Cogelec (ALLEC) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached €36.7m, up 12.4% year-over-year, with growth accelerating in Q2 to 17.7% driven by strong sales in France and internationally.

• Subscription revenues rose 16.3% in Q2, totaling €11.4m and representing 31.1% of total sales.

• EBITDA increased 33.7% to €6.1m, and net income was €2.9m, reflecting improved profitability and cost control.

• International sales grew 28% in H1, with notable recovery in the UK and other subsidiaries.

• The Group confirms its target of double-digit annual sales growth and expects further improvement in operating profitability for the year.

Financial highlights

• Gross margin rose to €24.3m (66.3% of sales), up from €21.4m (65.5%) in H1 2023.

• Operating income reached €3.5m, up 122% year-over-year, with stable depreciation and no exceptional R&D write-downs.

• Net income was €2.9m, compared to €0.6m in H1 2023.

• Cash and cash equivalents stood at €26.5m at June 30, 2024.

• Financial debt totaled €24.9m, with a reduced debt-to-equity ratio.

Outlook and guidance

• Management maintains a target of double-digit annual sales growth, supported by a growing installed base and recurring revenues.

• Operating profitability is expected to improve further in 2024.