Strong profitable growth trajectory continues in H1 2019-2020

31 Mar 2020
  • Covid-19 epidemic: Claranova group activities protected
  • +91% increase in cash flow from operating activities to €37 million
  • Revenue up + 68% to €234.3 million, including organic growth of +19%1
  •  Net income of €1.5 million; growth masked by higher marketing investment and change in business model
  • Unaffected investment capacity: cash of €91.4 million., up 21%


The Claranova group continues its strong growth trajectory, boosting its investment in its three business divisions while protecting profitability in H1 2019-2020 (July – December 2019). The Group reports revenue of €234.3 million (+68% growth, including +19% organic growth) and EBITDA of €11.2 million. The operating margin is 4.8%, with the improvement masked by higher marketing investment. At constant scope, the EBITDA margin is 6.0% at €10.2 million, compared with €10.9 million in the first-half of 2018-2019. As announced, this half-year saw sustained investment in the different Group divisions, providing sources of future growth and profitability, including: the integration of personalized gifts1 activities following the acquisition of Personal Creations® and further geographical expansion of mobile printing1 activities in Europe, the transition of Software1 division activities to a subscription-based proprietary software sales model and the commercial ramp-up of IoT1 activities.