Smartphoto reports flat sales for the first half of 2024

Smartphoto group, the innovative e-commerce group based in Belgium, reported revenue over the first 6 months of 2024 decreased slightly by 0.8%, and evolved from 30,031K euro last year to 29,780K euro as of June 30, 2024. Smartphoto experienced a decline in revenue (-2.5%) due to the decreasing popularity of Communion, while naYan recorded a revenue increase driven by new customers (+2.2%). Stagnating turnover, increasing costs and further investments in extra recruitments at naYan to support growth, led to a decrease in EBITDA from 3,273K euro over the first half of 2023, to 2,356K euro as of 30 June 2024 (-28.0%).

Due to the acquisition of TopFanZ, net cash decreased, on an annual basis, from 4,586K euro to 3,279K euro as at 30 June 2024.

Despite the uncertain general economic outlook, smartphoto group expects a stabilisation of revenue and EBITDA for the second year half.

Key figures

Unaudited figures, prepared in accordance with IFRS

Explanatory notes

In the first half of the year, the product range of personalized products and gifts within the smartphoto segment was further expanded. Among others, the category of ‘Embroidered products’ was further expanded. In addition to towel sets, bath ponchos, backpacks, or toiletry bags, aprons and sweaters for both children and adults can now also be personalized with a name and/or text.

Within the B2B segment, revenue experienced a positive evolution (+5.2%). This increase was achieved through organic growth via naYan (+2.2%) on the one hand, mainly due to the attraction of new customers, as well as growth from the existing customer portfolio; and on the other hand through TopFanZ, whose figures contribute for 1 month.

Stagnating turnover, increasing costs of materials, personnel, and logistics, and further investments in extra recruitments at naYan to support growth, resulted in a decline in EBITDA from 3 273K euro for the first half of 2024 to 2 356K euro as at 30 June 2024 (-28.0%).

TopFanZ is recognised in the consolidated figures as from the acquisition date at 31 May 2024; and thus contributes to revenue and result for 1 month.