Dékuple: 2024 FIRST-HALF EARNINGS
2024 FIRST-HALF
EARNINGS
_____
- Net sales growth of +8.8% to €104.6m
- Gross margin up +5.8% to €83.5m
- Operational profitability progressing, with an EBITDA
margin1 representing
14.8% of the gross margin
- Net income (Group share) of €5.5m, with a gross margin
of 6.6%
- Development in line with the “Ambition 2025” plan
aiming to become a European leader for data marketing
Paris, 30 September 2024 (8:00am) - The
DÉKUPLE Group, a cross-channel data marketing expert, is reporting
its earnings for the first half of 2024.
Bertrand Laurioz, DÉKUPLE Group Chairman and
CEO: “2024 is being marked by a complex economic and
geopolitical environment, with continued pressure on purchasing
power, uncertainties concerning the elections in France, and the
crises in Ukraine and the Middle East. Despite these challenges,
DÉKUPLE has successfully maintained its trend for solid growth, in
line with our Ambition 2025 plan to make us the European
leader for data marketing.
During the first half of this year, our
diversified business model once again showed its resilience, with
our net sales climbing +8.8% and our gross margin up +5.8%. This
performance is to a great extent linked to the expansion of our
digital marketing activities, which now represent 63% of our
consolidated net sales, with their gross margin showing outstanding
growth of +18.6%.
Despite significant investments across all
the branches in which we operate, we have successfully maintained a
high level of profitability. Our restated half-year EBITDA came to
€12.4m, up +15.4% versus a favorable basis for comparison,
representing 14.8% of the gross margin. This progress reflects the
positive trends seen for our Digital Marketing activities in France
and Spain, the balance achieved in our Insurance business, and the
stable level of profitability for our Magazine activities.
As data marketing specialists, we are
continuing to grow by meeting the needs of brands, from consulting
to agencies or solutions, while supporting our portfolios that
generate recurrent revenues in the press and insurance sectors
thanks to our ongoing commercial investments. The percentage of
digital marketing within our activities will continue to ramp up
with the development of our consulting services, the expansion of
our engagement marketing and engineering activities, and the
increasingly international profile of our offers and
solutions.
In addition, to support our development, we
are actively moving forward with our external growth strategy.
Following the acquisition at the end of the first half of 2024 of a
specialist Netlinking platform automated by Rocket Marketing, we
are looking into new opportunities for development in France and
internationally.
We are also continuing to invest in
innovation and training, with a strong commitment to developing
offers relating to Generative AI. This is now integrated into our
technological solutions, from performance marketing to consulting
with Converteo and creation with Brainsonic. The AI factories that
we have put in place are enabling our clients to incorporate
Generative AI into their operational processes, whether for data or
creativity. Convinced of the transformational potential of
Generative AI, we have continued rolling out our ambitious training
program for our 1,000 staff, and the first results can already be
seen.
Faced with an uncertain environment, DÉKUPLE
remains firmly focused on growth in the buoyant data marketing
sector. We plan to further strengthen our leadership in Europe,
while consolidating our presence in North America and Asia. Our
services will continue to stand out thanks to our commitment to
promoting innovation, supported by technological investments,
particularly in data and AI. With sound financial resources in
place and the dedication shown by our 1,000 staff, I firmly believe
that DÉKUPLE is on track to become the European leader for data
marketing. I would like to warmly thank our teams for their
dedication and energy, which are at the heart of our
success”.
FIRST-HALF KEY DEVELOPMENTS
During the first half of 2024, despite a
challenging economic environment, the DÉKUPLE Group achieved solid
performances, thanks in particular to the continued growth in its
digital marketing activities, which now represent 63.5% of
consolidated net sales, compared with 57.7% one year earlier, with
their gross margin climbing +18.6%. This significant progress
reflects the relevance, efficiency and effectiveness of the Group’s
multi-expert data marketing solutions, which successfully meet the
complex challenges facing its clients, particularly in terms of
data and artificial intelligence.
Despite an unfavorable context for consumption,
the portfolio-based activities have maintained a significant level
of commercial investments with a view to consolidating their
portfolio of subscriptions generating recurrent revenues. For the
Magazine business, faced with a press market downturn, the
marketing campaigns are being maintained on the most profitable
client segments and sales are down -6.4%. Alongside this, sales are
virtually stable compared with last year for the Insurance
business, which is continuing to develop the supplementary health
offering.
FIRST-HALF EARNINGS
Consolidated net sales2 came to
€104.6m, following +8.8% growth compared with the first half of
2023, while the gross margin3 is up +5.8% to €83.5m.
Against a backdrop of a high level of
investments, restated EBITDA came to €12.4m, up +15.4% versus a
favorable basis for comparison from the first half of 2023, to
represent 14.8% of the half-year gross margin.
Income from ordinary operations, up +19.0% to
€8.4m, represents 10.1% of the half-year gross margin, compared
with 9.0% for the first half of 2023. This increase primarily
reflects the improvement in results for the Digital Marketing
business in France and Spain, the balance achieved by the Insurance
business, and the stable level of EBIT for the Magazine
business.
EBIT totaled €7.6m at 30 June 2024, compared
with €7.1m one year earlier. For the first half of 2024, this
result includes -€0.8m of non-current expenses linked to the
partial write-down of goodwill for the subsidiary Groupe Grand
Mercredi.
