Morefield Group (MORE) H2 2024 earnings summary

Executive summary

• Revenue reached €107 million in 2024, with EBITDA of €17.8 million and net income attributable to shareholders of €2.3 million, down from €5.3 million in 2023, mainly due to one-off costs and lower Almunda valuation.

• Kersten Groep, the main subsidiary, continued strong autonomous growth, contributing the majority of group results.

• Morefield agreed to acquire Naviva Kraamzorg in early 2025, expected to further boost growth and EPS.

• Value8 remains the majority shareholder, supporting financing and strategic direction.

Financial highlights

• Revenue increased to €107 million in 2024 from €92.7 million in 2023, driven by Kersten's growth.

• EBITDA was €17.8 million (2023: €15.1 million); EBIT was €7.2 million (2023: €9.5 million).

• Net income attributable to shareholders was €2.3 million (2023: €5.3 million); EPS €0.038 (2023: €0.086).

• Gross margin improved to €68.1 million (2023: €60.3 million).

• Operating cash flow was €9.8 million, with significant investments in IT and organization.

Outlook and guidance

• Management expects further revenue and profit growth in 2025, supported by the Naviva acquisition and continued Kersten expansion.

• Naviva's integration is anticipated to be EPS accretive from closing.