET
FIRST HALF 2023/24
RESULTS:
- PERFORMANCE AFFECTED BY A RELEASE
SCHEDULE WEIGHTED TOWARDS THE SECOND HALF
- IMPROVEMENT IN MARGIN RATES: EBITDA OF
€32.0 MILLION
FULL-YEAR SALES AND EARNINGS EXPECTED TO
SHOW STRONG GROWTH
Bigben Interactive (ISIN FR0000074072) is today
announcing its consolidated results for the first half of its
2023/24 financial year (six months from 1 April to 30 September
2023) as finalised by the Board of Directors in its meeting of 27
November 2023.
|
Consolidated IFRS figures (€ million) |
First half 2023/24 |
First half2022/23 |
Change |
|
Sales (non-IFRS) |
131.1 |
138.5 |
-5.4% |
|
Adjustment for the partial disposal of Gollum |
(3.0) |
|
|
|
Sales (IFRS) |
128.1 |
138.5 |
|
|
Gross profit% of revenue |
62.248.6% |
64.846.8% |
-4.0% |
|
EBITDA% of revenue |
32.025.0% |
26.919.4% |
+18.7% |
|
Operating income% of revenue |
4.33.3% |
10.57.6% |
-59.1% |
|
Financial income (expense) |
(3.9) |
(0.3) |
|
|
Income before tax % of
revenue |
0.30.3% |
10.27.4% |
-96.6% |
|
Income tax |
2.4 |
(2.6) |
|
|
Net income for the period% of
revenue |
2.72.1% |
7.65.5% |
-63.9% |
* This item has been classified under other
operating income in the income statement, as required by IFRSs.
The Bigben group generated sales of
€131.1 million in the first half of 2023/24. Of this, NACON
contributed €70.8 million and Bigben AudioVideo/Telco
€60.3 million.
The gross margin rate rose by almost 2 points
year-on-year to 48.6% as a result of an improved product mix.
EBITDA grew 18.7% to €32 million and
equalled 25% of sales as opposed to 19.4% in the year-earlier
period.
Operating income was affected by a limited
release schedule. As a result, although operating expenses remained
under control in the first half, they were high relative to
business volumes. Firm sales growth is expected in the second half
of the financial year.
The increase in net financial expense was due to
higher interest rates but also negative exchange differences
(foreign exchange loss of €0.8 million as opposed to a gain of
€1.1 million in the year-earlier period).
Analysis of performance by
business
| |
NACON Gaming |
Bigben AudioVideo/Telco |
|
Consolidated IFRS figures (€ million) |
H1 2023/24 |
H1 2022/23 |
Change |
H1 2023/24 |
H1 2022/23 |
Change |
|
Sales |
67.8 |
77.5 |
-12.6% |
60.3 |
61.0 |
-1.2% |
|
|
|
|
|
|
|
|
|
Gross profit |
43.5 |
47.6 |
-8.5% |
18.7 |
17.2 |
+8.7% |
|
% of revenue |
64.2% |
61.4% |
|
31.0% |
28.2% |
|
|
|
|
|
|
|
|
|
|
EBITDA |
29.3 |
24.4 |
+20.1% |
2.7 |
2.6 |
+5.6% |
|
% of revenue |
43.2% |
31.4% |
|
4.5% |
4.2% |
|
|
|
|
|
|
|
|
|
|
Operating income |
3.7 |
9.8 |
-62.7% |
0.6 |
0.7 |
-5.4% |
|
|
5.4% |
12.7% |
|
1.0% |
1.1% |
|
NACON Gaming: in the first-half
period, Catalogue sales (new games) were adversely affected by the
limited release schedule. They amounted to €23.1 million, down
9% year-on-year. Back Catalogue sales (games released in previous
years) were resilient at €21.2 million (down 1.8%), and
returned to growth in the second quarter. Sales in the Accessories
business totalled €24.9 million. They rose sharply at the end
of the period due to the upturn in the global market driven by the
growing installed base of new consoles.
