Growth in higher-margin recurring
revenue EBITDA margin2 of around 10% confirmed
for FY 2023-2024 Net debt at 30 June 2024 of €102m3
Regulatory News:
Claranova (Paris:CLA):
This press release presents unaudited Group
consolidated revenue, prepared in accordance with IFRS.
Revenue trends by division for FY 2023-2024:
In €m
Jul. 2023 to Jun.
2024 (12 months)
Jul. 2022 to Jun.
2023 (12 months)
Change
Change at constant exchange
rates
Change at constant consolidation
scope
Change at constant consolidation
scope and exchange rates
PlanetArt
365
383
-5%
-3%
-5%
-3%
Avanquest
122
116
5%
9%
10%
14%
myDevices
9
8
5%
8%
5%
8%
Revenue
496
507
-2%
0%
-1%
1%
Annual revenue trends by division for Q4 2023-2024:
In €m
Apr. to Jun. 2024 (3
months)
Apr. to Jun. 2023 (3
months)
Change
Change at constant exchange
rates
Change at constant consolidation
scope
Change at constant consolidation
scope and exchange rates
PlanetArt
69
68
1%
-2%
1%
-2%
Avanquest
30
30
-2%
-1%
5%
5%
myDevices
2
3
-56%
-57%
-56%
-57%
Revenue
100
102
-2%
-3%
1%
-1%
Eric Gareau, CEO of Claranova commented: "Claranova
registered a marginal increase in revenue on a like-for-like basis
for FY 2023-2024.
These results are testimony to our resilience and the strength
of our strategy focused on profitability which is being implemented
with rigor and determination by all our teams. On that basis, we
maintain our target for a significant improvement in the EBITDA
margin2 of approximately 10% for FY 2023-2024.
These performances confirm that Claranova has entered a new era,
reinforced by a more focused governance structure, experienced
management and committed teams working together to improve our
overall results and continue to reduce our debt.
The entire management team is now fully focused on finalizing
its new strategic plan to be presented when the annual results are
published. This plan will strengthen our market position and
capacity for innovation."
PlanetArt: strong growth in profitability expected for the
full year
In line with the Group's strategy, reflecting a focus on
profitability, PlanetArt, the e-commerce division for personalized
objects, demonstrated more measured growth over FY 2023-2024. With
this objective, the teams' efforts were focused on further
optimizing customer acquisition costs, rationalizing expenses and
giving priority to developing higher-margin product sales.
On that basis, the division's annual revenue amounted to €365m,
representing a modest 3% decline at constant exchange rates (-5% at
actual exchange rates), and is expected to contribute to a
significant improvement in PlanetArt's EBITDA margin1 over the full
year.
Avanquest: SaaS now accounting for more than 90% of
sales4
The software publishing division ended the year with annual
revenue of €122m, up 14% at constant consolidation scope and
exchange rates (+5% at actual exchange rates), despite a stable Q4
(anticipated impact from seasonality effects and a slowdown in the
recruitment of new customers for vertical applications in the Photo
segment).
Avanquest's core activities delivered record sales of €111m for
the year, and now account for 91% of the division's revenue
(compared with 83% last year). Sales of higher-margin proprietary
SaaS software solutions rose 18% at constant consolidation scope
and exchange rates compared with FY 2022-2023 (+14% at actual
exchange rates), with mixed trends among the different segments:
Utilities (+33%5), PDF (+3%3) and Photo (-7%3). Non-core activities
now account for less than 10% of annual sales or €11m, down 39%
year-on-year at constant exchange rates (or -41% at actual exchange
rates).
Bolstered by the strength of SaaS sales and the increasingly
marginal share of non-core activities, Avanquest's operating
profitability is set to improve significantly in FY 2023-2024.
myDevices: slower annual growth reflecting the postponement
of certain rollouts
Annual revenue for myDevices, the IoT division, grew 8% from
last year at constant consolidation scope and exchange rates to €9m
(+5% at actual exchange rates). Following the strong growth
momentum in recent quarters, the pace of growth eased off in Q4 in
response to delayed rollouts of certain projects with partners.
With the completion of these projects plus a number of new
initiatives, the division is looking ahead to the coming year with
renewed confidence.
The myDevices IoT offering continues to be well positioned, with
nearly 220 channel partners at the end of FY 2023-2024. Annual
recurring revenue (ARR) remain stable at constant consolidation
scope and exchange rates (-3% at actual exchange rates) at €3.4m,
compared with FY 2022-2023.
Lawsuits filed against the Group by Mr. Cesarini
Claranova confirms for the record that since the departure of
Pierre Cesarini, the former CEO of Claranova, no financial
transaction has been concluded between the parties. To date, Mr.
