(AOF) – Bigben Interactive gained 0.57% to 3.50 euros the day after the publication of its mixed results for the first half of 2023-2024. “The operating result is impacted by sparse editorial news. This first half thus supports controlled but high operational development costs compared to the volume of activity achieved over the period. Sustained growth is expected in the second part of the exercise,” explains Bigben. Its subsidiary specializing in gaming peripherals, Nacon (+3.02% to 1.70 euros) also presented mixed quarterly results.
For the first half of the year, Bigben Interactive posted an operating profit of 4.3 million euros compared to 10.5 million euros a year ago for the same period.
The company posted a net profit almost divided by three (-63.9%) to 2.7 million euros compared to 7.6 million euros. However, this group, present in the publishing of video games, mobile and gaming accessories and audio products, saw its EBITDA increase by 18.7% to reach 32 million euros (it represents 25% of turnover) against 19.4% at the same period last year.
Over this period, Bigben’s turnover amounted to 131.1 million euros, down 5.1% compared to 138.5 million euros.
In addition, Bigben’s gross margin rate, under the effect of a more favorable product mix, represents 48.6% of turnover, up almost 2 points compared to last year.
“In line with its gaming subsidiary Nacon, its margins are showing a significant improvement, despite sluggish activity in the first half,” comments TP Icap Midcap.
In addition, Nacon sales fell by 8.7% to 70.8 million euros. The gross margin rate represents 64.2% of turnover, an improvement of almost 3 points compared to last year. Ebitda amounts to 29.3 million euros, an increase of 20.1% compared to 24.4 million euros in the first half of 2022/2023.
Its net profit fell from 8.4 to 3.2 million euros in one year. Its operating profit also fell in one year: from 9.8 to 3.7 million euros.
Reacting to Nacon’s results, TP Icap Midcap remains optimistic: “Despite activity down compared to last year, margins are clearly improving, which bodes well for the rebound in activity expected in the second half of the year.”
“Given the failure of Gollum and the limited number of games launched in the first half, it was certain that the half-year results would be down,” Invest Securities also states.
“Given the rebound in activity expected in the second half of the year for Nacon and the favorable outlook for the Bigben-Audiovideo/Telco activity, the group confirms its outlook for strong growth in turnover and operating profit for the financial year 2023-2024″, explains Bigben, without further details on this subject.
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