Claranova shows steady 2023-24 revenue at €496 million
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PlanetArt parent Claranova reported steady revenue while undergoing large-scale management changes. The company is also facing a lawsuit from its former CEO.
Total revenue for the prior 12 months was €496 million, down 2% from €507 million.
“Claranova registered a marginal increase in revenue on a like-for-like basis for FY 2023-2024, ” said Eric Gareau, CEO. “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 margin 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.”
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% |
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, the company said. On that basis, the division’s annual revenue amounted to €365 million, 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 margin over the full year.
Avanquest: SaaS now accounts for more than 90% of sales
The software publishing division ended the year with annual revenue of €122 million, 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%), PDF (+3%) and Photo (7%). 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).
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).
Lawsuit with former CEO, Pierre Cesarini
Claranova confirmed for the record, that since the departure of Pierre Cesarini, the former CEO of Claranova, no financial transaction has been concluded between the parties. Cesarini’s appointment as director of Claranova SE as well as his other offices within the Group’s subsidiaries have been revoked. In Luxembourg, Cesarini’s position as a company officer has also been revoked, with his definitive departure from Claranova Development SARL effective on the evening of Oct. 31, 2024, at the end of the notice period. Until the aforementioned date, he has been dispensed from exercising all his functions, the company said.
The company stated Cesarini filed a lawsuit against the group companies contesting his dismissal and is seeking €15 million in damages. The group says these claims are without merit.
Claranova also specifies that Cesarini left the group before meeting the different conditions of eligibility required to exercise his right to invest in the Group’s subsidiaries. As a result, the group considers that the preferred shares potentially conferring certain rights subscribed by Cesarini in connection with his option to invest in Group subsidiaries are, in any event, no longer justified and, by the applicable provisions, may be repurchased from him for 1 euro per type of instrument.