Financial income and expenses came to +€0.4m,
with a tax expense of -€2.6m, taking consolidated net income to
€5.4m for the first half of 2024, up +10.2% from the same period in
2023.
After deducting minority interests, net income
(Group share) totaled €5.5m, representing 6.6% of the half-year
gross margin.
(€m) |
First half of 2024 |
First half of 2023 |
Change 2023/2022 |
Net sales |
104.6 |
96.1 |
+8.8% |
Gross margin |
83.5 |
78.9 |
+5.8% |
Restated EBITDA |
12.4 |
10.7 |
+15.4% |
% of gross margin |
14.8% |
13.6% |
+125 bp |
Income from ordinary operations |
8.4 |
7.1 |
+19.0% |
% of gross margin |
10.1% |
9.0% |
+113 bp |
EBIT |
7.6 |
7.1 |
+7.6% |
% of gross margin |
9.1% |
9.0% |
+16 bp |
Net financial expenses / income |
0.4 |
0.1 |
|
Tax expense |
(2.6) |
(2.2) |
|
Share of net income from associates |
0.0 |
(0.1) |
|
Consolidated net income |
5.4 |
4.9 |
+10.2% |
% of gross margin |
6.5% |
6.2% |
+26 bp |
Net income (Group share) |
5.5 |
5.0 |
+10.4% |
% of gross margin |
6.6% |
6.4% |
+28 bp |
FINANCIAL POSITION AT 30 JUNE 2024
The Group’s shareholders’ equity at 30 June 2024
is up +€1.7m to €52.8m, compared with €51.1m at 31 December 2023,
primarily taking into account half-year earnings (+€5.4m), the
ordinary dividend paid out in June this year (-€4.1m), and the
impact of treasury shares and bonus share awards (+€0.4m).
The Group had €58.9m of cash at 30 June 2024,
compared with €63.6m at 31 December 2023 and €58.4m at 30 June
2023. Financial debt totaled €43.8m, compared with €44.4m at 31
December 2022, including commitments to buy out minority interests
in the Group’s subsidiaries. It also includes €23.0m of bank
borrowings set up in 2022 before the crisis at favorable interest
rates to support the Group’s development.
Cash net of financial liabilities4 at
30 June 2024 came to €15.1m, compared with €19.2m at end-2023 and
€11.6m at 30 June 2023.
OUTLOOK
Faced with a slowdown in the general economic
environment over the second half of 2024, the DÉKUPLE Group remains
resilient and is continuing to move forward with its Ambition 2025
strategy aiming to become a European leader for data marketing.
With solid financial resources in place, the Group is continuing to
invest in its Magazine and Insurance activities to develop its
portfolios generating recurrent revenues. Alongside this, the
Digital Marketing offers are continuing to be extended through
organic growth and strategic acquisitions. Discussions are underway
to explore opportunities for growth or acquisitions in France and
elsewhere to further strengthen the Group’s capacity to support its
clients with their development.
ADDITIONAL INFORMATION
The corporate and consolidated financial
statements for the first half of 2024 were approved by the Board of
Directors on 27 September 2024. The accounts have been subject to
the usual limited review by the statutory auditors for half-year
accounts. The half-year financial report is available on the
company website
at:
https://www.dekuple.com/en/investors/news-documents-presentations/
NEXT DATE
- 2024 third-quarter net sales on 29 November 2024 (after close
of trading)
About DÉKUPLE
DÉKUPLE is a European leader for cross-channel data marketing. Its
expert capabilities combining consulting, creativity, data and
technology enable it to support brands with the transformation of
their marketing to drive their business performance. The Group
designs and implements client acquisition, loyalty and relationship
management solutions for its partners and clients across all
distribution channels. The Group works with more than 500 brands,
from major groups to mid-market firms, in Europe and around the
world.
Founded in 1972, DÉKUPLE recorded net sales of €200m in 2023.
Present in Europe, China and North America, the Group employs more
than 1,000 people guided by its core values: a conquering spirit,
respect and collaboration.
DÉKUPLE is listed on the regulated market Euronext Paris –
Compartment C. ISIN: FR0000062978 – DKUPL - www.dekuple.com
Contacts
DÉKUPLE
Investor Relations & Financial Information
tel: +33 (0)1 41 58 72 03 - relations.investisseurs@dekuple.com
CALYPTUS
Cyril Combe - tel: +33 (0)1 53 65 68 68 - dekuple@calyptus.net
1 EBITDA (earnings before interest, tax, depreciation
and amortization) is restated for the IFRS 2 impact of bonus share
awards and the IFRS 16 impact relating to the restatement of lease
charges.
2 Net sales (determined in line with the French
professional status for subscription sales) only include the amount
of remuneration paid by magazine publishers; for subscription
sales, net sales therefore correspond to a gross margin, deducting
the cost of magazines sold from the amount of sales recorded. For
acquisition and management commissions linked to sales of insurance
policies, net sales comprise current and future commissions issued,
acquired by the accounting reporting date, net of
cancellations.
3 For the digital marketing business, the gross margin
represents the total amount of net sales (total invoices issued:
fees, commissions and purchases charged back to clients) less the
total amount of costs for external purchases made on behalf of
clients. It is equal to net sales for the magazine and insurance
business lines.
4 Cash position on the balance sheet net of all
financial liabilities.
- DEKUPLE_CP_resultats_semestriels_2024_E
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