LECTRA: First half 2024: increased revenues and EBITDA, due to
improved Group’s fundamentals and the integration of Launchmetrics.
Confirmation of 2024 objectives.
First half 2024: increased revenues and EBITDA, due to
improved Group’s fundamentals and the integration of Launchmetrics.
Confirmation of 2024 objectives.
- Revenues: 262.3 million euros
(+9%)*
- EBITDA before non-recurring items:
42.2 million euros (+20%)*
*At actual exchange rates
|
|
|
In millions of euros |
April 1 – June 30 |
January 1 – June 30 |
|
2024(1) |
2023 |
2024(1) |
2023 |
Revenues |
132.7 |
115.9 |
262.3 |
239.6 |
Change at actual exchange rates (in %) |
15% |
|
9% |
|
EBITDA before non-recurring items(2) |
21.2 |
15.6 |
42.2 |
35.3 |
Change at actual exchange rates (in %) |
36% |
|
20% |
|
EBITDA margin before non-recurring items
(in % of revenues) |
15.9% |
13.4% |
16.1% |
14.7% |
Income from operations before non-recurring items |
10.4 |
8.2 |
21.7 |
20.3 |
Change at actual exchange rates (in %) |
28% |
|
7% |
|
Net income(3) |
4.4 |
6.6 |
11.1 |
13.9 |
Free cash flow before non-recurring items |
6.3 |
7.4 |
28.3 |
16.6 |
|
|
|
|
|
(1) The 2024 amounts include Launchmetrics since
January 23, 2024
(2) The definition for performance indicators
appears in the Management Discussion of June 30, 2024
(3) In 2023, net income included the impact of
non-recurring income of 2.6 million euros
Paris, July 25, 2024. Today,
Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the
consolidated financial statements for the first half of 2024, which
have been subject to a limited review by the Statutory Auditors. To
facilitate the analysis of the Group's results in its new scope,
the accounts of Lectra excluding Launchmetrics (the "Lectra 2023
scope") and those of Launchmetrics are analyzed separately.
The detailed 2024 vs 2023 comparisons are based
on actual exchange rates, except for the Lectra 2023 scope stated
on a like-for-like basis.
- Q2
2024
The macroeconomic and geopolitical environment
remained particularly degraded in the second quarter but with
heterogeneous situations between different geographical markets and
market sectors. In particular, the manufacturer’s morale has
improved in Asia-Pacific while uncertainty prevailed in Europe and
the United States, due to past or upcoming elections.
This uncertainty resulted in a cautious position
on the part of the Group's customers in their investment decisions,
with a negative effect on orders for new systems but without having
a significant impact on orders for new software subscriptions,
which are considered by the Group’s customers as operating
expenses.
Second quarter results were nonetheless
significantly higher, driven by the improvement in Group’s
fundamentals – growth in recurring revenues, higher gross profits,
stability in overhead costs - and by the integration of
Launchmetrics. Q2 2024 revenues (132.7 million euros) and EBITDA
before non-recurring items (21.2 million euros) significantly
increased (respectively +15% and +36%). The EBITDA margin before
non-recurring items stood at 15.9%.
Launchmetrics contributed 10.8 million
euros to revenues and 1.5 million euros to EBITDA before
non-recurring items, with an EBITDA before non-recurring items
margin of 13.4%.
Lectra 2023 scope
Orders for perpetual software licenses,
equipment and accompanying software, and non-recurring services
(38.7 million euros) are stable compared to Q2 2023.
The annual value of new subscriptions for
software came to 3.0 million euros, up 6% compared to Q2 2023.
Q2 2024 revenues came to 121.9 million euros, up
5% compared Q2 2023. EBITDA before non-recurring items was
19.7 million euros, up 27% and EBITDA margin before
non-recurring items stood at 16.2% (+2.8 percentage
points).
- FIRST HALF
2024
H1 2024 revenues were 262.3 million euros, up
9%.
The gross profit came to 187.5 million euros, up
13% compared to H1 2023, and the gross profit margin to 71.5% up
2.4 percentage points.
EBITDA before non-recurring items totalled 42.2
million euros up 20% and the EBITDA margin before non-recurring
items up 16.1% up 1.4 percentage points.
Consolidated income from operations before
non-recurring items amounted to 21.7 million euros, up 7%. This
included a 11.0 million euros charge for amortization of intangible
assets arising from acquisitions made since 2021, including 4.7
million euros for Launchmetrics.
