Smartphoto releases final results for 2023

Smartphoto Group, the Wetteren, Belgium e-commerce company, realized an increase in revenue to 77.3 million euro in 2023. This increase of 1.4% (or 1.0 million euro) was achieved in a year that was characterized by 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.

In this context, 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. By implementing strict cost control and smart price increases, margins could still be increased and profitability preserved, the company said.

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. The teams were further expanded and several new business customers were welcomed.

Net cash increased from 18.4 million euro in 2022 to 19.7 million euro in 2023. As of Dec. 31, 2023, net cash, without taking into account lease liabilities under IFRS 16, amounts to 23.3 million euro, or an increase of 6.9% compared to 21.8 million euro as of December 2022.