Inderes (INDERES) Q2 2024 earnings summary

Executive summary

• Revenue grew 8% year-over-year to €10.0M in H1 2024, with Q2 revenue up 17% and strong growth in IR Software and Events; EBITA doubled in Q2 and rose 25% for H1, reflecting improved profitability and successful product investments.

• Achieved 17% organic growth and doubled EBITDA in the first half, with Q2 showing acceleration due to AGM production timing.

• Growth achieved despite a shrinking market, driven by investments in new products and expansion of the offering.

• Sweden contributed 21% of revenue, though growth there is below ambition; Denmark saw first commissioned research using company tools.

• The number of listed company customers rose 7% to 432, and active community members increased 7% to 74,000.

Financial highlights

• H1 2024 revenue: €9.99M (up 8% year-over-year); Q2 revenue: €5.0M (up 17%).

• EBITA for H1: €1.11M (11.2% margin), up 25%; Q2 EBITA: €0.55M, up 119%.

• Adjusted EPS for H1: €0.50 (up from €0.34 prior year); reported EPS: €0.13 (up from -€0.04).

• Operating cash flow after investments: €2.2M, up 35% year-over-year.

• Recurring revenue accounted for 55% of total, with project revenue growing faster in H1.

Outlook and guidance

• 2024 revenue is expected to grow from €17.2M in 2023, with EBITA margin improving from 10.6%.

• Growth driven by new products and international expansion, despite a flat Finnish market.

• Strategic focus remains on expanding product portfolio and geographical reach, especially in Sweden.