Morefield Group (MORE) H1 2024 earnings summary

Executive summary

• Revenue rose 19.1% year-over-year to €52.4 million in H1 2024, driven by growth at Kersten, acquired in November 2022.

• EBITDA increased 21.2% to €9.14 million; adjusted EBITDA (excluding IFRS 16) was €7.28 million, up from €5.63 million.

• Net profit attributable to shareholders reached €2.18 million, up from €1.60 million in H1 2023.

• Earnings per share rose to €0.037 (diluted: €0.03) from €0.028 (diluted: €0.022) year-over-year.

• Solvency improved to 29.7%.

Financial highlights

• Gross profit increased to €33.1 million from €28.3 million year-over-year.

• Operating income (EBIT) was €4.70 million, up from €3.25 million.

• Net financial result included a €0.08 million negative revaluation of the Almunda stake (vs. €0.55 million positive in 2023).

• Cash flow from operations was €2.5 million, down from €6.5 million in H1 2023.

• Total assets increased to €64.1 million from €56.6 million at year-end 2023.

Outlook and guidance

• Management expects continued revenue growth and solid EBITDA in H2 2024, despite inflationary pressures.

• No specific net profit guidance due to Almunda stake valuation depending on market price at balance date.

• Ongoing review of scale-up opportunities, with no certainty of a transaction.