Multitude with EBIT growth of 66% in H1 fully on track to reach FY 2023 EBIT guidance of EUR 45 million
24 Agosto 2023 - 12:00AM
Multitude with EBIT growth of 66% in H1 fully on track to reach FY
2023 EBIT guidance of EUR 45 million
Multitude with EBIT
growth of 66% in H1
fully on track to reach FY 2023
EBIT guidance of EUR 45
million
- EBIT in H1 2023
at EUR 20.9 million with 66% growth year-on-year
- Net profit in H1
2023 at EUR 7.5 million with 251% growth year-on-year
- Strong cash
position and robust payment behaviour
- Multitude is on
track to reach EBIT guidance of EUR 45 million for FY 2023
Helsinki, 24 August 2023 – Multitude SE – a fully
regulated international growth platform for financial technology
(ISIN: FI4000106299, WKN: A1W9NS) – is well on track to achieve an
improvement in consolidated EBIT from EUR 31.6 million in 2022 to
EUR 45 million in the full year 2023, after a strong performance in
the first six months of the 2023 financial year.
At the end of the first half of the year, the
company reported revenue growth of 5.8% to EUR 109.5 million
(H1-2022: EUR 103.6 million), in line with expectations. In the
second quarter, Multitude was able to increase its growth rate from
the previous quarter with a 7.2% increase in sales to EUR 55.5
million. The focus on cost efficiency at all levels, which has been
pushed since mid-2022, continues to pay off.
As a result, Group EBIT for the half-year was EUR
20.9 million, 66.0% higher than the comparable figure for the
previous year of EUR 12.6 million. In the second quarter, earnings
grew by 67.1% to EUR 11.3 million. The cost reductions included a
decline of EUR 2.4 million (-17.4%) in general and administrative
expenses, a reduction of EUR 0.9 million (-13.0%) in bank and
lending costs, a decrease of EUR 1.1 million (-6.4%) in personnel
expenses and a decline of EUR 0.5 million (-6.0%) in depreciation
and amortization expenses. The surge in interest rates notably
impacted net finance costs which increased from EUR –9.6 million to
EUR -11.6 million. Nevertheless, profit before tax improved
substantially from EUR 3.0 million to EUR 9.4 million and after tax
from EUR 2.1 million to EUR 7.5 million. Earnings per share were up
accordingly from EUR 0.03 to EUR 0.23.
“We are very pleased with Multitude's performance
in the first half of 2023, which is based on the positive
development in all segments. In terms of dynamic earnings growth,
we are benefiting from the successes of our cost efficiency
programme. Accordingly, we are on track to reach our EBIT target of
EUR 45 million for the full year, especially as the second half of
the year usually shows a better performance than the first half,”
Jorma Jokela, CEO of Multitude SE comments on the
development.
Stable portfolio size and solid portfolio
quality
Multitude’s total loans to customers increased
steadily to EUR 520.8 million at the end of Q2 2023, up from EUR
509.5 million at the end of Q4 2022. Although impairment losses
increased by EUR 2.4 million, the Group’s impaired loan coverage
ratio has remained quite stable: 20 % at the end of 2022 and 18% at
the end of Q2 2023.
In the second half of 2022, Multitude launched a
new business activity of investing into the securitized bonds of
selected fintech companies, which at the end of 2022 were recorded
as other non-current financial assets. At the end of Q2 2023, they
equaled EUR 41.8 million with a growth of EUR 12.9 million (+44.8%)
from EUR 28.9 million at the end of 2022.
Continuously high
liquidity position
– very solid balance sheet quality
In Q2 2023, the Group's cash and cash equivalents
increased by EUR 43.4 million (+28.3%) to reach EUR 196.7 million,
and the total assets increased by EUR 71.3 million (+9.4%) to reach
EUR 826.5 million. Non-current assets increased to EUR 197.3
million with an increase in the non-current assets over the total
assets ratio from 23.7% to 23.9%. The Group’s shareholders’ equity
slightly decreased by EUR 0.5 million, while customer deposits grew
by EUR 65.7 million or 13.1% from Q4 2022 to Q2 2023. Total
liabilities also increased by EUR 71.7 million or 12.5%. The
Group’s net debt-to-equity ratio marginally increased from 2.31 to
2.47, and current liabilities over total liabilities ratio
decreased from 76.9% to 68.8%.
Key figures, EUR
million |
H1 2023 |
H1 2022 |
Change |
Revenue |
109.5 |
103.6 |
+5.8% |
Profit before interests and taxes (EBIT) |
20.9 |
12.6 |
+66.0% |
EBIT margin % |
19.1% |
12.2% |
+6.9pp |
Profit before tax |
9.3 |
3.0 |
+209.6% |
Net profit (loss) |
7.5 |
2.1 |
+251% |
Earnings per share, attributable to the ordinary equity (EUR) |
0.23 |
0.03 |
+667.7% |
Important note: Improved presentation of
financial statement line items
The Group has improved its presentation of certain
financial items on the consolidated financial statements at the end
of 2022. As a result, the Group’s consolidated statement of
financial positions, consolidated statements of profit or loss,
total comprehensive income, and cash flows, including relevant note
disclosures for the comparative period of H1 2022, have been
restated to reflect the impact of the presentation adjustments.
For the full report on the first half 2023 and
further information please refer to:
www.multitude.com/investors/results-reports-and-publications/
Contact
information:
Lasse Mäkelä
Chief Strategy and IR Officer
Phone: +41 79 371 34 17
E-mail: Lasse.makela@multitude.com
About Multitude SE:
Multitude is a fully regulated growth platform
for financial technology. Its ambition is to become the most valued
financial ecosystem. This vision is backed by 18+ years of solid
track record in building and scaling financial technology. Through
its full European banking license, profound know-how in technology,
regulation, cross-selling, and funding, Multitude enables a range
of sustainable banking and financial services to grow and scale.
Currently, it has three independent business units on this growth
platform: Ferratum as consumer lender, CapitalBox as business
lender, and SweepBank as a shopping and financial app. Multitude
and its independent units employ over 700 people in 18 countries,
and they together generated EUR 212 million turnover in 2022.
Multitude was founded in 2005 in Finland and is listed in the Prime
Standard segment of the Frankfurt Stock Exchange under
the symbol ‘FRU.’ www.multitude.com
- Multitude SE H1 2023 report
Multitude (TG:FRU)
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