Multitude with 9 months EBIT growth of 50% up to EUR 32.5 million
16 Novembre 2023 - 7:00AM
Multitude with 9 months EBIT growth of 50% up to EUR 32.5 million
Multitude with 9 months EBIT growth of 50% up to EUR
32.5 million
- Continued high profitability: EBIT
50% up to EUR 32.5 million - EBIT margin at 19% and after-tax
profit doubled to EUR 12.4 million
- Strong cash position at EUR 167.0
million
- Robust payment behaviour
- EUR 45 million EBIT guidance for
2023 remains in place
Helsinki, 16 November 2023 – Multitude SE – a
fully regulated international growth platform for financial
technology (ISIN: FI4000106299, WKN: A1W9NS) continues its
profitable growth track with a strong performance in the first nine
months of 2023. The company reported revenue growth of 6.2% to EUR
167.4 million (9M 2022: EUR 157.6 million) with revenue growth in
each of the three segments (SweepBank, Ferratum and CapitalBox). In
the third quarter, Multitude was able to increase its growth rate
from the previous quarter with a 7.2% increase in sales to EUR 57.9
million.
Due to a further improved cost efficiency Group
EBIT for the reporting period was EUR 32.5 million, 50% higher than
the comparable figure for the previous year of EUR 21.7 million.
EBIT margin jumped from 13.8% in the previous-year period to 19.4%
this year. The surge in interest rates had a significant impact on
net finance costs. In comparison to the same period last year, net
finance costs have increased from EUR 13.8 million to EUR 17.4
million in Q1-Q3 2023. Profit before taxes reached EUR 15.2 million
– substantially above previous year`s figure of EUR 7.9 million and
after-tax profit rose to EUR 12.4 million (9M 2022: EUR 6.1
million). Earnings per share went up accordingly from EUR 0.17 to
EUR 0.37.
After the strong performance in the first nine
months, management is still confident to achieve the communicated
full-year guidance for 2023 with an improvement in consolidated
EBIT from EUR 31.6 million in 2022 to EUR 45 million.
“Despite continuous uncertainties in the in the
market, Multitude has been able to achieve significant further
growth throughout 2023 so far. The increase in in revenue and EBIT
demonstrate that we were right in our strategic focus on
sustainable and profitable growth”, Jorma Jokela, CEO of Multitude
SE comments on the development.
Stable portfolio size and solid
portfolio quality
The Group’s total loans to customers further
increased to EUR 548.2 million at the end of Q3 2023 from EUR 509.5
million (+7.6%) at the end of 2022, the Group’s impaired loan
coverage ratio (“ILCR“) remains stable at 17.8% and even slightly
improved compared to the first half 2023.
In the second half of 2022, Multitude expanded its business
activity to include investments in securitized bonds through
warehouse lending investments equalling EUR 43.4 million at the end
of Q3 2023 with significant growth of EUR 14.5 million (+50.1%)
from EUR 28.9 million at the end of 2022. High liquidity
position of EUR 167.0 million – solid balance sheet
quality
The Group’s balance sheet quality was further
strengthened. At of the end of Q3 2023, total assets reached EUR
819.5 million, marking a substantial increase of EUR 64.3 million
compared to EUR 755.2 million recorded at the end of 2022. Current
assets tallied up to EUR 619.7 million. The ratio of current assets
to total assets remains high at 75.6%, (31.12.2022: EUR 576.3
million and 76.3%). This surge is primarily attributed to the net
growth in cash and cash equivalents and current loans to customers.
Cash and cash equivalents rose from EUR 153.3 million to EUR 167.0
million at the end of Q3 2023. Additionally, the Group’s
non-current assets also experienced growth, expanding by EUR 21.0
million from EUR 178.9 million to EUR 199.8 million by the end of
Q3 2023. The Group’s shareholders’ equity slightly increased to EUR
184.4 million, representing an equity ratio of 22.5%. The Group
introduced net equity ratio as a one of the main measures for
capital adequacy which equals 28.7% at the end of Q3 2023 and 30.6%
at the end of 2022.
Key figures, EUR million |
9M 2023 |
9M 2022 |
Change |
Revenue |
167.4 |
157.6 |
+6.2% |
Profit before interests and taxes (EBIT) |
32.5 |
21.7 |
+49.8% |
EBIT margin % |
19.4% |
13.8% |
+5.6 PP |
Profit before tax |
15.2 |
7.9 |
+ 91.9% |
Net profit (loss) |
12.4 |
6.1 |
+102.7% |
Earnings per share, attributable to the ordinary equity (EUR) |
0.37 |
0.17 |
+117.6% |
Important note: Improved presentation of financial
statement line items
The Group has improved its presentation of
certain financial items on the consolidated financial statements at
the end of 2022. As a result, the Group’s consolidated statement of
financial positions, consolidated statements of profit or loss,
total comprehensive income, and cash flows, including relevant note
disclosures for the comparative period of 9M 2022, have been
restated to reflect the impact of the presentation adjustments.
For the full report on the first nine months
2023 and further information please refer to:
www.multitude.com/investors/results-reports-and-publications/
Contact information:
Lasse Mäkelä
Chief Strategy and IR Officer
Phone : +41 79 371 34 17
E-mail : Lasse.makela@multitude.com
About Multitude SE:
Multitude is a fully regulated growth platform
for financial technology. Its ambition is to become the most valued
financial ecosystem. This vision is backed by 18+ years of solid
track record in building and scaling financial technology. Through
its full European banking license, profound know-how in technology,
regulation, cross-selling, and funding, Multitude enables a range
of sustainable banking and financial services to grow and scale.
Currently, it has three independent business units on this growth
platform: Ferratum as consumer lender, CapitalBox as business
lender, and SweepBank as a shopping and financial app. Multitude
and its independent units employ over 700 people in 16 countries,
and they together generated EUR 212 million turnover in 2022.
Multitude was founded in 2005 in Finland and is listed in the Prime
Standard segment of the Frankfurt Stock Exchange under
the symbol ‘FRU.’ www.multitude.com
- Multitude SE 9M 2023 Report
Grafico Azioni Multitude (TG:FRU)
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Grafico Azioni Multitude (TG:FRU)
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