Columbus (COLUM) Q4 2023 earnings summary

Executive summary

• FY23 revenue rose 11% to DKK 1,540m; EBITDA increased 28% to DKK 118m, with a 7.6% margin.

• Q4 revenue grew 13% to DKK 414m, while EBITDA rose 34% to DKK 40m and the margin reached 9.6%.

• 2024 guidance targets 8–10% organic revenue growth and a 9–10% EBITDA margin.

Financial highlights

• FY23 net revenue was DKK 1,539.955m, up 11% reported; service revenue increased 12%, while product revenue declined 10%.

• FY23 profit after tax rose 23% to DKK 39m; operating cash flow increased to DKK 77m from DKK 27m in 2022.

• Q4 net revenue was DKK 414.187m, up 13% reported; service revenue grew 15% and product revenue fell 15%.

• Q4 operating cash flow was DKK 29m, down from DKK 52m in Q4 2022.

Outlook and guidance

• FY24 guidance: organic revenue growth of 8–10% and EBITDA margin of 9–10%, based on FY23 performance and the current order book and pipeline forecast.

• FY23 realized organic growth was 14.8%, versus FY23 guidance of 8–12%; realized EBITDA margin was 7.6%, versus guidance of 7.4–9%.

• 2024–2026 strategy targets 10% compounded annual revenue growth and a 15% EBITDA margin by end-2026.