PRESS RELEASE: NACON: STRONG EARNINGS GROWTH IN 2023/24
03 Giugno 2024 - 6:25PM
PRESS RELEASE: NACON: STRONG EARNINGS GROWTH IN 2023/24
Press release
Lesquin, 3 June 2024, 6pm CET
STRONG EARNINGS GROWTH IN
2023/24
- EBITDA: €70.9 MILLION, UP 45%
- OPERATING INCOME: €20.9 MILLION, UP
20.5%
- NET INCOME: €17.5 MILLION, UP
37.3%
2024/25: CONTINUING GROWTH IN BUSINESS
LEVELS AND OPERATING INCOME
NACON (ISIN FR0013482791) 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) |
170.7 |
156.0 |
+9.4% |
|
Adjustment for the partial disposal of Gollum |
(3.0) |
|
|
|
IFRS sales |
167.7 |
156.0 |
+7.5% |
|
Gross profit% of sales |
104.262.1% |
92.159.1% |
+13.1% |
|
Ebitda% of sales |
70.942.3% |
48.931.4% |
+45.0% |
|
Operating income% of sales |
20.912.5% |
17.311.1% |
+20.5% |
|
Net financial expense |
(4.8) |
(2.3) |
|
|
Pre-tax income % of sales |
16.19.6% |
15.09.6% |
+7.0% |
|
Income tax |
1.5 |
(2.2) |
|
|
Net income for the period% of
sales |
17.510.5% |
12.88.2% |
+37.3% |
Strong earnings growth in 2023/24
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).
Firm financial position at a time of major
development
At 31 March 2024, NACON had equity of
€263.6 million as opposed to €242.6 million at 31 March 2023.
It also had €26.2 million of cash and cash equivalents versus €47.6
million at 31 March 2023.
Net debt amounted to €85.2 million as opposed to
€88.6 million at 30 September 2023. The total amount of NACON’s new
borrowings during the year was much lower than the amount of
borrowings it repaid.
Inventory management efforts and stocking
operations reduced inventories by €8.2 million year-on-year to
€27.1 million.
With funds from operations rising by 27.3% to
€58.0 million during the year and a €17.9 million decrease in the
WCR, cash flow from operating activities totalled €73.1 million as
opposed to €47.4 million in 2022/23, an increase of 54.4%.
Currently, 45 games are under development, and
the related assets have a carrying amount of €129.5 million.
Dividend: in accordance with
its policy of using cash flow to fund business development, the
Board of Directors decided in its 3 June 2024 meeting not to
propose a dividend with respect to the 2023/24 financial year in
its upcoming Shareholders’ General Meeting.
2024/25: business convergence and
continuing growth in sales and operating income
The release schedule will be busy 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.In 2024/25, because of the expected momentum in
its two business areas, NACON is confident that it will continue to
generate growth, accompanied by a further increase in operating
income.
|
ABOUT
NACON |
|
2023/2024 IFRS
SALES:€167.7 million WORKFORCEMore
than 1,000 people INTERNATIONAL
PRESENCE23 subsidiaries and a distribution network in 100
countrieshttps://corporate.nacongaming.com/ |
NACON is part of the Bigben group and was formed in 2019 to
optimise its areas of expertise and generate synergies between them
in the video game market. Combining its 16 development studios, AA
video game publishing and the design and distribution of premium
gaming peripherals, NACON has 30 years of expertise in serving
gamers. This new unified business gives NACON a stronger position
in its market and enables it to innovate by creating new and unique
competitive advantages. Listed on Euronext Paris, compartment
B – Index: CAC Mid&SmallISIN: FR0013482791; Reuters: NACON.PA;
Bloomberg: NACON:FP). CONTACT:Cap Value –
Gilles Broquelet gbroquelet@capvalue.fr - +33 1 80 81 50
01 |
GLOSSARY
Back Catalogue: games released in previous years
Gross profit: sales minus purchases used in the
business.Ebitda: earnings before interest, tax, depreciation of
property, plant and equipment and amortisation of intangible
assets
- CP_Nacon_RA 2023_24 English Diffusion
Grafico Azioni Nacon Sas (LSE:0A9N)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Nacon Sas (LSE:0A9N)
Storico
Da Feb 2024 a Feb 2025