Cesarini's appointment as director of Claranova SE as well as his
other offices within the Group's subsidiaries have been revoked. In
Luxembourg, Mr. Cesarini's position as a company officer has also
been revoked, with his definitive departure from Claranova
Development SARL effective on the evening of October 31, 2024, at
the end of the notice period. Until the aforementioned date, he has
been dispensed from exercising all his functions.
Mr. Cesarini filed a lawsuit against the Group companies
contesting his dismissal and is seeking €15m in damages.
- In France, Mr. Cesarini filed a claim against Claranova before
the Nanterre Court for €1m.
- In Luxembourg, Mr. Cesarini filed a claim with the Luxembourg
Labor Court against Claranova Development SARL, seeking
compensation totaling approximately €14m.
The Group has duly noted these claims, which it considers to be
without merit, and remains confident as to the outcome of these
legal proceedings.
Claranova also specifies that Mr. Cesarini left the Group before
meeting the different conditions of eligibility required to
exercise his right to invest in the Group's subsidiaries.6 As a
result, the Group considers that the preferred shares potentially
conferring certain rights subscribed by Mr. Cesarini in connection
with his option to invest in Group subsidiaries are, in any event,
no longer justified and, in accordance with the applicable
provisions7, may be repurchased from him at a price of 1 euro per
type of instrument.
Financial calendar: October 30, 2024: FY
2023-2024 results December 04, 2024: General Meeting
Telephone number for individual shareholders
available from Tuesday to Thursday between 2 p.m. and 4 p.m. for
calls within France: 0805 29 10 00 (local rate).
About Claranova:
As a diversified global technology company, Claranova manages
and coordinates a portfolio of majority interests in digital
companies with strong growth potential. Supported by a team
combining several decades of experience in the world of technology,
Claranova has acquired a unique know-how in successfully turning
around, creating and developing innovative companies.
Claranova has proven its capacity to turn a simple idea into a
worldwide success in just a few short years. Present in 15
countries and leveraging the technology expertise of its 800+
employees across North America and Europe, Claranova is a truly
international group, with 95% of its revenue derived from
international markets.
Claranova’s portfolio of companies is organized into three
unique technology platforms operating in all major digital sectors.
As an e-commerce leader in personalized objects, Claranova also
stands out for its technological expertise in software publishing
and the Internet of Things, through its businesses PlanetArt,
Avanquest and myDevices. These three technology platforms share a
common vision: empowering people through innovation by providing
simple and intuitive digital solutions that facilitate everyday
access to the very best of technology.
For more information on Claranova Group:
https://www.claranova.com
CODES Ticker: CLA ISIN: FR0013426004
www.claranova.com
Disclaimer: All statements other than statements of
historical fact included in this press release about future events
are subject to (i) change without notice and (ii) factors beyond
the Company’s control. Forward-looking statements are subject to
inherent risks and uncertainties beyond the Company’s control that
could cause the Company’s actual results or performance to be
materially different from the expected results or performance
expressed or implied by such forward-looking statements.
Definitions and calculation methods for alternative
performance indicators: “Like-for-like” (organic) growth is
defined as the change in revenue at constant structure (scope of
consolidation) and exchange rates. “Exchange rate effects” are
calculated by applying year N-1 exchange rates to year N revenue.
“Consolidation scope effects” are calculated by taking into account
acquisitions in the current year, contributions to the current year
from acquisitions in the previous year up to the anniversary date
of acquisitions and businesses deconsolidated in the current year,
minus any contributions from the previous year. By definition,
sales for the previous year plus the effects of changes in Group
scope of consolidation, exchange rate effects and like-for-like
growth for the period correspond to sales for the current year.
Percentages for exchange rate effects, Group consolidation scope
effects and like-for-like growth percentages are calculated on the
basis of the previous year's sales.
Appendix:
Calculation of net financial debt
In €m
FY 20248 (Audit in
progress)
FY 2023 Reported
basis
Current financial liabilities
20
94
Non-current financial liabilities
119
85
Total financial liabilities9
139
179
Cash and cash equivalents
37
67
Net financial debt
102
112
_________________________________ 1 Change at constant
consolidation scope and exchange rates 2 EBITDA as a percentage of
revenue. 3 Illustrative pre-IFRS 16 lease accounting data. Details
provided in the Appendix 4 Software as a Service: a
subscription-based, cloud-based service where software is accessed
online through a web browser. 5 At constant exchange rates 6
(Faculté d’investissement au sein des filiales), Note 25.2 of the
FY 2022-2023 Universal Registration Document 7 Full details are
provided in chapter 3, section 3.3.2.1.1 of the FY 2022-2023
Universal Registration Document. 8 Provisional unaudited data under
review 9 Excluding lease liabilities resulting from the adoption of
IFRS 16.
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ANALYSTS - INVESTORS +33 1 41 27 19 74
ir@claranova.com
FINANCIAL COMMUNICATION +33 1 75 77 54 68
ir@claranova.com
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