Smartphoto Group reports improved full-year sales

GaryPageau

Belgium-based e-commerce company Smartphoto group realized an increase in revenue to 76.3 million euros in 2022,  up 21% from last year. The 13.2 million euro increase is the result of the organic growth of smartphoto (+1.5%) on the one hand and of the inclusion of the figures of naYan for the entire year 2022 on the other. In 2021, the naYan figures were included in the consolidated figures for the month of December only.

Smartphoto succeeded to increase its profitability in 2022 compared to 2021, through, among other things, a better product mix and further price adjustments, notwithstanding higher production, transport, and material costs, the company said. The B2B division naYan also contributed to the group’s growth and profitability with sales of 15.5 million euros and EBITDA of 2.7 million euros from the first full year onwards.

For instance, naYan realized a strong increase in its international footprint as well as great omnichannel projects for existing and new customers. For the full year 2022, the EBITDA amounts to 13.0 million euros, compared to 10.2 million euros in 2021, or an increase of 27.3%. Organic EBITDA growth, excluding naYan for both 2021 and 2022, amounts to 9.6%. Taking 2019 as a comparable year, without any impact of Corona, the revenue of the smartphoto group has increased from 51.5 million euros to 76.3 million euros, an increase of 48.2%. The EBITDA has increased from 8.8 million euros in 2019 to 13.0 million euros in 2022, an increase of 47.5%.

The financial result decreased by 1.2 million euros from -0.2 million euros in 2021 to -1.4 million euros in 2022. This decrease is mainly due to the negative impact of foreign exchange gains/losses of 0.3 million euro, the increase in financial expenses from interest-bearing financial liabilities and lease liabilities of 0.04 million euro, a loss on the realization of other receivables for 0.9 million euro regarding the receivable from the seller of naYan NV, and the increase in other financial expenses of 0.06 million euro.