DJ BILENDI: Results for the 2023 financial year: marked improvement in profitability in the second half of 2023
BILENDI
BILENDI: Results for the 2023 financial year: marked improvement in profitability in the second half of 2023
03-Apr-2024 / 17:47 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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Results for the 2023 financial year:
marked improvement in profitability in the second half of 2023
Paris, 3 April 2024 - Bilendi, a European leader in research technology and data, announces the publication of its
annual results for 2023, marked by a clear improvement in profitability in the second half of the year compared with
the first half.
The annual accounts were approved by the Board of Directors on 28 March 2024. These accounts have been audited and the
certification reports are being prepared.
HALF 1 HALF 2 FULL YEAR
In MEUR
2022 2023 VAR 2022 2023 VAR 2022 2023 VAR
Revenues 29,3 29,6 +0,8% 32,1 33,2 +3,2% 61,5 62,7 +2,0%
Salary costs (11,6) (12,6) +9,0% (10,8) (11,6) +6,9% (22,4) (24,2) +8,0%
Other operating expenses (12,5) (13,3) +6,8% (13,8) (13,8) stable (26,3) (27,1) +3,5%
EBITDA[1] 5,3 3,6 -31,5% 7,6 7,8 +2,9% 12,9 11,4 -11,2%
% of Revenues 18,0% 12,3% 23,6% 23,5% 20,9% 18,2%
Adjusted operating income[2] 3,0 0,9 -68,5% 4,5 5,0 +11,5% 7,5 5,9 -20,5%
% of Revenues 10,2% 3,2% 13,9% 15,1% 12,1% 9,5%
Adjusted net income (group share)2 1,8 0,3 -81,6% 3,0 3,3 +10,0% 4,8 3,6 -25,1%
Annual revenue for 2023 up +2.0% following two record years in 2021 and 2022
In 2023, revenues of EUR62.7m are up +2.0% on 2022. At constant exchange rates, growth was 2.7%. This performance is even more remarkable when we consider the 2 years of significant growth in 2021 and 2022, +29% and +39.5% respectively.
Analysis by geographical area shows:
-- Outside France (77% of sales), revenues increased by +1.2% (+2.1% at constant exchange rates) to EUR48.6m. After two quarters of slight decline in Q2 and Q3, Bilendi regained good momentum in the final quarter of the year,enabling it to post annual growth in this region;
-- In France, following three consecutive quarters of growth, revenues increased by +5.2% to EUR14.1m.
Improved profitability in the second half of 2023
In the second half of 2023, EBITDA rose by +2.9% to EUR7.8m, giving an EBITDA margin of 23.5%, benefiting from the combined effect of a sharper increase in business and the management of operating costs over the period. This rate of growth will be stable on a like-for-like basis in 2024 and will be +11.2 points higher sequentially than in the first half of 2023. Adjusted operating profit and adjusted net profit group share rose by +11.5% and +10.0% respectively over the period, compared with the second half of 2022.
For the full year 2023, EBITDA was EUR11.4m, down -11.2% on the previous year, representing 18.2% of revenues. After including depreciation, amortisation and provisions, adjusted operating profit will reach EUR5.9m in 2023, and adjusted net profit (group share) will be EUR3.6m.
A solid financial structure and increased cash generation in the second half of the year
At 31 December 2023, Bilendi had a solid financial structure, with: a cash position of EUR13.3m, stable compared with 2022; net debt of EUR0.7m, compared with EUR0.2m in 2022; and shareholders' equity of EUR35.6m (+8.5%).
Over the full year, cash flow from operating activities will amount to EUR8.5m (13.6% of sales), compared with EUR7.2m in 2022, with a sharp acceleration in the second half to EUR7.2m compared with EUR1.3m in the first half of 2023.
