Execus (EXEC) H2 2023 earnings summary

Executive summary

• 2023 consolidated revenue fell 6.6% YoY to €2.254m; EBITDA declined 47.6% to €615k, while net income was €50k. Acquisitions completed in December affected the balance sheet, not 2023 earnings.

• Direct sales rose to 54% of revenue from 24.3% in 2022, reducing reliance on third-party distribution.

Financial highlights

• Consolidated production value was €2.289m vs €2.504m in 2022; reported sales were €2.254m vs €2.415m.

• EBITDA was €615k vs €1.172m; EBIT €143k; pre-tax profit €143k; net income €50k vs €690k in 2022.

• Consolidated total equity was €3.091m, including €341k attributable to minority interests; group equity was €2.750m vs €1.197m in 2022.

Outlook and guidance

• 2024 target: expand the direct-sales team to 40 agents and business developers, aiming for direct sales above 70% of revenue at steady state.

• Priorities include integrating acquired operations through a group ERP, building commercial synergies, and developing proprietary technology, including AI-enabled lead automation and Adasta’s planned Pre-Bidder platform.

• External growth remains a priority, focused on healthy, growing businesses with complementary digital-marketing products and services.