- Q3 revenue: €91 million, contracting 5% at constant exchange
rates (-14% like-for-like1)
- Solid Q3 performance given the high comparison base for
personalized e-commerce activities (+45% in Q3 2020-2021) and
continuing iOS-related constraints on marketing
- Nine-month sales remained steady at actual exchange rates at
€371 million (-1%, of which -8% like-for-like)
This press release presents unaudited Group
consolidated revenue, prepared in accordance with IFRS.
“Maintaining the trend of H1, Claranova’s revenue remained
stable over the first nine months of FY 2021-2022 at
€371 million, with a marginal decline of 1% as marketing
investments were forced to adapt to the transformation of customer
acquisition channels after the introduction of Apple's App Tracking
Transparency feature. Difficulties encountered by our partner
Facebook since the introduction of this new feature continue to
impact growth momentum of some of the activities of the PlanetArt
division, the largest contributor to Group revenues. However,
internal adjustments to the marketing strategy are starting to
produce results even though this gradual improvement remains partly
offset by the high comparison base in relation to last year’s Q3
45% growth. On that basis, PlanetArt registered a 12% decline in
revenue in Q3 at actual exchange rates and a 5% drop for the first
nine months.
As for Avanquest, it is continuing to deliver strong profitable
growth momentum, with Q3 revenue up 13% at actual exchange rates,
or 19% growth over the first nine months.
Finally, the commercial rollout of our IoT2 activities is
building momentum, with the myDevices platform currently counting
167 corporate subscribers and 45% growth in Q3 revenue at
actual exchange rates, fueled by an increase in ARR3 of 87%
at end of March 2022 versus March 2021.
In this challenging environment, we however continue to be
confident in the prospects and potential of each of our businesses.
On that basis, we expect to see the return to growth announced in
conjunction with the publication of H1 results by year end",
commented Pierre Cesarini, CEO of Claranova.
Regulatory News:
Claranova (Paris:CLA) reported revenue of €91 million for Q3
2021-2022 (January-March 2022), contracting 5% year-on-year(-14%
like-for-like). This trend reflects the continuing effects of tight
constraints on marketing investments in PlanetArt's activities
within Apple's iOS ecosystem, in addition to a tougher comparison
base resulting from the division’s 45% growth in last year's
third-quarter. The slower pace of growth by PlanetArtwas partly
offset by good momentum from Avanquest and myDevices, that grew
respectively 13% and 45% at actual exchange rates. For the first
nine months of the period, the Group reported revenue of €371
million, contracting 1% at actual exchange rates.
Revenue trends by division for Q3 2021-2022:
In €m
Jan. to Mar. 2022 (3
months)
Jan. to Mar. 2021 (3
months)
Var.
Var. at constant exchange
rates
Var. at constant consolidation
scope
Var. at constant scope and
exchange rates
PlanetArt
64
72
-12%
-19%
-14%
-21%
Avanquest
26
23
13%
7%
13%
7%
myDevices
1.2
0.8
45%
36%
45%
36%
Revenue
91
96
-5%
-12%
-7%
-14%
Revenue trends by division for the first nine months of
2021-2022:
(in € million)
Jul. 2021 to March 2022 (9
months)
Jul. 2020 to March 2021 (9
months)
Var.
Var. at constant exchange
rates
Var. at constant consolidation
scope
Var. at constant scope and
exchange rates
PlanetArt
291
306
-5%
-9%
-9%
-12%
Avanquest
77
65
19%
14%
19%
14%
myDevices
3.5
3.0
16%
12%
16%
12%
Revenue
371
373
-1%
-5%
-4%
-8%
PlanetArt: a tougher comparison base and continuing marketing
challenges within the iOS ecosystem
PlanetArt had revenue in Q3 2021-2022 of €64 million, down 12%
at actual exchange rates (-21% like-for-like). On this basis,
revenue for the Group's personalized e-commerce division stood at
€291 million for the first nine months, down 5% at actual exchange
rates (-12% like-for-like).
This development reflects continuing marketing constraints on
the customer targeting process within Apple's iOS mobile ecosystem.
These constraints caused by the introduction of the App Tracking
Transparency (ATT) feature have been contributing to higher
customer acquisition costs for apps and websites with the greatest
exposure to Facebook as the acquisition channel most impacted by
this new feature. PlanetArt's US activities, less dependent on the
social media network, were less affected by this development than
in Europe/ The division’s US websites (SimplyToImpress,
PhotoAffections, CanvasWorld and others) thus registered
double-digit growth for the quarter.
