Broadpeak (ALBPK) H1 2024 TU earnings summary

Executive summary

• First-half 2024 revenue reached €17.2m, a 5.0% decrease year-over-year, mainly due to a high comparison base in APAC.

• Positive sales momentum in Americas (+10.9%) and EMEA (+3.6%), while APAC declined sharply (-61.8%).

• Contract signings underway provide strong visibility for a growth rebound in Q3 2024.

• Annual revenue growth and positive free cash flow targets for 2024 are confirmed.

Financial highlights

• Revenue for H1 2024: €17.2m, down from €18.1m in H1 2023 (-5.0%).

• Maintenance & SaaS revenue rose 23% to €7.4m, now 43.2% of total revenue.

• Licenses & Services revenue fell 16.6% to €8.0m; Equipment revenue dropped 28.1% to €1.7m.

• Recurring revenue (Licenses & Services + Maintenance & SaaS) stable at €15.4m (-1.4% year-over-year).

Outlook and guidance

• Strong rebound in APAC expected in Q3 2024 as delayed projects convert.

• Full-year revenue growth and positive free cash flow targets reaffirmed.

• New medium-term targets to be communicated with half-year results on 26 September 2024.