DJ Freelance.com: 1st semester 2024 results
Freelance.com Freelance.com: 1st semester 2024 results 21-Oct-2024 / 18:50 CET/CEST Dissemination of a French Regulatory News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. =---------------------------------------------------------------------------------------------------------------------- Press Release - October 21, 2024 Half-year results are in line with the Group's expectations EUR517.0 million in revenue (+23%) EUR16.3 million in EBITDA* (+13%) Freelance.com (Euronext Growth Paris - FR0004187367 - ALFRE), the European leader in the relationship between companies and their external talent, publishes the financial results of its 1st semester 2024 (period from January 1 to June 30, 2024). These unaudited financial statements, presented and commented on below in summary form, have been prepared in consolidated data according to French accounting standards and approved by the Board of Directors on October 18, 2024. Unaudited consolidated data (EURm) 30/06/2024 30/06/2023 Variation Revenue 517.0 419.5 +23% EBITDA * 16.3 14.4 +13% EBITDA / Rev 3.2% 3.4% -0,3% Operating income 14.0 12.9 +8% Net financial income/(loss) (1.3) (1.5) +0,2 Non-recurring profit/(loss) (0.0) (0.2) +0,2 Income tax (2.8) (2.3) (0.5) Net income 9.9 8.9 +11% Net income (Group share) 9.9 8.9 +11%
*EBITDA = Operating income before depreciation and amortization and operating provisions, primarily for liabilities and charges
and post-employment benefits.
Revenue for the 1st half of 2024: EUR517.0 million
In the 1st half of 2024, the group's revenue amounted to EUR517.0 million, a 23% growth compared to the 1st semester of 2023 (1% organic growth).
-- In France, Freelance.com generated consolidated revenue of EUR380.8 million in the 1st semester, growing by36% compared to the 1st semester of 2023, representing 74% of the Group's total consolidated revenue.
-- Internationally, Freelance.com generated consolidated revenue of EUR136.3 million in the 1st semester, a 2%year-on-year decrease.
Pro forma EBITDA margin maintained for the half-year.
The consolidated accounts for the 1st semester of 2024 show an EBITDA of EUR16.3 million, up 13% from EUR14.4m for the 1st half of 2023. Proforma EBITDA rose by 3% over the semester, reflecting sustained gross margin levels, despite the challenging economic environment.
Operating income rose to EUR14.0m from EUR12.9m a year earlier (+8%), impacted by higher amortization of intangible assets linked to acquisitions.
The Group's net income, Group share, amounted to EUR9.9 million, an 11% increase, supported by a positive currency effect which offset the rise in interest on financial debt. Freelance.com has interest rate risk coverage on a significant part of its debt.
Strengthened shareholder's equity position and healthy financial capabilities
As of June 30, 2024, the Group benefits from a strong balance sheet structure with shareholders' equity of EUR157.9 million compared to EUR153.4 million six months before.
Cash and cash equivalents, including marketable securities, amounted to EUR96.5 million, down EUR33 million over the half-year period, due to the acquisition of STA, lower use of factoring and the payment of dividends. Cash flow from operating activities, excluding the impact of factoring, amounted to EUR16.2m for the first half of 2024.
2024 outlook
The Group recorded slightly positive organic growth over the first half of 2024, in line with its full-year target, but remains cautious regarding both its French and international outlooks given the uncertain macroeconomic context.
Freelance.com's consolidation strategy in the French wage portage market continues with the acquisition of Prium Group, a French external talent management company founded in 2012, with full-year 2023 sales of EUR56 million. The synergies resulting from the combination of the three acquisitions made over the last 18 months should enable Freelance.com to achieve economies of scale and strengthen its competitive edge in the market, while maintaining tight control over its operating margins.
Upcoming events:
-- Revenue for the 3rd quarter of 2024, Monday, November 18, 2024.
-- Annual revenue for 2024, Monday, February 24, 2025.
About Freelance.com
Positioned at the heart of the transformation of the labor market, Freelance.com is a European leader in Talent as a Service (TAAS) solutions, connecting large companies with their external talents. The group offers a full range of services: expertise sourcing, project management, commercial support, wage portage, and compliance management. Freelance.com relies on a community of over 150,000 (106,000 in France) qualified consultants and experts, working as freelancers or within highly specialized SMEs, having delivered a total of more than 15,000 services in 2023. With 321 employees and a proforma turnover of 902.6 million euros in 2023, a presence in France and internationally (Switzerland, Belgium, Morocco, England, Germany), Freelance.com is a reference player in the "Future of Work," recognized as one of the "Growth Champions 2023" by Les Echos.
Label: FREELANCE.COM ISIN Code: FR0004187367 Mnemonic Code: ALFRE Number of shares composing the share capital: 56 535 254 Additional information on: https://www.freelance.com
Groupe Freelance.com Groupe Freelance.com Tristan DE VILLEMEUR Florent BRIANT Head Investor Relations Chief Financial Officer Tel. +33 6 70 35 46 49 Tel. +33 6 95 84 14 18 tdevillemeur@freelance.com fbriant@freelance.com
APPENDIX 1. BALANCE SHEET / Total ASSETS
Unaudited consolidated data (EURm) 30/06/2024 31/12/2023 Goodwill 217.5 184.4 Intangible assets 9.8 7.8 Tangible assets 1.5 1.5 Financial assets 3.8 3.4 Fixed assets 232.6 197.2 Trade receivables 173.3 144.8 Other receivables 46.5 48.6 Marketable securities 1.0 41.5 Cash and cash equivalents 95.4 87.9 Accrual account 3.0 3.0 Current assets 319.2 325.8 Total assets 551.8 523.0
APPENDIX 2. BALANCE SHEET / Total LIABILITIES
Unaudited consolidated data (EURm) 30/06/2024 31/12/2023 Net income (group share) 9.9 14.5 Shareholders' equity (group share) 157.9 153.4 Minority interests 0.2 0.2 Provisions for risks and charges 1.9 2.5 Financial debt 139.9 137.4 Trade payables 121.6 120.3 Advances, deposits and prepayments 5.6 5.0 Tax and social debt 115.8 98.4 Other payables 6.0 2.8 Accrual account 3.0 2.8 Debts 391.8 366.8 Total liabilities 551.8 523.0
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Regulatory filing PDF file File: CP Freelance S1-Results_ENG
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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: ALFRE
AMF Category: Inside information / News release on accounts, results
EQS News ID: 2012883
End of Announcement EQS News Service
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2012883 21-Oct-2024 CET/CEST
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October 21, 2024 12:50 ET (16:50 GMT)
