(Boursier.com) — At the end of its 2023 financial year, Munic recorded a turnover of 14.8 ME, down -32% compared to the previous financial year.
After a post-pandemic economic recovery and very strong demand following the components crisis in 2022 which led to an increase in stocks among Munic’s main customers, activity suffered in 2023 from an economic environment which gradually deteriorated over the year, leading to increased caution among key account customers.
Munic continues to actively work on obtaining new sources of financing, which will make it possible to extend its financing needs beyond mid-2024, and thus to have an improved cash flow at the end of this year compared to that of the end of 2023.
At the end of December 2023, MUNIC had available cash of 0.6 ME, an amount which does not include 1.1 ME of CIR Research tax credit for the 2022 financial year, the collection of which was postponed to 2024.
The net financial debt stands at 5.3 ME at the end of the 2023 financial year vs. 3.7 ME at the end of 2022.
On the commercial front, Munic anticipates good activity dynamics in 2024, which should result in a rebound in its turnover. In addition, the company anticipates an improvement in its profitability, driven in particular by the strong increase in recurring subscriptions to the Munic.io Cloud platform.
In the longer term, given the deterioration of the economic environment and the delays in large-scale deployment projects of the Ekko platform following conclusive pilot phases, Munic has decided not to maintain its objectives at the end 2026. The company nevertheless reaffirms its significant ambitions for profitable growth, based on the broad development of the EKKO platform over the coming years.
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