The gross margin rate was 64.2%, an increase of
almost 3 points year-on-year.
EBITDA came in at €29.3 million, giving an
EBITDA margin rate of 43.2% as opposed to 31.4% in the year-earlier
period.Operating expenses remained under control and increased only
slightly.
After €25.6 million of depreciation and
amortisation charges relating to non-current assets
(€14.5 million in the first half of 2022/23), operating income
was €3.7 million, equal to 5.4% of sales.
The increase in net financial expense was due to
higher interest rates but above all negative exchange differences
(foreign exchange loss of €0.5 million as opposed to a gain of
€1.8 million in the year-earlier period).
Bigben AudioVideo/Telco
generated sales of €60.3 million. Despite a significant
contraction in the smartphone market, the mobile accessories
business remained resilient with sales of €46.0 million (down
1.9% year-on-year). AudioVideo sales rose 1.2% to
€14.3 million.
The gross margin rate continued to rise because of the premium
strategy pursued by the Group since 2015 (via the FORCE brand), and
was 31.0% as opposed to 28.2% in the year-earlier period.
EBITDA rose slightly to €2.7 million, equal
to 4.5% of sales.
Operating income was €0.6 million, stable
compared to the first half of 2022/23.
Firm financial position at a time of
heavy investment in the Gaming business
At 30 September 2023, the Bigben group had
equity of €308.2 million and €38.1 million of cash and
cash equivalents.
During the first half, given movements in
interest rates, the Group focused on the way it finances its
development.
The change in the working capital requirement
amounted to €0.6 million. Operating cash flow was positive at
€25.1 million during the period. Cash flow relating to
investing activities (mainly game development costs) was
€46.2 million.
Full year 2023/24:
Expected growth in sales and earnings
For NACON, the second half of
the 2023/24 financial year will see a busy release schedule, with
over 10 new games expected during the period. Games released in the
third quarter include Astérix & Obelix: Heroes
TM, Cricket 24 Official Game of The
Ashes TM, Gangs of
Sherwood TM and especially
Robocop: Rogue City TM, NACON’s
most successful ever launch. Games scheduled for release in the
fourth quarter include War Hospital and
Test Drive Unlimited: Solar Crown
TM.
Sales from the back catalogue are continuing to
grow as it automatically expands with the addition of games
released in previous years.
Finally, the Accessories business will benefit
from a more favourable base for comparison, growth in the installed
base of Xbox series and PS5 consoles and the release of several
high-potential products including the REVOLUTION 5
PRO controller and RIG 600 PRO
headsets.
In the third quarter, Bigben
AudioVideo/Telco will launch several FORCE-branded
products, including FORCE PLAY 2 wireless
earphones. In the Audio segment, trends remain positive and the
Cosy range, produced under a licensing agreement with Thomson, has
good prospects.
Given the upturn in sales expected for
NACON in the second half and the positive outlook
for the Bigben AudioVideo/Telco business, the
Group is confirming its expectation of strong growth in sales and
operating income in the 2023/24 financial year.
Next key event:
Third-quarter 2023/24 sales: 23 January 2024 after
the market close
|
ABOUT BIGBEN INTERACTIVE
|
|
2022/23
SALES€283.5 million WORKFORCEOver
1,300 employees INTERNATIONAL
PRESENCE31 subsidiaries and a distribution network in more
than 100 countrieswww.bigben-group.com |
Bigben is a pan-European player in publishing video games and
designing and distributing mobile accessories, gaming accessories
and audio/video products. The Group is known for being innovative
and creative, and aims to be one of Europe’s leading companies in
each of its markets. Listed on Euronext Paris, compartment B –
Index: CAC Mid & Small – Eligible for the long-only deferred
settlement serviceISIN: FR0000074072; Reuters: BIG.PA; Bloomberg:
BIGFP PRESS CONTACTCap Value – Gilles
Broquelet gbroquelet@capvalue.fr - +33 (0)1 80 81 50 01 |
- CP_BBI_RS 23-24 English Diffusion
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