(Boursier.com) — In the first half of 2023, business growth accelerates at Wallix… Turnover came to 13.9 million euros, up +26.4% and +29.2% excluding Russia. Kleverware, consolidated since May 16, 2023, contributed 0.2 ME to turnover over the half-year.
Over the entire half-year, the rate of contract acquisition remained sustained with 225 contracts signed, bringing the number of active contracts to 2,525 as of June 30, 2023, an increase of +25% over 12 months.
This return to high growth rates is taking place in a context of controlled evolution towards a subscription model which guarantees a stream of recurring income and better long-term financial visibility. As of June 30, 2023, monthly recurring revenue (MRR) stood at 1.4 ME, up +26.2% compared to June 30, 2022, or 17 ME of recurring revenue on an annual basis.
The operating result came to -6.1 ME. Excluding non-recurring items, operating profit reached -4.6 ME (-4.2 ME in the first half of 2022).
The group’s share of net income stands at -5.4 MEafter taking into account the tax credit of 0.6 ME.
Cash flow increasing
Following the fundraising carried out during the half-year, consisting of a capital increase of 5.5 ME and a bond issue convertible into shares of 5 ME, gross cash stood at 20.6 ME as of 30 June (13.5 ME as of December 31, 2022). Financing requirements remained under control, at -2.6 ME (-4.7 ME in the first half of 2022), mainly linked to activated development costs.
Net cash amounted to €13.6 milliona solid financial base allowing Wallix to calmly consider the next stages of its organic development while analyzing external growth opportunities.
Outlook
Wallix aims to continue to evolve and enrich its solutions by adding complementary technological bricks, either through innovation or external growth, with industrial cybersecurity remaining a major area of development.
With an optimized, more efficient and more agile commercial organization, Wallix reiterates its ambitions for sustained growth for 2023 and 2024 and continuous improvement of its structural profitability to achieve a break-even operating result in 2024.