SNP Schneider-Neureither & Partner (SHF) Q4 2023 earnings summary

Executive summary

• FY 2023 revenue reached a record €203.4m, up 17% YoY; order entry rose 37% to €266.1m. EBIT increased 64% to €11.1m, with a 5.5% margin.

• Growth was supported by Software, partner activity, and SAP S/4HANA and RISE with SAP projects; 2024 guidance calls for further revenue and EBIT growth.

Financial highlights

• FY revenue was €203.4m (+17% YoY), gross profit €180.4m (+21%), EBITDA €21.5m (+22%), EBIT €11.1m (+64%), and net income €5.9m (+317%).

• Q4 revenue increased 11% YoY to €53.8m, while EBITDA fell 29% to €5.5m, EBIT fell 42% to €2.8m, and net income fell 12% to €1.3m.

• FY diluted earnings per share were not stated; undiluted EPS improved to €0.81 from €0.22 in 2022.

• Order backlog rose 37% to €180.4m at year-end; FY book-to-bill was 1.11.

Outlook and guidance

• FY 2024 revenue guidance is €215m–€225m and EBIT guidance is €13m–€16m.

• FY 2023 revenue of €203.4m exceeded the increased guidance range of €200m–€205m; EBIT of €11.1m was at or slightly above the €5m–€10m range.

• FY 2023 order entry of €266.1m exceeded the increased guidance range of €230m–€250m; the guidance also targeted book-to-bill above 1.