IT Link (ALITL) H1 2024 earnings summary

Executive summary

• Revenue grew 11.6% year-over-year to €41.94M in H1 2024, driven by organic growth and the consolidation of the Canadian subsidiary Ciao.

• EBITDA increased 3.4% to €3.62M, with margin at 8.6% of revenue.

• Operating income was €2.92M, representing 7% of revenue.

• Net income declined 3.2% to €1.79M, mainly due to a regularization of earn-out payments related to RADÈS.

• Workforce stabilized at around 840, with renewed hiring momentum expected in H2.

Financial highlights

• Service revenue reached €41.94M, up from €37.58M in H1 2023.

• EBITDA was €3.62M, up 3.4% year-over-year; margin at 8.6%.

• Operating income: €2.92M (+2.6% year-over-year), margin at 7%.

• Net income was €1.79M, down from €1.85M in H1 2023.

• Net cash position at €4M as of June 30, 2024, down from €6.5M at year-end due to the Ciao acquisition.

Outlook and guidance

• Management targets full-year 2024 revenue between €82M and €84M.

• Operating margin expected to exceed 7% for the year.

• Cautious stance maintained due to macroeconomic and geopolitical uncertainties.