PRESS RELEASE: BIGBEN: 2023/24: STRONG EARNINGS GROWTH
Press release
Lesquin, 3 June 2024, 6pm CET
2023/24: STRONG EARNINGS
GROWTH
- SALES: €295 MILLION, UP 4.1%
- EBITDA: €78 MILLION, UP 40.8%
- OPERATING INCOME: €23.8 MILLION, UP
20.2%
2024/25: CONTINUING GROWTH IN BUSINESS
LEVELS AND OPERATING INCOME
Bigben Interactive (ISIN FR0000074072) is today
announcing consolidated results for its 2023/24 financial year
(from 1 April 2023 to 31 March 2024) as finalised by the Board of
Directors in its meeting of 3 June 2024.
|
Consolidated IFRS figures (€ million) |
2023/24 |
2022/23 |
Change |
|
Sales (non-IFRS) |
295.0 |
283.5 |
+4.1% |
|
Adjustment for the partial disposal of Gollum |
(3.0) |
|
|
|
IFRS sales |
292.0 |
283.5 |
|
|
Gross profit% of sales |
142.548.8% |
127.0
44.8% |
+12.2% |
|
Ebitda% of sales |
78.026.7% |
55.4 19.5% |
+40.8% |
|
Operating income% of sales |
23.88.1% |
19.8 7.0% |
+20.2% |
|
Net financial expense |
(3.6) |
(4.2) |
|
|
Pre-tax income % of sales |
20.1 6.9% |
15.6 5.5% |
+29.4% |
|
Income tax |
0.9 |
(2.6) |
|
|
Net income for the period% of
sales |
21.07.2% |
13.0 4.6% |
+61.1% |
The Bigben group performed very well in 2023/24,
with a sharp increase in earnings.
Full-year sales amounted to €295.0 million,
an increase of 4.1%. NACON’s sales (non-IFRS) totalled €170.7
million, up 9.4% year-on-year, while the Bigben AudioVideo/Telco
business achieved sales of €124.3 million, a slight decrease
of 2.5%.
Gross margin was boosted by higher volumes and
an improvement in the product mix, rising by 4 points to 48.8%.
Ebitda grew 40.8% to €78.0 million, equal to
26.7% of sales as opposed to 19.5% in the previous year.
Net income was €21.0 million, equal to 7.2% of
sales, as opposed to €13.0 million and 4.6% of sales in
2022/23.
Analysis of performance by
business
| |
NACON Gaming |
Bigben AudioVideo/Telco |
|
Consolidated IFRS figures (€ million) |
2023/24 |
2022/23 |
Change |
2023/24 |
2022/23 |
Change |
|
Sales (non-IFRS) |
170.7 |
156.0 |
+9.4% |
|
|
|
|
Sales |
167.7 |
156.0 |
+7.5% |
124.3 |
127.5 |
-2.5% |
|
|
|
|
|
|
|
|
|
Gross profit |
104.2 |
92.1 |
+13.1% |
38.3 |
34.9 |
+9.9% |
|
% of sales |
62.1% |
59.1% |
|
30.8% |
27.4% |
|
|
|
|
|
|
|
|
|
|
Ebitda |
70.9 |
48.9 |
+45.0% |
7.1 |
6.5 |
+19.6% |
|
% of sales |
42.3% |
31.4% |
|
5.7% |
5.1% |
|
|
|
|
|
|
|
|
|
|
Operating income |
20.9 |
17.3 |
+20.5% |
2.9 |
2.5 |
+18.0% |
|
|
12.5% |
11.1% |
|
2.3% |
1.9% |
|
NACON Gaming increased its
sales (non-IFRS) by 9.4% to €170.7 million, and its earnings rose
sharply.
During the year, Catalogue sales (new games)
were boosted by a heavy release schedule consisting of 19 games,
including the highly successful Robocop: Rogue
City TM. Catalogue sales amounted to
€59.3 million (non-IFRS), up 21.2% relative to 2022/23. The Back
Catalogue (games released in previous years) performed very well,
with sales rising 7.4% to €44.7 million. The Accessories business
generated sales of €62.7 million and returned to growth in the
second half of the year, driven by an increase in the installed
base of new consoles and new product releases (the RIG
600 PRO headset and the
REVOLUTION 5 PRO controller).
Gross margin was 62.1%, an increase of 3 points
year-on-year. Ebitda rose by 45% to €70.9 million, giving Ebitda
margin of 42.3% as opposed to 31.4% in the previous year.
Operating income rose 20.5% to €20.9 million,
equal to 12.5% of sales.
The increase in net financial expense was due to
higher interest rates. Exchange differences remained stable
(foreign exchange loss of €0.8 million, as in the previous
year).
