- Avanquest and PlanetArt sales remain on track
- Slowdown confirmed for myDevices (-12% at constant exchange
rates)
This press release presents unaudited Group
consolidated revenue, prepared in accordance with IFRS.
Regulatory News:
Claranova (Euronext Paris: FR0013426004 - CLA) reported Q1
2024-2025 (July - September 2024) revenue of €89m, down marginally
(-2% at actual exchange rates) from last year, mainly due to the
disposal of Avanquest's non-core activities which accounted for
nearly €2m in Q1 2023-2024. On that basis, like-for-like1 revenue
for Q1 2024-2025 remained stable. This result does not yet reflect
the positive impact of the first measures implemented under the new
“One Claranova” roadmap. Nevertheless, in line with the Group's
strategy focused on profitability, the continuing development of
key activities resulted in good first quarter performance.
Reflecting its commitment to create a more integrated Group, the
recent acquisition of PlanetArt's minority interests2 has
accelerated Claranova's transformation into an operating company
focused on its core businesses and paved the way for implementing
the first operational synergies.
On that basis, Claranova reaffirms its targets for like-for-like
CAGR of 5%-8%3 and annual revenue of €575-625m by 20274,
accompanied by an EBITDA5 margin of 13%-15%. The target ratio of
net financial debt to EBITDA also remains below 1x.
Revenue trends by division for Q1 2024-2025:
In €m
Jul. to Sep. 2024 (3
months)
Jul. to Sep. 2023 (3
months)
Change
Change at constant exchange
rates
Change at constant consolidation
scope
Change on a like-for-like
basis
PlanetArt
60
60
0%
0%
0%
0%
Avanquest
27
29
-6%
-4%
1%
3%
myDevices
1.9
2
-13%
-12%
-13%
-12%
Revenue
89
91
-2%
-2%
0%
0%
Eric Gareau, Chief Executive Officer of Claranova commented:
"This first quarter, in line with our expectations, confirms the
strength of our business before we have even started implementing
our new ‘One Claranova’ strategic roadmap. At the same time, the
weaker performance of myDevices only confirms the validity of our
decision to sell this business in order to concentrate on our core
activities. With the buyout of PlanetArt's minority shareholders,
we now have all the latitude we need to implement our roadmap that
will reinforce Group synergies and profitability in the quarters
ahead."
PlanetArt: revenue stable at €60m
Revenue of PlanetArt, the Group's e-commerce division for
personalized objects, remained steady at €60m for Q1 2024-2025
driven by the strong performance of its mobile and web-based
offerings. Teams are continuing to work on improving returns on
marketing investments and optimizing the division’s costs. The
implementation of synergies under the "One Claranova" roadmap will
contribute to economies of scale and an acceleration in the
division's sales.
Avanquest: 3% like-for-like growth in the first
quarter
After growth of 14% last year6, Avanquest, the software
publishing subsidiary, reported revenue of €27m for Q1 2024-2025,
up 3% like-for-like (- 6% at actual exchange rates). It has
benefited from the disposal of its non-core activities7 in Europe
whose results in sales and losses were adversely affecting the
division’s performance. The remaining non-core activities, based in
the United States, are still earmarked for sale, and accounted for
only 9% of revenue in the quarter, or €2m at end of September 30,
2024.
The percentage of core business consisting of the sale of
proprietary SaaS solutions accounted for 91% of the division's
revenue for the quarter (87% last year), or €25m (+2% on a
like-for-like basis). For this first quarter, sales growth in the
Security segment offset the slowdown in the PDF and Photo segments.
In addition, efforts to reduce operating costs enabled the division
to improve margins over the period.
myDevices: business slowdown confirmed
In Q1 2024-2025, revenue for myDevices, Claranova's IoT
division, of €1.9m, in line with the trend of previous months, was
down 12% at constant exchange rates (-13% at actual exchange rates)
compared to last year's first quarter. As a reminder, this division
provides little synergy with the Group's other activities and is no
longer considered strategic. Consequently, on November 5, the Group
retained the investment bank Canaccord Genuity to sell this
division, with the aim of completing the transaction within the
next few months.
Financial calendar: December 04, 2024:
Annual General Meeting
About Claranova:
Claranova is a global leader in e-commerce for personalized
objects (photo prints, photo books, children's books, etc.),
software publishing (PDF, Photo and Security) and the Internet of
Things (IoT). As a truly international group, in 2024 it reported
revenue of nearly a half a billion euros, with 95% of this amount
originating from outside France.
Through its products and solutions sold in over 160 countries,
the Group's mission is to "Transform technological innovation into
user-centric solutions". By leveraging its digital marketing
expertise, AI and data from over 100 million active customers
worldwide, Claranova develops technological solutions, available
online, on mobile devices and tablets, for a wide range of private
and professional customers.
Operating in high-potential markets, the Group will pursue a
growth strategy focused on profitability and operational
excellence, in line with its "One Claranova" strategic roadmap.
Claranova is eligible for French “PEA-PME” tax-advantaged
savings accounts
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.
Definitions and calculation methods for alternative
performance indicators:
“Like-for-like” (organic) growth is defined as the change in
revenue at constant structure (scope of consolidation) and exchange
rates. “Exchange rate effects” are calculated by applying year N-1
exchange rates to year N revenue. “Consolidation scope effects” are
calculated by taking into account acquisitions in the current year,
contributions to the current year from acquisitions in the previous
year up to the anniversary date of acquisitions and businesses
deconsolidated in the current year, minus any contributions from
the previous year. By definition, sales for the previous year plus
the effects of changes in Group scope of consolidation, exchange
rate effects and like-for-like growth for the period correspond to
sales for the current year. Percentages for exchange rate effects,
Group consolidation scope effects and like-for-like growth
percentages are calculated on the basis of the previous year's
sales.
_____________________________ 1 Like-for-like defined as at
constant exchange rates and consolidation scope 2 Press release of
November 11, 2024 3 Excluding external growth 4 FY 2026-2027 5
EBITDA as a percentage of sales. EBITDA (earnings before interest,
taxes, depreciation and amortization) is a non-GAAP aggregate used
to measure the operating performance of the businesses. It equals
Recurring Operating Income before the impact of IFRS 2 (share-based
payment expenses), depreciation and amortization, and the IFRS 16
impact on the recognition of leases. 6 On a like-for-like basis
(+6% at actual exchange rates) 7 Press release of October 19,
2023
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241113094065/en/
ANALYSTS - INVESTORS +33 1 41 27 19 74
ir@claranova.com
FINANCIAL COMMUNICATIONS +33 1 75 77 54 68
ir@claranova.com
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