DJ H1 2022 results
Freelance.com H1 2022 results 24-Oct-2022 / 17:45 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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Press release - 24 October 2022
H1 2022 results
Revenue growth: +80.5%
EBITDA growth: +136.7%
Full-year target confirmed: over EUR800m
Freelance.com (Euronext Growth Paris - FR0004187367 - ALFRE), the leader in relationship management between businesses and their external talent, has published its financial results for the first half of 2022. The financial statements have been prepared on a consolidated basis in accordance with French accounting standards and were approved by the Board of Directors on 21 October.
In million euros H1 2022 H1 2021 H1 2021
(French accounting standards) % Change pro forma % Change
Consolidated Consolidated**
Revenue 383.0 212.2 +80.5% 310.5 +23.3%
EBITDA* 12.4 5.2 +136.7% 10.9 +13.8%
Operating income/loss 11.3 4.4 +154.1% 9.9 +13.5%
Financial income (expense) (0.5) (0.1) (0.8)
Non-recurring profit/loss (0.1) (0.1) 0.1
Income tax (1.8) (0.8) (1.7)
Consolidated net income (expense) 8.9 3.6 +146.7% 7.5 +18.7%
Group share of net income 8.9 3.3 +172.4% 7.1 +24.2%
Note: Unaudited data.
* EBITDA = Operating income before depreciation and amortisation and operating provisions, primarily for liabilities and charges and retirement bonuses.
** Including Coworkees, consolidated as of 5 March 2021.
Continued strong revenue growth
Freelance.com made consolidated revenue of EUR383.0 million in H1 2022, up 80.5% on a consolidated basis and up 23.3% on a pro forma basis[1] (consolidating acquisitions made in 2021 as at 1 January 2021). In the second quarter alone, Freelance.com made revenue of EUR201.5 million, up 77.9%, marking a 26th consecutive quarter of double-digit business growth.
This performance was driven by all regions in which the Group operates, with activity in France up 29.6% in H1 to EUR237.5 million, and strong international growth to EUR145.4 million (versus EUR28.7 million in H1 2021), driven by the integration of Helvetic Payroll.
Strong increase in profitability in H1
Driven by organic growth momentum and accretive acquisitions, Freelance.com's consolidated EBITDA increased by 136.7% in H1 2022 to EUR12.4 million (vs. EUR5.2 million in H1 2021) and by 13.8% on a pro forma basis. Operating income came to EUR11.3 million (vs. EUR4.4 million in H1 2021).
This increase can be attributed to strong growth in revenue volumes, a strategic priority for the Group, and incorporates transformative investments needed for the proper integration of acquisitions on the one hand, and to support future growth on the other.
Net income came out at EUR8.9 million (vs. EUR3.3 million), up 172.4% (+24.2% on a pro forma basis).
A solid financial structure
Freelance.com has a solid balance sheet structure with undrawn credit lines from banks to finance its organic growth and acquisitions.
At 30 June 2022, Group shareholders' equity stood at EUR127.3 million (vs. EUR116.2 million at 31 December 2021).
With a reasonable level of debt and cash which increased to EUR71.5 million (EUR67.1 million at end-2021), gearing stood at 38.8% (41.5% at end-2021).
2022 revenue target confirmed
In light of a structurally buoyant freelancing market, which remains largely fragmented, Freelance.com has adopted a strategic approach focused on growth in business volumes and market consolidation through accretive acquisitions both in France and internationally, in order to become a European leader. Freelance.com continues to invest over the long-term to strengthen its commercial offer, digitise its internal processes and increase visibility. Its efforts to increase visibility include its sponsorship of the "Freelance.com" boat and skipper Guirec Soudée in the upcoming 2022 version of the Route du Rhum race.
Against this favourable backdrop and despite a deteriorating macroeconomic environment, Freelance.com expects revenue of close to EUR800 million in full-year 2022.
Upcoming events: - 21 November 2022: Q3 2022 revenue
About Freelance.com Group
Having secured a central position in the transformation of the labour market as the leader in relationship management between businesses and their external talent in France, Freelance.com relies on a community of 370,000 consultants and experts working as freelancers or in hyper-specialised SMEs. Freelance.com group offers a comprehensive range of services: sourcing expertise, external resource management, project management, wage portage, compliance, etc. With pro-forma revenue of EUR671m in 2021 and operations in France and multiple additional countries (Germany, England, Morocco, Singapore, Switzerland), Freelance.com is a leading player in the Future of Work with one clear purpose: to open up, simplify and secure relations between businesses and their external talent.
Name: FREELANCE.COM ISIN code: FR0004187367 Ticker: ALFRE Number of shares comprising the share capital: 55,508,669
ACTIFIN Financial Press ACTIFIN Investor
SEITOSEI Corporate press Relations Relations
FREELANCE GROUP relations
Claude Tempe Isabelle Dray Simon Derbanne
Olivier Coppermann
Vice-Chairman Tel.: +33 (0)1 56 88 11 11 Tel.: +33 (0)1 56 88
Mobile: +33 (0)6 60 51 60 06 Mobile: +33 (0)6 07 25 04 48 11 14
ctempe@freelance.com olivier.coppermann@seitosei.fr idray@actifin.fr sderbanne@actifin.fr
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[1] Proforma (or organic) data includes the growth of the historical scope and the growth of acquisitions, consolidating the latter as of 1 January of years N and N-1.
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Regulatory filing PDF file File: H1 2022 results
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Language: English
Company: Freelance.com
1, parvis de La Défense
92044 PARIS LA DEFENSE CEDEX
France
Phone: 0614455821
E-mail: fcanetti@freelance.com
Internet: www.freelance.com
ISIN: FR0004187367
Euronext Ticker:
AMF Category: Inside information / News release on accounts, results
EQS News ID: 1470771
End of Announcement EQS News Service
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1470771 24-Oct-2022 CET/CEST
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(END) Dow Jones Newswires
October 24, 2022 11:45 ET (15:45 GMT)
