DJ Prodware: Current Operating Income sees strong upturn: 29.3 MEUR (+103%) Operating Margin: 15.6%
Prodware Prodware: Current Operating Income sees strong upturn: 29.3 MEUR (+103%) Operating Margin: 15.6% 15-March-2023 / 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 Paris, March 15, 2023 - 5 :45 pm
Current Operating Income sees strong upturn: 29.3 MEUR (+103%)
Operating Margin: 15.6%
IFRS standards
2021 2022
Data currently being audited - in MEUR Variation
Consolidated revenue 165.5 188.3 +13.7%
EBITDA 36.0 52.0
+44.4%
In % of revenue 21.8% 27.6%
Current operating income 14.4 29.3
+103.3%
In % of revenue 8.7% 15.6%
Operating income -50.7 29.3
Net income Group share -68.5 15.7
Organic growth resumes in 2022
In 2022, Prodware generated revenues of EUR188.3M compared to EUR165.5M in 2021, showing a strong increase of 13.7%. Business grew thanks to the continued upswing in SaaS sales, which now comprise 27.5% of total revenues. Business continued to grow (+17.8%) reaching EUR51.9M in revenue. The revenue generated, including SaaS-related Services, comes out to EUR102.6M, representing 54.5% of the total revenue. This dynamic reinforces the Group's recurring revenues and clearly shows that this model fully caters to customer demand and the sales approach of the leading software vendors.
Operating profitability significantly improves
In 2022, the EBITDA margin rose by 5.8 points to 27.6% reaching a level far higher than that recorded before the pandemic. Prodware is now reaping the benefits of its strategy based on increasing SaaS revenue and leveraging its expertise in supporting the digital transformation journey of businesses. This know-how has been regularly acknowledged and recognized by its technology partners who have awarded Prodware with prestigious awards (Inner Circle Microsoft Business applications, Sage Platinum Club, etc.). At the same time, the Group has continued to streamline its activities with a special focus on personnel costs, which have decreased by 4.0% in 2022, despite the growing business context.
Further to the growth in EBITDA, current operating income more than doubled to reach EUR29.3M, with an operating margin of 15.6%.
The Financial Result amounts to -11.2 MEUR in 2022, slightly improving by 0.3 MEUR compared to 2021, the increase in the cost of the financial debt being compensated by a strong decrease in provisions for financial assets.
After recognizing a tax of EUR2.5M, the Group's share of net income will reach EUR15.7M in 2022 compared to a loss of EUR68.5M for the previous year. It should be noted that in 2021, Prodware recorded an exceptional depreciation of EUR65.1M on the value of its "on-premise" assets.
A stronger balance sheet
As of December 31, 2022, the equity of Prodware amounted to EUR100.7M compared to EUR83.3M a year earlier.
Net debt amounted to EUR129.4M. This amount includes IFRS lease debt and is 2.49 times the Group's consolidated EBITDA, well below the long-term debt covenant of 3.25.
Outlook
The strong dynamic of the organic business driven by higher recurring revenue and the success of its high value-added offerings has emboldened Prodware to pursue its growth strategy in 2023.
Next publication: 1st half-year 2023 revenues: July 25th, 2023, after market close.
About Prodware
With 30 years of experience and know-how in IT innovation, we strive to provide value and expertise to our customers around the world. Whether we're implementing the most ambitious cloud strategies, developing AI-powered decision-making tools, or creating IoT applications, Prodware is always at the cutting edge of innovation. Since its inception, Prodware has leveraged technological progress to help businesses prepare for the future by creating new economic models for the manufacturing, sales, distribution, finance, and business service industries. The Prodware group includes more than 1 400 employees across 14 countries. It generated revenues of EUR188.3M in 2022. Prodware SA is listed on Euronext Growth and is eligible for FCPI and SME PEA.
For more information go to: www.prodware-group.com
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Regulatory filing PDF file File: PRODWARE - CP RA 2022 EN - 15.03.2023
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Language: English
Company: Prodware
45 Quai de la Seine
75019 Paris
France
ISIN: FR0010313486
Euronext Ticker: ALPRO
AMF Category: Inside information / News release on accounts, results
EQS News ID: 1583481
End of Announcement EQS News Service
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1583481 15-March-2023 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1583481&application_name=news
(END) Dow Jones Newswires
March 15, 2023 12:45 ET (16:45 GMT)
