Neurones (NRO) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached €402.4M, up 9.1% year-over-year, with organic growth of 8.2%.

• Operating income was €37.1M (9.2% of revenue), down from €39.5M in H1 2023.

• Net income was €29.2M (7.3% of revenue), with group share at €24.5M, a decrease of €0.9M year-over-year.

• Key growth areas included Data, Digital projects, Sovereign Cloud, Cybersecurity, and SAP services.

• Average headcount increased to 6,849 from 6,542 in H1 2023; staff at end of period was 7,001, up from 6,749.

Financial highlights

• H1 2024 revenues were €402.4M, up from €368.7M in H1 2023 (+9.1% year-over-year).

• Operating margin: 9.2% of revenue; business operating profit for H1 2024 was €40.5M (10.1% margin).

• Net income: €29.2M (7.3% of revenue); group share: €24.5M.

• Net cash (excluding IFRS 16 lease liabilities): €256.9M at June 30, 2024, slightly down year-over-year.

• Dividend of €1.2 per share paid in June 2024.

Outlook and guidance

• Full-year 2024 guidance maintained: revenue around €800M, operating margin ~9.5%.

• Medium-term outlook positive, driven by ongoing digital transformation demand.