Wetteren, Belgium-based Smartphoto group again achieved another strong year in 2020. Revenue showed double-digit growth of 19.2% from 51.5 million euro in 2019 to 61.4 million euro in 2020. The company said improved marketing efficiency leads to an EBITDA growth of 34.9% from 8.8 million euro in 2019 to 11.9 million euro in 2020.
Net cash increased by 5.0 million euro from 8.2 million euro in 2019 to 13.2 million euro in 2020, despite the dividend payment worth 2.1 million euros, further purchase of treasury shares (2.8 million), and the start-up of its third factory, a gift-focused plant in the United Kingdom. Smartphoto group operates in 12 European countries and primarily targets consumers.
The company attributed its success to expanding the product range of personalized products and gifts, supported by more efficient marketing, as we all as the launch of a super-fast delivery service for a number of products.