2024: good momentum at the start of the financial year and continued enhancement of Bilendi's offering
Thanks to good momentum for the year ahead and although it is advisable to remain cautious given the ongoing macro-economic uncertainties, Bilendi is relatively confident in its ability to continue to generate growth accompanied by sustained profitability in 2024.
To achieve this, Bilendi will be relying on its continued sales momentum in France and abroad, a controlled cost structure and its capacity for innovation, particularly with the increased integration of artificial intelligence into its solutions.
A highlight of 2023 was the mid-year launch of a new version of Bilendi Discuss, incorporating BARI (Bilendi Artificial Research Intelligence) developed from ChatGPT as well as its internal AI. BARI was enhanced in January 2024 with automatic moderation skills with respondents, becoming even more powerful. During 2024, Bilendi intends to add the last two bricks still missing from Bilendi Discuss: the automatic generation of the discussion guide and the creation of a complete study report, which will enable the production of complete AI-based qualitative market research.
Other major innovations will also be announced over the course of the year to continue revolutionising the market research sector.
Objectives reaffirmed for 2026:
Bilendi is reaffirming its aggressive growth strategy combining development and targeted acquisitions with the aim of achieving sales of EUR100m by 2026, and EBITDA of 20% to 25% of sales, i.e., EUR20m to EUR25m.
Next publication: Q1 2024 revenues published on 14 May 2024 (after market close)
About Bilendi
At a time when the volume, variety and speed of data transmitted and exchanged are increasing exponentially, Bilendi provides an innovative technological response to data collection, management and enhancement. Bilendi is thus positioned at the heart of data collection for two market segments: "Technologies & Services for Market Research" and "Technologies & Services for Customer Engagement and Loyalty". Bilendi is a European and an international company which is based in France, UK, Germany, Italy, Belgium, Spain, Sweden, Finland, Denmark, Switzerland, Netherland, Morocco. The company also has activity in Austria and Norway.
In 2023, Bilendi reached a cumulated revenue of 62,7 MEUR, with a growth of +2,0% (+2,7% at a constant exchange rate). The group is listed on Euronext Growth Paris.
ISIN code: FR0004174233 - Mnémo code: ALBLD - Eligible PEA PME - « Innovative company » status from BPI France
www.bilendi.com
Contacts
BILENDI BILENDI Marc Bidou - Chairman and CEO Marc Bidou - Chairman and CEO Phone: 01 44 88 60 30 Phone: 01 44 88 60 30 m.bidou@bilendi.com m.bidou@bilendi.com ACTIFIN ACTIFIN Analysts & Investors Relations Press: Analysts & Investors Relations Press: Foucauld Charavay Isabelle Dray Foucauld Charavay Isabelle Dray foucauld.charavay@seitosei-actifin.com isabelle.dray@seitosei-actifin.com foucauld.charavay@seitosei-actifin.com isabelle.dray@seitosei-actifin.com Phone: 01 56 88 11 10 Phone: 01 56 88 11 29 Phone: 01 56 88 11 10 Phone: 01 56 88 11 29
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[1] EBITDA: Operating profit before depreciation, amortisation and provisions
[2] Excluding additional depreciation of assets relating to the acquisition of Respondi for an amount of EUR1,125K in 2023, with no cash impact, following the purchase price allocation (PPA). Full details in the 2023 annual report. Including this amortisation, Operating Profit for 2023 is EUR4.8m, and Net Profit Group Share is EUR2.8m.
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Regulatory filing PDF file File: Results for the 2023 financial year: marked improvement in profitability in the second half of 2023
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Language: English
Company: BILENDI
4 rue de Ventadour
75001 PARIS
France
E-mail: contact.fr@bilendi.com
Internet: www.bilendi.com
ISIN: FR0004174233
Euronext Ticker: ALBLD
AMF Category: Inside information / News release on accounts, results
EQS News ID: 1872763
End of Announcement EQS News Service
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1872763 03-Apr-2024 CET/CEST
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April 03, 2024 11:47 ET (15:47 GMT)
