JDC Group (JDC) Q2 2024 earnings summary

Executive summary

• Achieved over 25% revenue growth year-over-year in H1 2024, reaching €106.1 million, with historic milestone of surpassing €100 million turnover in a half-year and two consecutive quarters over €50 million.

• EBITDA increased by 36% year-over-year to €6.9 million for H1 2024, with net profit up 70.5% to €2.8 million.

• Growth driven by strong insurance and investment business, Top Ten consolidation, and revival in real estate and alternative investments.

• Platform scaled to nearly 2.5 million clients, 5.2 million contracts, and record activity in orders and contract transfers.

• Share buyback program completed, repurchasing 147,113 shares (~1.08% of capital) for €2.8 million at an average price of €19.89.

Financial highlights

• H1 2024 turnover: €106.1 million, up 25.4% from €84.6 million in H1 2023; Q2 revenue up 29.4% year-over-year.

• Gross profit up 22.3% to €30.4 million; EBITDA up 35.6% to €6.9 million; EBIT up 64.4% to €3.8 million.

• Net earnings doubled year-over-year; EPS for H1 2024: €0.20 (+63.5% YoY).

• Cash flow from operations €7.4 million (up 80% YoY); cash balance at period end €26.7 million, rising to €34.2 million by August.

• Equity ratio improved to 38.2%; total assets €141.4 million.

Outlook and guidance

• On track to meet 2024 guidance: turnover €205–220 million, EBITDA €14.5–16 million.

• Stronger H2 expected, with Q4 typically the best quarter for both turnover and EBITDA.

• Organic growth rate targeted at 15%+, with M&A to drive total growth above 20%.

• Major new contract with a large insurer to contribute from 2025 onward, with minimum €500,000 gross margin in first year.

• Focus on integrating Top Ten Group, leveraging Summitas, expanding IT cooperation, and cost reduction per contract.