Adjustments made since the introduction of Apple's ATT to
diversify and circumvent these new constraints are gradually
producing results, though this sequential improvement was
overshadowed in this last quarter by the high comparison base from
the division’s 45% growth in Q3 2020-2021. The personalized
e-commerce business is expected to return to growth in the last
quarter in response to the positive impact of new internal
marketing initiatives and Facebook's upcoming updates to improve
the effectiveness of marketing campaigns on the platform.
Avanquest: double-digit growth remains on track in Q3
The Group's software publishing division reported Q3 revenue of
€26 million, up from €23 million in the same quarter last year or
13% at actual exchange rates (+7% at constant exchange rates). For
the first nine months, Avanquest reported revenue of €76 million,
up 19% at actual exchange rates (+14% at constant exchange
rates).
This growth was driven by gains in recurring revenue - that
includes new subscriptions and renewals - and occupying an
increasing share of the division's revenue mix. In this last
quarter, recurring revenue thus accounted for 63% of Avanquest's
total revenue, up from 60% in the same quarter of the previous
year4.
myDevices: revenue momentum confirmed in Q3
The Group's IoT division has continued to display good growth
momentum since the end of the health crisis, with Q3 2021-2022
revenue of €1.2 million, up 45% at real exchange rates (+36% at
constant exchange rates). For the first nine months, myDevices had
revenue of €3.5 million, representing growth of 16% at actual
exchange rates (+12% at constant exchange rates). After adjusting
for exceptional items linked to the partnership with T-Mobile
bookedin H1 2020-2021, revenue for the first nine months 2021-2022
grew 47% at actual exchange rates.
This positive momentum is driven by growth in new corporate
subscribers to the myDevices platform, which increased 17% between
the end of December 2021 and the end of March 2022 to a total of
167. This increase is in turn contributing to growth in annual
recurring revenue, with ARR of €2.2 million at the end of March
2022, up 87% from one year earlier at actual exchange rates.
Resignation of Jean-Yves from his functions as Deputy CEO and
member of the Board of Directors
Mr. Jean-Yves Quentel submitted his resignation to the Chairman
and Chief Executive Officer from his functions of Deputy CEO and
member of the Board of Directors, positions he held has
respectively since his appointment in August 2020 and the
ratification of his co-option by the General Meeting of December 1,
2021.
Financial calendar: August 3, 2022: FY
2021-2022 revenue
About Claranova:
As a diversified global technology company, Claranova manages
and coordinates a portfolio of majority interests in digital
companies with strong growth potential. Supported by a team
combining several decades of experience in the world of technology,
Claranova has acquired a unique know-how in successfully turning
around, creating and developing innovative companies.
With average annual growth of more than 40% over the last three
years and revenue of €472 million in FY 2020-2021, Claranova has
proven its capacity to turn a simple idea into a worldwide success
in just a few short years. Present in 15 countries and leveraging
the technology expertise of nearly 800 employees across North
America and Europe, Claranova is a truly international company,
with 95% of its revenue derived from international markets.
Claranova’s portfolio of companies is organized into three
unique technology platforms operating in all major digital sectors.
As a leader in personalized e-commerce, Claranova also stands out
for its technological expertise in software publishing and the
Internet of Things, through its businesses PlanetArt, Avanquest and
myDevices. These three technology platforms share a common vision:
empowering people through innovation by providing simple and
intuitive digital solutions that facilitate everyday access to the
very best of technology.
For more information on Claranova Group:
https://www.claranova.com or
https://twitter.com/claranova_group
Disclaimer:
All statements other than statements of historical fact included
in this press release about future events are subject to (i) change
without notice and (ii) factors beyond the Company’s control.
Forward-looking statements are subject to inherent risks and
uncertainties beyond the Company’s control that could cause the
Company’s actual results or performance to be materially different
from the expected results or performance expressed or implied by
such forward-looking statements.
CODES Ticker : CLA ISIN : FR0013426004
www.claranova.com
1Like-for-like (organic) growth equals the increase in revenue
at constant consolidation scope and exchange rates. 2 Internet of
Things 3 Annual Recurring Revenue. 4 Based on management
reporting
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220510006195/en/
ANALYSTS - INVESTORS +33 1 41 27 19 74
ir@claranova.com
FINANCIAL COMMUNICATION +33 1 75 77 54 65
ir@claranova.com
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