Almunda Professionals (AMUND) H2 2024 earnings summary

Executive summary

• Revenue increased to €29.0 million in 2024 from €27.5 million in 2023, driven by a full-year contribution from ICE, while PIDZ and Novisource saw lower revenues year-over-year.

• EBITDA declined slightly to €4.8 million from €5.0 million, with EBIT at €1.3 million versus €1.8 million in 2023; net result for shareholders was €-0.36 million, down from €0.40 million.

• PIDZ expanded its business model to include staffing and secondment in response to regulatory changes, expecting short-term margin pressure but long-term growth.

• ICE delivered strong growth, with revenue up 6.7% to €9.6 million and EBITDA rising to €1.1 million, reflecting organizational improvements and sector tailwinds.

• Novisource faced challenging market conditions, with revenue dropping to €4.8 million and an adjusted EBITDA of €-0.3 million after €0.4 million in one-off restructuring costs.

Financial highlights

• Net revenue: €29.0 million (+5.4% year-over-year); EBITDA: €4.8 million (-4% year-over-year); EBIT: €1.3 million (-28% year-over-year).

• Net result attributable to shareholders: €-0.36 million (2023: €0.40 million); EPS: €-0.02 (2023: €0.02).

• Adjusted EPS (excluding amortization and impairments): €0.09 (2023: €0.12).

• Dividend proposal maintained at €0.06 per share, payable in cash or stock.

• Equity: €14.3 million (38% solvency); net debt: €12.1 million; net debt/EBITDA: 2.5x.

Outlook and guidance

• Expectation of positive group result in 2025, with PIDZ and ICE as main contributors; PIDZ's margin expected to decline short-term due to business model shift.

• Planned €1.3 million investment in a new IT platform for PIDZ to support expanded service offering.

• ICE anticipates continued growth in revenue and operating result, leveraging energy sector developments.

• Novisource focuses on completing its transition and returning to growth.