Inderes (INDERES) Q2 2024 earnings summary

Executive summary

• H1 revenue grew 8% to €9.986m; EBITA rose 25% to €1.114m, with stronger growth and profitability in Q2.

• Growth was driven by IR software and event services, while equity analysis revenue remained stable; cash flow after investments increased 35% to €2.2m.

Financial highlights

• H1 revenue was €9.986m, up 8% YoY; Q2 revenue was €4.997m, up 17%.

• H1 EBITA was €1.114m, up 25%, with an 11.2% margin vs 9.7%; Q2 EBITA rose 119% to €0.550m, with an 11.0% margin vs 5.9%.

• H1 EBITDA rose 23% to €1.257m; operating income was €0.595m, up 59%.

• H1 net profit was €0.218m vs a €0.060m loss; adjusted EPS was €0.50 vs €0.34.

• H1 recurring revenue rose 4.6% to €5.5m; project revenue grew 12.5% to €4.5m.

Outlook and guidance

• FY2024 revenue is guided to grow from €17.2m, with EBITA margin improving from 10.6%.

• Growth is expected from new products and market entries; investment will continue to accelerate international growth.