Directa Plus (DCTA) H2 2023 earnings summary

Executive summary

• Revenue for FY23 was €10.53m, broadly flat year-over-year, with total income (including grants) at €10.86m.

• Adjusted LBITDA loss improved by 19% to €2.56m, and loss before tax improved by 19% to €4.31m.

• Cash at year-end was €2.39m, down from €5.73m, but ahead of expectations due to improved gross margins and cash management.

• Largest contract to date secured: €5.5m, three-year deal with LIBERTY Galati in Environmental Remediation.

• Post-period, a £6.9m capital raise was launched to fund Setcar acquisition and growth initiatives.

Financial highlights

• Product sales and service revenue: €10.53m (2022: €10.86m).

• Adjusted LBITDA loss: €2.56m (2022: €3.15m).

• Loss before tax: €4.31m (2022: €5.33m).

• Basic loss per share: €0.06 (2022: €0.07).

• Cash and cash equivalents: €2.39m (2022: €5.73m).

• Total patents granted: 86 (2022: 80).

Outlook and guidance

• Management expects to accelerate growth and profitability with the capital raise and increased stake in Setcar.

• Short-term priorities include reducing cash consumption and enhancing profitability.

• Significant market opportunities identified in North America, Middle East, and Southeast Asia.