(Boursier.com) — ITESOFT, European publisher of information flow processing automation solutions, today announces the publication of its accounts for the 2023 financial year. The amount of new subscriptions signed for the year 2023 represents a ARR of 1.9 ME, bringing the cumulative contracts signed as of December 31, 2023 to 6.7 ME of ARR, up +28% compared to December 31, 2022. Over the year, sales of SaaS subscriptions are increasing by +17%.
Recurring revenues, made up of SaaS subscription sales and Maintenance revenues, amounted to €15.1 million, up almost +2% and representing 74% of revenue in 2023, stable compared to 2022.
Continuing its policy of transition towards SaaS solutions, ITESOFT records an increase in turnover of +6% in the second half of 2023, driven by the strong commercial momentum of SaaS sales over the period. This growth makes it possible to compensate for the 2% drop recorded in the first half of the year and to post a consolidated turnover of €20.5 million over the whole of 2023, up +2% compared to 2022.
ITESOFT reminds that the ARR corresponds to the annual value of a full-year contract after the implementation phase. The ARR as of December 31 of year N is a trend that allows us to anticipate the annual SaaS revenue of year n+1.
In 2023, gross operating surplus (EBITDA) stood at €2.6 million, stable compared to 2022. Since 2022, EBITDA has benefited from the possibility of activating ‘R&D’ costs as intangible assets. thanks to the long delay between the technical feasibility of the solutions and their marketing, the implementation of a new analytical system and an appropriate organization. In 2023, capitalized ‘R&D’ costs represent a net book value of 3.4 ME compared to 3.2 ME in 2022.
As of December 31, 2023, the Group’s total workforce stands at 203 people compared to 209 at the end of 2022.
After taking into account an allocation to depreciation and provisions for an amount of 1.7 ME, the operating profit stands at 0.9 ME, also stable compared to 2022.
The Group recorded a positive net income, group share, in 2023 and a clear increase at 1.1 ME, compared to a net loss of -0.4 ME in 2022, including a financial result of 142 KE and a tax credit of 44 KE linked to the activation of deficits carried forward over the period.
As of December 31, 2023, the Group displays a still solid financial structure with on the balance sheet:
– Equity of 8.5 ME (vs. 7.4 ME in 2022);
– A financial debt over one year of 2.8 ME (vs. 5 ME in 2022), including a rental debt of 0.9 ME in accordance with the application of IFRS 16;
– Cash flow of 6 ME (vs. 8.1 ME in 2022), including the collection of payments for maintenance contracts invoiced at the end of 2022.