smartphoto group grows further in 2021
Smartphoto Group realized in 2021 an increase in revenue to 63.1 million euro compared to 61.4 million euro in 2020. This growth in revenue is the combination of the organic evolution and the one-month contribution of Frucon2 NV (Nayan), following the acquisition. The strict lockdown measures in 2020 resulted in exceptionally strong sales of books and prints in the spring and of gifts in the fall. Due to the loosening of the measures around the Covid-19 virus, the demand for these products fell back to normal levels in the year 2021, the company said.
The company’s REBITDA amounts to 10.5 million euro in 2021 compared to 11.9 million euro in 2020 (-11.2%), and 8.8 million euro in 2019 (+19.8%). Compared to 2019, as a reference without the influence of Corona, the group’s revenue increased from 51.5 million euro to 63.1 million euro, an increase of 22.5%.
On an annual basis, the REBITDA amounts to 10.5 million euro in 2021 compared to 11.9 million euro in 2020 (-11.2%), and 8.8 million euro in 2019 (+19.8%). For comparability purposes, the EBITDA was adjusted for the non-recurring costs relating to the acquisition of Nayan of 0.2 million euro.
In the first half of 2021, the traditionally lower volumes over the first 6 months, combined with higher fixed costs due to the opening of the new factory and the expansion of the teams to support growth, put pressure on profitability.
In the second half of the year, automation in production and the partial recharge of increasing labor and material costs ensured better profitability. The REBITDA for the second half of 2021, including Nayan’s activities for the month of December 2021, evolved positively by 0.4 million euro compared to the second half of 2020.
With a compound annual growth rate (CAGR) over the last 3 years of revenue equal to 10.7% and of the REBITDA equal to 9.5%, smartphoto, after the temporary boost from Covid-19 in 2020, confirms further steady growth in 2021.