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Avemio AG: Sales and earnings 2023 below forecast according to preliminary figures

Avemio AG / Key word(s): Preliminary Results/Profit Warning
Avemio AG: Sales and earnings 2023 below forecast according to preliminary figures

24.06.2024 / 17:48 CET/CEST
Dissemination of inside information pursuant to Article 17 of Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS Group AG.
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Disclosure of inside information in accordance with Article 17 of Regulation (EU) No 596/2014

Avemio AG: Revenue and earnings for 2023 below forecast according to preliminary figures

Frankfurt/Main,June 24,  2024 – Based on preliminary and unaudited figures, Avemio AG’s revenue and earnings for the past financial year 2023 are below the forecast adjusted in January 2024. Accordingly, Avemio AG (ISIN DE000A2LQ1P6, WKN A2LQ1P) generated sales of EUR 99.2 million in the 2023 financial year (previous forecast: EUR 103 million; 2022: EUR 108.7 million) and, taking into account preparations for further acquisitions, earnings before interest, taxes, depreciation and amortization (EBITDA) of around EUR 0.0 million (previous forecast: EUR 0.8 million).) and, taking into account preparations for further acquisitions, earnings before interest, taxes, depreciation and amortization (EBITDA) of around EUR 0.0 million (previous forecast: EUR 0.8 million; 2022: EUR 4.4 million).

The main reason for the change in revenue development is that the companies MoovIT GmbH and MoovIT Software Products GmbH, which were acquired in June 2023, were not consolidated retroactively as at 1 January 2023, contrary to the original plan, but as at 1 September 2023. The revenue effect based on this amounts to around EUR 3.6 million. The change in EBITDA is also characterized by unexpectedly higher start-up and development costs for start-ups and incubators in the scope of consolidation.

Equity improved by EUR 13.4 million to around EUR 25.9 million as of December 31, 2023 as a result of the contribution of Teltec AG, corresponding to an increase in the equity ratio to over 50 %.

With cash and cash equivalents of around EUR 5.5 million as at the 2023 balance sheet date and free credit lines of around EUR 2.3 million, Avemio AG has solid financing for the company’s further growth. There is still a commitment from Beteiligungs-Managementgesellschaft Hessen mbH (BMH) for a silent partnership in the amount of EUR 5 million, which is intended to further strengthen equity and support acquisitions.

Despite the still challenging market conditions, the Management Board believes that Avemio AG’s market positioning is promising and expects sales and earnings to stabilize in the current financial year 2024.

Publication of the 2023 Annual Report:
Avemio AG will publish the audited Annual Report 2023 on June 28, 2024 in the IR section of the website at https://avemio.com/news/#finanzberichte.

Contact:
Investor Relations
Lindsay Lorent
ir@avemio.com
Avemio AG
Schaumainkai 91
60596 Frankfurt

End of inside information


24-Jun-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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