DJ BILENDI: 2022 results: Strong increase in profitability
BILENDI BILENDI: 2022 results: Strong increase in profitability 04-Apr-2023 / 17:50 CET/CEST Dissemination of a French Regulatory News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
-----------------------------------------------------------------------------------------------------------------------
2022 results: Strong increase in profitability Revenues: +40% (+6% pro forma) EBITDA: +36% (+18% pro forma) EBITDA margin of 20.9% (+200 bpts vs. 2021 pro forma)
Paris, April 4, 2023 - Bilendi, a European leader in research technology and data, announces the release of its FY2022 results, marked by a clear improvement in profitability in H2 2022.
2021 - 2022/2021
In MEUR 2021[1] 2022 - 2022/2021
Pro forma[2] Pro-forma
Revenues 44,1 57,9 61,5 +39,5% +6,3%
EBITDA[3] 9,5 10,9 12,9 +36,0% +17,8%
% of Revenues 21,6% 18,9% 20,9% -270 b pts +200 b pts
Adjusted operating income[4] 5,9 6,4 7,5 +27,4% +15,9%
% of Revenues 13,3% 11,1% 12,1% -220 b pts +100 b pts
Adjusted net income (group share)4 4,8 5,1 4,8 -0,2% -5,9%
Marc Bidou, Chairman and CEO and founder of Bilendi, said on the release of these results: The 2022 results once again illustrates our ability to generate growth despite a deteriorating environment. The year was marked by synergies we generated with the successful integration of Respondi, allowing us to accelerate our profitability in the second half and approach the 21% annual EBITDA margin, 2 points more than in 2021 pro forma. I thank the commitment and strong mobilisation shown by the teams to achieve this performance. But we do not intend to stop there, and our fundamental strengths gives me confidence in the continued growth and profitability trajectory in 2023 and beyond."
Record revenue of EUR61.5 million, up +39.5%
For the year, Bilendi generated record revenue of EUR61.5 million, up 39.5% compared to 2021 (+6.2% pro forma at constant exchange rates). This performance is even more notable as it was generated in parallel with the integration of Respondi on the organisational, HR, marketing, technical, financial levels, in 3 countries, thanks to the involvement and mobilisation of all teams.
With this record, Bilendi once again demonstrates the solidity and resilience of its model, succeeding again, despite a difficult environment, in generating solid growth in its business over the full year.
In 3 years, since 2019, the company has almost doubled its revenues from EUR32.4 million to EUR61.5 million (x1.9), representing a weighted average annual growth (CAGR) of 24%. Over a longer period, since 2014, the CAGR is 22%.
A successful integration of Respondi generating initial positive synergies on profitability.
Significant increase in H2 2022 EBITDA margin of +270 basis points
After a first half where the EBITDA rate was 18%, an improvement of 170 basis points, the second half saw a clear improvement in profitability with an EBITDA margin of 23.6% of revenues, representing an improvement of 270 basis points compared to H2 2021 pro forma.
Over the year, Bilendi posted a consolidated EBITDA of EUR12.9 million, up +36.0% (+17.8% pro forma). The EBITDA margin was 20.9%, up 200 basis points year-on-year.
This remarkable performance reflects the first positive synergies of the integration of Respondi on Bilendi's profitability. Thus, in just one year, Bilendi has managed to align Respondi with its own profitability levels, one year ahead of schedule, demonstrating once again the relevance of the Group's business model, and its ability to carry out structuring and value-creating transactions.
The acquisition of Respondi resulted in the amortisation of assets for an additional amount of EUR1.25 million over the year 2022, following the allocation of the purchase price (PPA). The full details of this restatement are available in the 2022 annual report.
Excluding this item, which does not generate any cash impact, adjusted operating profit increased by +27.4% (+15.9% pro forma) to EUR7.5 million, and net income group share amounted to EUR4.8 million.
Considering this item, the operating result amounted to EUR6.2 million, and the net income (group share) amounted to EUR3.9 million.
A very solid financial structure
At 31 December 2022, the Group enjoyed a solid financial structure with cash of EUR13.2 million, net debt of EUR0.2 million (compared to EUR2.1 million at the end of 2021), and shareholders' equity of EUR32.7 million (compared with EUR28.9 million at the end of 2021).
Over the year, operating cash flow amounted to EUR7.2 million (11.7% of revenue) and accelerated sharply in the second half to EUR5.8 million compared to EUR1.41 million in H1 2022, again reflecting the first positive synergies following the integration of Respondi.
Continued anticipated growth trajectory in 2023
On the strength of 2022 and despite the uncertain environment, Bilendi remains confident in its ability to maintain a growth trajectory in 2023 by capitalising on its resilient model and solid fundamentals, strengthened with the acquisition of Respondi AG:
-- A leading position in Europe, among the 3 key players in Europe;
-- A strong international footprint with 13 sales offices in Europe;
-- An expanded offer, particularly for qualitative studies;
-- Some of the most robust proprietary panels in Europe, with more than 2.5 million members;
-- A unique technology platform;
-- A portfolio of more than 1,700 diverse and loyal customers.
Bilendi reaffirms its ambition to reach by 2026 a revenue of EUR100 million, and an EBITDA of 20 to 25% of revenue, i.e. EUR20 to EUR25 million, combining organic development and targeted acquisitions.
About Bilendi
At a time when the amount, variety and speed of data being issued and communicated are increasing exponentially, Bilendi provides an innovative technological response to the collection, processing and enhancement of this data. That is why Bilendi is positioned at the epicenter of data collection for two market segments. These are: Technologies and Services for Market Research and Technologies and Services for Customer Engagement and Loyalty. We have locations in France, United Kingdom, Germany, Switzerland, Spain, Italy, Denmark, Finland, Sweden, Belgium, Netherlands, Morocco. The group also has business activity in Austria and Norway.
In 2022, Bilendi achieved a turnover of EUR 61.5 million, up +39.5%, (+6.3% on a pro forma basis).
ISIN code FR 0004174233 - MNEMO code, ALBLD - Eligible PEA PME.
www.bilendi.com
Contacts
BILENDI
Marc Bidou - Chairman and CEO and founder
Phone: +331 44 88 60 30
m.bidou@bilendi.com
ACTIFIN
Analyst & Investor Relations
Press Relations
Nicolas Lin/ Alexandre Commerot
Isabelle Dray
nlin/acommerot@actifin.fr
idray@actifin.fr
Phone: +331 56 88 11 11
Phone: +331 56 88 11 29
-----------------------------------------------------------------------------------------------------------------------
[1] Integration as of 1he December 2021 of 100% of the company Respondi
[2] Pro forma means even if the acquisition of Respondi was carried out on 1he January 2021
[3] EBITDA: Operating income before depreciation and amortisation and provisions
[4] Excluding the additional amortisation of assets related to the acquisition of Respondi for an amount of EUR1.25 million in 2022, without cash impact, following the allocation of the purchase price (PPA). Full details in the 2022 Annual Financial Report. Including these depreciations, 2022 Operating Income is EUR6.2 million, and net income group share is EUR3.9 million.
-----------------------------------------------------------------------------------------------------------------------
Regulatory filing PDF file File: BILENDI: 2022 Results
=----------------------------------------------------------------------
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: 1601255
End of Announcement EQS News Service
=------------------------------------------------------------------------------------
1601255 04-Apr-2023 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1601255&application_name=news
(END) Dow Jones Newswires
April 04, 2023 11:50 ET (15:50 GMT)
