Claranova reports first half sales exceed €300 million
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PlanetArt parent Claranova reports half-year sales exceeded €300 million, with a normalized operating profit up 67% at constant rates to €27.5 million for an operating margin of 9.1%, with a net result of €2.2 million
“The results for this first half of 2023-2024 demonstrate the tremendous work carried out by the teams for almost two years and the vigor of our activities which all, without exception, have seen their profitability improve significantly,” said Pierre Cesarini, Managing Director of Claranova. “This dynamic allows the Group to record historic performances, with a normalized operating profit of €27.5 million, up 67% at constant rates and a net result that is once again positive.
“These excellent results demonstrate the strength of the Group’s economic model. The priority given to profitability is also reflected in our cash generation since our operating cash flow increased by €24 million to stand at €72 million. The good direction of the results for the half-year allows us to confirm our operational profitability objective of around 10% for the 2023-2024 financial year. “
As previously announced, based on the higher-margin revenues generated by the PlanetArt division, combined with strong growth in the Avanquest and myDevices divisions, EBITDA rose to €27.5 million at Dec. 31, 2023, up from €17.4 million one year earlier, or 67% at constant exchange rates (+58% at actual exchange rates).
PlanetArt, the personalized objects e-commerce subsidiary, reported H1 revenue of €235m (-3% at constant exchange rates or -8% at actual exchange rates), which, despite the adverse currency effect, highlights the division’s efforts to improve profitability. Claranova said “the division’s transformation and diversification of its marketing investments have enabled it to address the challenges posed by the introduction of ATT4 features, with customer acquisition costs now under control, particularly on the mobile side. In addition, by leveraging the multiple acquisition channels now in place and optimizing operating costs over the first half, PlanetArt was able to achieve higher-margin sales over the period.”
PlanetArt also benefited from the stabilization of raw material and shipping costs, which returned to normal price levels.