init innovation in traffic systems (IXX) Q2 2024 earnings summary

Executive summary

• Revenue rose 28% year-over-year to €114.5m in H1 2024, driven by large-scale projects in London and Atlanta.

• EBIT increased to €6.7m from €1.6m year-over-year, with net profit up to €4.6m from €1.2m.

• Major orders from London and Atlanta, each around €100m, signal entry into a new business dimension.

• Order backlog reached €374m, up from €184m year-over-year.

Financial highlights

• Gross profit increased 23% to €38.6m; gross margin declined to 33.7% from 35.1% due to a higher share of large-scale projects.

• Cash flow from operating activities improved to €-0.1m from €-6.9m year-over-year.

• Dividend of €0.70 per share paid, up from €0.60; no special dividend in 2024.

• Total assets rose to €271.6m; equity ratio at 44.5%.

Outlook and guidance

• Full-year 2024 revenue expected between €240m and €260m; EBIT forecasted at €24m to €28m.

• Growth of 10–15% anticipated for 2025 and beyond, supported by public investment programs.

• Focus remains on digitalisation, AI, and expanding IT staff to manage growth.