(Boursier.com) — In 2023, Streamwide reached a record turnover of 19.5 million euros. The increase in annual revenues (+1.9 ME or +11%) comes from that of professional solutions ‘team on mission’ and ‘team on the run’ (+1.9 ME), up 16% and now representing 73% (+3 pts) of the Group’s annual revenues.
This solid growth has a direct and positive impact on current operating income before depreciation and amortization (EBITDA), which increases by 1.7 ME (+18% to 11.4 ME) and represents 59% of annual revenues (+4 points). Operating expenses are almost stable and stand at 8.1 ME (7.9 ME in 2022). External costs remain under control (+0.2 ME) and accompany the evolution of the activity (marketing and travel costs increasing). The “net” payroll for the period is stable at €6.4 million, which demonstrates the Group’s ability to generate strong leverage by best aligning its workforce and resources with the needs of the business. The total payroll, before capitalization of R&D costs, is 11.7 ME in 2023 (11.6 ME in 2022) (195 people at the end of 2023 compared to 193 at the end of 2022).
After depreciation (5.8 ME, including 4.6 ME for development costs), the current operating profit (EBIT) comes to 5.6 ME, an increase of 1.2 ME and represents 29% of annual revenues ( 25% in 2022).
After taking into account a negative financial result (-0.3 ME following mainly negative period exchange rate effects) and a negative tax result (-1.2 ME following in particular deferred tax impacts, not cash, linked to the activation of development costs), the net result comes out positive at 4.2 ME, up 0.8 ME compared to 2022. The net margin thus stands at 21% (19% in 2022) .
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The balance sheet total is 48.4 ME (38.9 ME as of December 31, 2022). The Group’s financial structure was further strengthened as of December 31, 2023, with equity reaching 22.5 ME (+1.4 ME) and significant net cash of 6.4 ME (excluding rental liabilities). Gross cash stood at 15.6 ME as of December 31, 2023, an increase of 4.3 ME compared to December 31, 2022. Finally, financing flows were positive by 3.5 ME, following the change in financial debts. (+6.4 ME).
Outlook
The 2023 results benefit from a solid second half and the levels of results and operating margins are therefore significant and improving compared to the previous year. If the 2024 revenues currently anticipated are satisfactory, their progression compared to those of 2023 is not yet entirely assured.
The Group’s objective remains to be part of this dynamic of profitable growth and to provide itself with the means. The financing obtained in March 2023 perpetuates the Group’s capacity to continue the development of its solutions and to further strengthen the technological advance they demonstrate.
Controlling costs and financing will continue to be a priority in 2024.
Obtaining by the Group, at the beginning of 2024, ISO 27001 certification for all of its activities is an additional step for the credibility and competitive positioning of the platforms offered.
New technical and commercial partnerships are being negotiated or finalized, and demonstrate that the platform technology developed by the Group has become essential for a majority of major players in the sector.