The Bigben AudioVideo/Telco
business generated sales of €124.3 million, down 2.5%, while its
operating income rose by 18%.
In a smartphone market that continued to
contract significantly, the Mobile Accessories business performed
well, with sales of €95.8 million (down 1%) due to the premium
strategy implemented by the Group since 2015 via its Force brand.
Sales in the AudioVideo segment amounted to €28.3 million (down
6.8%).
Gross profit rose by 9.9% to €38.3 million
due to the product mix focused on premium brands, which accounted
for 30.8% of sales as opposed to 27.4% in 2022/23.
Ebitda totalled €7.1 million as opposed to €6.5
million in 2022/23, an increase of 9.6%.
Operating income rose 18.0% year-on-year to €2.9
million.
Improved financial position, reflecting
heavy investment in the Gaming business
At 31 March 2024, the Bigben group had
€327 million of equity and €41.2 million of cash and cash
equivalents. Its net debt amounted to €154 million at the end of
the year as opposed to €163 million at 30 September 2023.
With funds from operations rising in both
business segments (up 27.3% for NACON Gaming and up 26.4% for
Bigben AudioVideo/Telco) and a €20.8 million increase in the WCR,
cash flow from operating activities totalled €79.7 million as
opposed to €53.9 million in 2022/23, an increase of
47.9%.2024/25: Continuing growth in business levels and
operating income
NACON will have a busy release
schedule in 2024/25, with around 15 games due to be released during
the year including Test Drive Unlimited: Solar
CrownTM, scheduled for 12 September 2024,
Tour de France 2024, Tiebreak,
Ravenswatch (of which almost 500,000 copies have
already been sold via early access on PC), Rugby24
and Endurance, along with Greedfall II:
The Dying World and Terminator:
SurvivorsTM, which will be released via
early access.
The Back Catalogue will automatically benefit
from the large number of games released in 2023/24, including
Robocop: Rogue City TM, which
should lead to significant growth.
In Accessories, NACON will continue to reap the
rewards of successful product launches in 2023, including the
RIG 600 PRO headset and the
REVOLUTION 5 PRO controller.The main development
in 2024/25 will be the Group’s initiative to bring together its
games and accessories activities in the Racing market, along with
its new ambitions in this area:
- Creation of the dedicated
NACON Racing department and
the “Revosim by Nacon” brand, building
on 10 years of expertise in this market;
- Launches of new premium products
(Revosim steering wheel, RIG 900
headset etc.);
- New licences currently being
negotiated.
This will make NACON the only company in the
world to offer a comprehensive range of games and accessories for
motor racing fans.
The Bigben AudioVideo/Telco
business will benefit from previous strategic decisions and
initiatives to support its markets.
In Mobile Accessories, Bigben has several
advantages in a contracting market:
- A comprehensive premium product
range with its Force brand (chargers, wireless
earphones, screen protectors, straps, speakers etc.), allowing it
to address all the needs of smartphone users.
- A presence in adjacent markets,
with new products such as the surge protection power strip (over
100,000 units forecast). An anti-bacterial cleaning spray will also
be launched in June, and an international travel charger in
July.
- Diversification in terms of sales
channels, with the aim of achieving a growing presence in all
shopping venues (phone stores, supermarkets, DIY stores, service
stations etc.).
Bigben will also benefit from new trends in the
smartphone market, with consumers increasingly buying accessories
as they keep their mobile phones for longer.
The AudioVideo business will be boosted by the
success of the Thomson Cosy range, to which new products will be
added this year, and the launch of the new HiBuddies range of
nightlights for children, available in more than 1,600 points of
sale across six countries.
The Group is therefore confident that it can
continue its development, growing sales and increasing operating
income in full-year 2024/25.
|
ABOUT BIGBEN
INTERACTIVE |
|
2023/24 IFRS
SALES€292 million WORKFORCEOver
1,300 employees INTERNATIONAL
PRESENCE31 subsidiaries and a distribution network in more
than 100 countrieswww.bigben-group.com |
Bigben is a pan-European player in publishing video games and
designing and distributing mobile accessories, gaming accessories
and audio/video products. The Group is known for being innovative
and creative, and aims to be one of Europe’s leading companies in
each of its markets. Listed on Euronext Paris, compartment B –
Index: CAC Mid & Small – Eligible for the long-only deferred
settlement serviceISIN: FR0000074072; Reuters: BIG.PA; Bloomberg:
BIGFP PRESS CONTACTCap Value – Gilles
Broquelet gbroquelet@capvalue.fr - +33 (0)1 80 81 50 01 |
- CP_BBI_RA_2023_24 Diffusion English
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