Claranova - EBITDA improvement across all divisions

On relatively flat H124 revenue, Claranova grew adjusted EBITDA more than 50% year-on-year as the focus on profitability over growth started to deliver. With Avanquest's loss-making non-core business reducing, myDevices hitting break-even and customer acquisition costs back under control in PlanetArt, the company is better positioned to drive profitable growth. Management is targeting an adjusted EBITDA margin of c 10% in FY24. The company has refinanced its debt, providing funds to repay the OCEANE convertible debt that was due for repayment from August, with the maturity of the new debt extended to April 2028. A new CEO and chairman have been appointed and a strategic review is underway.

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