The cybersecurity software publisher Wallix is under attack on the stock market: its price fell by 22.6% on Friday morning, to 19.34 euros. The evening before, the group unveiled its activity indicators for 2021. If its turnover of 23.2 million euros is up 15% compared to last year, it is below expectations. financial analysts, who expected, on average, 26 million euros in billings. ” Growth was somewhat penalized at the end of the year by slippages in orders in the first half of 2022,” explains Jean-Noël de Galzain, chairman of the board.
Revisions
The Omicron wave, which swept through in December, prompted some contractors, sometimes large ones, to postpone signing contracts, particularly in France. ” Software publishers can achieve up to a third of their annual billings in December, recalls an analyst from Midcap Partners. For Wallix, the shortfall is estimated at 2 million euros, which will be carried over to the current financial year. In the end, the turnover achieved in France by the group increased only 5% last year, to 13.9 million euros. The momentum was more sustained internationally, where Wallix’s revenues increased by 35%, to 9.2 million. The publisher now does 40% of its business outside of France.
As a result of a lower than expected volume of business, the group indicates that its results for the second half will improve but will not reach operating breakeven, as hoped for several months. ” Taking into account a controlled and stabilized rate of investment, we estimate the additional loss of approximately 1.5 million euros compared to our initial scenario. », Recalculates the Oddo BHF analyst, who now anticipates a deficit of 4.5 million over the whole year. His colleague from Midcap Partners is counting on an annual loss of 4.3 million, against -2.2 million so far, and lowers ” noticeably » his forecast for 2022 and 2023. « The strengthening of investments (R&D, Sales & Marketing, technologies) included in the Unicorn 2025 plan made official in early December 2021 to support organic growth will weigh on the group’s operating margins, which will remain in losses over our forecast horizon. “, continues the expert.
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