Esker (ALESK) H1 2024 earnings summary

Executive summary

• Sales revenue grew 13% year-over-year to €99.2m in H1 2024, driven by cloud and SaaS solutions.

• Operating income rose 30% to €12.7m, with operating margin returning to historic levels at 12.8%.

• Net income increased 25% to €9.3m, representing a net margin of 9.4%.

• Record new bookings up 51%, especially strong in the U.S. (+95%) and Asia-Pacific (+52%).

Financial highlights

• SaaS revenue up 12%, now 82% of total sales; subscription sales up 30%, 51% of SaaS business.

• Implementation services grew 25%, now 17% of revenue; legacy products declined 57%, now 1% of sales.

• Net cash position increased to €48.2m after dividend payment; operating cashflow up 13%.

Outlook and guidance

• Revenue growth target for FY 2024 confirmed at 12-14%, excluding acquisitions and currency effects.

• Operating margin target set at 12-13% of revenue for FY 2024.

• Strong bookings in H1 2024 expected to drive further sales growth and profitability improvements in H2.