PRESS RELEASE
First-half financial information at June 30, 2024IFRS - Regulated information - Audited
Cegedim: Revenue and EBITDA both increased in the first half of 2024
Revenue grew 6.0% as reported and 4.6% LFL to €319.0 million
EBITDA rose 6.9% to €52.2 million
Recurring operating income(1) (REBIT) fell 3.4% to €10.3 million
Boulogne-Billancourt, France, September 26, 2024, after the market close
Cegedim generated consolidated H1 2024 revenues of €319.0 million, a 6.0% year-on-year increase as reported, and EBITDA of €52.2 million, a €3.4 million or 6.9% increase. Recurring operating income fell €0.4 million, or 3.4%, to €10.3 million.
H1 2024
H1 2023
Change
in €m
(in %)
(in €m)
(in %)
(in €m)
in %
Revenues
319.0
100.0%
301.0
100.00%
18.0
6.0%
EBITDA(1)
52.2
16.4%
48.8
+16.2%
3.4
6.9%
Depreciation & amortization
-41.9
-38.1
-3.8
-9.8%
Recurring operating income(1)
10.3
3.2%
10.7
3.6%
-0.4
-3.4%
Other non-recurring operating income and expenses(1)
-2.6
-1.4
-1.2
-88.8%
Operating income
7.7
2.4%
9.3
3.1%
-1.6
-17.1%
Financial result
-5.0
-5.6
0.6
10.8%
Total tax
-2.9
-12.4
9.5
76.8%
Share of net profit (loss) of equity method companies
0.1
-0.5
0.6
110.3%
Consolidated net profit
-0.1
0.0%
-9.2
-3.1%
9.1
99.0%
Non-controlling interests
-0.7
-0.4
-0.3
-69.3%
Group share
0.6
0.2%
-8.8
-2.9%
9.4
107.2%
Recurring earnings per share(2) (in euros)
0.0
-
-0.6
-
Earnings per share (in euros)
0.0
-
-0.6
-
Consolidated revenues rose €18.0 million, or 6.0%, to €319.0 million in H1 2024 compared with €301.0 million in 2023. The positive scope effect of €3.7 million, or 1.2%, was attributable to the first-time consolidation in Cegedim's accounts of Visiodent starting March 1, 2024. The positive currency impact was €0.5 million, or 0.2%, chiefly owing to appreciation of the pound sterling against the euro. In like-for-like terms(2), revenues rose 4.6% in the first half, in line with the Group's announced outlook. The performance was attributable to seasonality and the non-recurrence of Ségur public health investments in 2024.
EBITDA(1) rose €3.4 million between the first half of 2023 and 2024, or 6.9%. The improvement is the result of good management of personnel costs and external costs, in moderate growth as a percentage of revenues even though the amount of R&D capitalization fell and the Group had an additional quarter of start-up costs for its biggest BPO contract.
-------------(1) Alternative performance indicator See pages 112-113 of the 2023 Universal Registration Document.(2) At constant scope and exchange rates.
Depreciation and amortization expenses rose €3.7 million, chiefly due to a €3.1 million increase in R&D amortization (€22.7 million at June 30, 2024 compared with €19.7 million a year earlier) driven by development efforts in recent years.
Recurring operating income(1) fell €0.4 million to €10.3 million in H1 2024 compared with €10.7 million in 2023. It amounted to 3.2% of 2024 revenue compared with 3.6% in 2023. The fine EBITDA performance did not drop through to recurring operating income solely because of higher depreciation and amortization. Excluding the impact of Ségur subsidies and at comparable levels of amortization of capitalized R&D, Recurring operating income would have more than doubled.
Other non-current operating costs(1) amounted to €2.6 million in H1 2024 compared with €1.4 million in the same period in 2023. The principal items in 2024 were restructuring costs related to the Group's decision to refocus software for doctors in the UK on Scotland and fees related to the Visiodent acquisition.
Taking these elements into account, operating income came to €7.7 million at June 30, 2024, compared with €9.3 million a year earlier.
Financial result was a loss of €5.0 million compared with a €5.6 million loss in H1 2023. Dividend income over the period more than offset the increase in the cost of financial debt.
Tax was back to normal levels at €2.6 million in H1 2024 compared with €12.4 million in H1 2023. As a reminder, in 2023 the Group made a non-cash adjustment that caused it to record a deferred tax charge corresponding to the downward revision of its estimated remaining deferred tax assets.
Analysis of business trends by division
in millions of euros
Total
Software & Services
Flow
Data & Marketing
BPO
Cloud & Support
Revenue
2023 reported2023 reclassified (*)
301.0301.0
161.5150.6
48.246.8
54.954.9
32.832.8
3.515.8
2024
319.0
152.1
49.5
59.3
39.9
18.1
Change
6.0%
1.0%
5.8%
8.0%
21.6%
14.5%
Recurring operating income
2023 reported2023 reclassified (*)
10.710.7
-2.0-2.5
5.65.2
6.66.6
1.41.4
-0.90.0
2024
10.3
-1.4
5.9
5.3
1.9
-1.3
Change
-3.4%
42.4%
12.8%
-19.8%
36.0%
na
Recurring operating margin (as a % of revenues) 2023 reported
3.6%
-1.2%
11.7%
11.9%
4.3%
-24.7%
2023 reclassified (*)
3.6%
-1.7%
11.1%
11.9%
4.3%
0.3%
2024
3.2%
-1.0%
+11.8%
8.9%
4.8%
-7.0%
(*) As of January 1, 2024, our Cegedim Outsourcing and Audiprint subsidiaries—which were previously housed in the Software & Services division—as well as BSV—formerly of the Flow division—have been moved to the Cloud & Support division in order to capitalize on operating synergies between cloud activities and IT solutions integration.
Software & Services: H1 2024 revenues ...
