Smartphoto group shows resilience with growth in 2023

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Wettern, Belgium-based Smartphoto group released preliminary results for the full year 2023. The company realized an increase in revenue to 77.3 million euro in 2023, an increase of 1.4% (or 1.0 million euro) was achieved in a year that company management characterized as”very difficult economic conditions, due to, among other things, the continuation of the war in Ukraine, the return of the war in the Middle East, and the still high inflation that weighed on consumer behavior.”

Smartphoto group realized an EBITDA of 13.1 million euro in 2023, compared to 13.0 million euro in 2022 (+1.2%). The smartphoto division achieved sales of 61.0 million euro and an EBITDA of 10.2 million euro. The division managed to limit the increase in operating costs despite higher personnel costs due to wage indexations and higher production, transport, and material costs, the company said, which improved margins.

As planned, the B2B division was able to expand its business. NaYan experienced an increase in revenue from 15.5 million euro in 2022 to 16.8 million euro in 2023, and an increase in EBITDA from 2.7 million euro to 2.9 million euro.