Smartphoto group reports reports 4% increase in revenue for full-year 2024

Smartphoto group, the e-commerce group from Wetteren, Belgium, realized an increase in revenue to 80.5 million euros in 2024, thanks to a strong second half and an even stronger last quarter. This growth of 4.0% (or 3.1 million euro) was achieved in a challenging economic environment, with continued pressure on consumer spending and market uncertainties, the company said.

The smartphoto division managed to limit the increase in operating costs by implementing strict cost control and smart price increases, which allowed margins to be further increased. Targeted investments in marketing brought growth in the second half of the year.

The B2B division showed a positive evolution in revenue, both organically, by attracting new clients, and through growth from the existing client portfolio, as well as through the acquisition of TopFanZ. Within naYan’s agency component, the teams were further expanded to provide an even better service to our clients. The production activities of the Gifts department will be relocated to the Gift Factory in Wetteren from February 2025. This relocation will provide increased efficiency and better utilization of available space, which will ensure reduced costs in the second half of 2025, the company said.

TopFanZ, a market leader in Belgium in merchandising products and services in the sports and entertainment sector, is also part of this division. TopFanZ will be included in the consolidated figures as from the acquisition date on 31 May 2024, contributing 7 months of revenue and earnings.

System Insight Holdings Ltd and its subsidiaries will also be included within this division as of 2025, due to its recent acquisition. UK-based System Insight Holdings Ltd specializes in photography for events and attractions, operating under the commercial name Image Insight. An initial cash consideration of 8 million GBP was paid for this acquisition.