Bastide Le Confort Médical (BLC) H2 23/24 earnings summary

Executive summary

• Revenue grew 4.3% year-over-year to €529.8 million, with organic growth of 7.4% driven by strong home healthcare services and a rebound in Homecare.

• Recurring operating margin reached 8.5%, surpassing the annual target, and operating profit increased by 6.0% to €38.9 million.

• Net profit fell sharply to €1.2 million due to higher financial expenses and losses from discontinued operations, notably the Swiss business.

Financial highlights

• EBITDA rose 5.9% year-over-year to €107.6 million, with a margin of 20.3%.

• Gross margin improved by 120 basis points to 66.9%, reflecting a shift toward more technical business activities.

• Financial expenses increased to €22.4 million, mainly due to higher interest rates and lease obligations.

• Net profit from continuing operations was €9.5 million, but discontinued operations led to a net profit of only €1.2 million.

Outlook and guidance

• Revenue target for 2024-2025 is set above €560 million, with a minimum recurring operating margin of 8.7%.

• Focus remains on improving profitability, cost control, and reducing debt through asset disposals and cash flow optimization.