“This new year of profitable growth in an unprecedented context confirms Claranova’s ability to adapt, develop and be resilient. Our mobile, software and IoT solutions all progressed during the year, enabling us to report growth of 56% and exceed the €400 million revenue bar.
While continuing to invest heavily in marketing and R&D and completing a defining acquisition with the integration of Personal Creations, we successfully maintained our profitability.
This pandemic has turned our economy upside down and accelerated the digitalization of how we live, work and consume. In this changing environment our digital positioning remains a strength. More than ever, Claranova is well placed to respond to these structural changes and maintains its objectives of revenue of €700 million and operating profitability in excess of 10% by 2023″, commented Pierre Cesarini, CEO of the Claranova group.
Claranova closes another year of high growth, increasing its profitability in an unprecedented context.
The Group clears the €400 million revenue bar (€409 million), progressing 56%, of which organic growth of 20%. Claranova’s three-year average annual growth rate is 46% and the Group has enjoyed as of June 30, 2020, 14 consecutive quarters of growth. This strong growth was achieved while preserving operating profitability in a complex economic environment: EBITDA, the main operating performance indicator, is €17 million (+9%). The Group chose not to include the reduction in employee costs financed by the US government under the Paycheck Protection Program (PPP), pending final clarification by the US authorities of the conditions governing the definitive vesting of this assistance to two of our subsidiaries. The inclusion of these reductions would have increased the Group’s operating profitability by nearly US$5 million, producing an EBITDA of €22 million.
Cash flow generation was significantly strengthened, with operating cash flow increased fourfold from €7 million to €29 million.
This fiscal year confirms the improvement in Claranova’s financial profile, reporting Net income of €1 million. On this basis and after investment of €33 million during the fiscal year, available cash stood at €83 million at the end of June 2020.