Considering the amortization of Launchmetrics
intangible assets, the increase in financial expenses and an income
tax expense of 5.7 million euros, net income totalled
11.1 million euros. Net income for H1 2023 (13.9 million
euros) included the impact of a non-recurring income of
2.6 million euros in Q2 2023.
Free cash flow before non-recurring items came
to 28.3 million euros, up sharply compared to 2023
(16.6 million euros in the first half of 2023).
As of June 30, 2024, the Group has a
particularly robust balance sheet, with a consolidated
shareholders' equity of 333.6 million euros, a negative
working capital requirement of 10.3 million euros and net
financial debt of 59.0 million euros, consisting in financial
debt of 118.2 million euros and cash of 59.2 million
euros, after paying in full the first tranche of the acquisition of
Launchmetrics, i.e. 77.0 million euros.
Lectra 2023 scope
In H1 2024, orders for perpetual software
licenses, equipment and accompanying software, and non-recurring
services (74.2 million euros) were stable compared to H1 2023. The
annual value of new software subscription orders came to 5.4
million euros, stable compared to H1 2023.
Revenues amounted 243.2 million euros, up 2% compared to H1
2023.
EBITDA before non-recurring items was 39.7
million euros, up 14% and the EBITDA margin before non-recurring
items came to 16.3%, up 1.8 percentage points, compared to
2023.
- BUSINESS
TRENDS AND OUTLOOK
In its financial report on the fourth quarter
and full year 2023, published on February 14, 2024, Lectra
reiterated its long-term vision, as well as the objectives of its
2023-2025 strategic roadmap and its ambitions for 2025: revenues of
600 million euros, of which 400 million euros in recurring
revenues, including 90 million euros in SaaS revenues, and an
EBITDA margin before non-recurring items exceeding 20%.
The Group also stated that while the substantial
improvement in the fundamentals of the Group's business model in
2023 would have a positive impact on 2024 results, persistent
macroeconomic and geopolitical uncertainties could continue to
weigh on investment decisions by its customers.
While business in H1 remained subdued, the
increase in EBITDA before non-recurring items - which exceeded
growth in revenues -confirms the improved fundamentals of Lectra’s
business model.
2024 financial objectives
confirmed
On February 14, the Group reported its
objectives for 2024, before including the Launchmetrics acquisition
(i.e., for the Lectra 2023 scope): to achieve revenues in the range
of 480 to 530 million euros (+2% to +12%) and EBITDA before
non-recurring items in the range of 85 to 107 million euros (+10%
to +40%).
The Group also reported that Launchmetrics
revenues (for the consolidation period from January 23 to December
31, 2024) were projected to be in the range of 42 to 46 million
euros, with an EBITDA margin before non-recurring items of more
than 15%.
These scenarios were prepared on the basis of
the closing exchange rates on December 29, 2023, and particularly
$1.10/€1.
The results for H1 2024 confirm the 2024
objectives. At this stage, full-year results however would be at
the lower end of the indicated ranges.
The 2023 Annual Financial Report, as well as the Management
Discussion and Analysis of Financial Conditions and Results of
Operations and the financial statements for H1 2024 are available
on lectra.com. Q3 and the first nine months of 2024 earnings will
be published on October 30, 2024.
As a major player in
the fashion, automotive and furniture markets, Lectra contributes
to the Industry 4.0 revolution with boldness and passion by
providing best-in-class technologies. The Group offers
industrial intelligence solutions - software, equipment, data and
services - that facilitate the digital transformation of the
companies it serves. In doing so, Lectra helps its customers push
boundaries and unlock their potential. The Group is proud to state
that its 3,000 employees are driven by three core values: being
open-minded thinkers, trusted partners and passionate
innovators. Founded in 1973, Lectra reported revenues of 478
million euros in 2023. The company is listed on Euronext, where it
is included in the following indices: SBF 120, CAC Mid 60, CAC
Mid&Small, CAC All Shares, CAC All-Tradable, CAC Technology, EN
Tech Leaders and ENT PEA-PME 150. For more information,
visit www.lectra.com
Lectra – World Headquarters: 16–18, rue Chalgrin • 75016 Paris •
France
Tel. +33 (0)1 53 64 42 00 – www.lectra.com
A French Société Anonyme with capital of €37,832,965 • RCS Paris B
300 702 305
- Lectra_Press_Release_H12024
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