2023 Q3 Revenue Report
- Revenue up +18.0% in the third quarter of 2023 to
€250.7 million
- Revenue up +17.2% in the first 9 months of 2023 to
€769.7 million
- Growth driven by excellent momentum in the Benelux, confirming
the group’s international dimension
- Confirmation of double-digit growth this year, the group
expects to surpass the symbolic revenue milestone of
€1 billion in 2023
- Profitability set to improve in every geographic segment in the
second half of 2023
In millions of euros |
9 months |
Q3 |
2023 |
2022 |
% change |
2023 |
2022 |
% change |
Total |
769.7 |
656.8 |
+17.2% |
250.7 |
212.4 |
+18.0% |
From France |
297.8 |
318.6 |
-6.5% |
98.4 |
96.7 |
+1.7% |
From Benelux |
269.6 |
152.1 |
+77.2% |
89.6 |
53.6 |
+67.1% |
From Other Countries |
202.3 |
186.1 |
+8.7% |
62.7 |
62.1 |
+1.0% |
61% of group revenue generated outside
of France
Consolidated revenue
In the third quarter of 2023, Solutions30 posted
consolidated revenue of €250.7 million, up +18.0% compared to
the same period in 2022 (17.3% organic growth).
In the first nine months of 2023, Solutions30’s
consolidated revenue amounted to €769.7 million, up +17.2%
compared to €656.8 million in 2022. This represents organic
growth of +16.9%.
This growth is mainly driven by Solutions30’s
excellent momentum from the Benelux countries. The group’s
recognized expertise in the deployment of ultra-fast Internet
networks (FTTH) has helped position it as a leader in this market.
The group will leverage this position as other countries open up,
seeing its first significant contracts coming out of Germany in the
next few weeks.
Revenue by region
In France, revenue in the third
quarter of 2023 was €98.4 million compared to
€96.7 million a year earlier, representing growth of 1.7%
(0.2% organic growth).
Connectivity Solutions generated revenue of
€70.9 million, up 2.9% compared to the third quarter of 2022.
The usual peak in activity that occurs between September and
November was especially significant in September and October this
year. This had a positive impact on revenue for this quarter, but
it means that the fourth quarter may see a slightly negative impact
as a consequence. Nonetheless, this will not undermine the overall
progress made by France this year.
Revenue from Energy Solutions amounted to
€13.0 million compared to €11.5 million the previous
year, up 12.9% (0.4% organic growth). This strong performance is
due to the growth of operations related to the energy transition.
This includes the contribution from Elec ENR, which has been
consolidated into the group’s financials since the start of July
2023. This completely offsets the decline in Linky business, and
affirms the group’s successful strategic shift in this area, now
that the supply chains are fully operational again. Lastly,
Technology Solutions posted revenue of €14.5 million, down
11.2% over the quarter, due to worsening economic conditions which
are causing customers to cut back on investments.
Over the first nine months of the year, revenue
in France is down 6.5% to €297.8 million (-7% organic
decline).
In France, the focus is on returning to
profitability by executing a five-point action plan:
- Restructuring Energy Solutions around a five-pillar strategy,
which includes rolling out charging stations for electric vehicles
in a B-to-B-to-C model, setting up B-to-B electric vehicle charging
stations, industrial-scale photovoltaic solutions, solar panels for
the mass market, and the development of smart grids.
- Developing technicians’ skills to allow them to work across the
group’s diverse operations.
- Further integrating Scopelec’s activities in the Southeast and
optimizing production infrastructure.
- Streamlining and enhancing processes and IT systems to
continuously boost quality and leverage synergies across different
business areas.
- Reducing central costs and overhead.
The initial effects of this plan were felt in
the first half of the year and are expected to continue in the
coming quarters.
In the Benelux, revenue in the
third quarter of 2023 amounted to €89.6 million compared to
€53.6 million a year earlier, representing organic growth of
67.1%.
Revenue from Connectivity Solutions was
€72.4 million during the quarter, compared to
€40.3 million in the third quarter of 2022. The 79.7% surge in
revenue reflects the rapid expansion of the ultra-fast network in
Belgium and the Netherlands, along with the group’s capacity to
quickly hire, train, and deploy technicians in the field, which has
enabled it to gain and consolidate significant market share.
Solutions30 is fully leveraging its extensive expertise from the
French market and demonstrating its ability to replicate its
successful business model in other European nations.
Revenue from Energy Solutions was up 35.4% to
€12.8 million, compared with €9.5 million a year earlier.
This business is driven by the ongoing deployment of smart meters
in Flanders and the start of new contracts related to new energies,
electric mobility, and smart grids, demonstrating the synergies of
the model created by Solutions30.
Lastly, Technology Solutions posted revenue of
€4.3 million, up 12.9%.
For the first nine months of 2023, revenue
amounted to €269.6 million, up 77.2%. Benelux now accounts for
35% of the group’s total revenue, almost as much as its historical
market in France, underscoring Solutions30 new international
dimension.
The EBITDA margin, temporarily affected by rapid
growth in the first half of the year, is rebounding as anticipated.
This improvement is due to enhanced coordination of our field teams
and the streamlining of operational procedures.
In all other countries, the
group posted quarterly revenue of €62.7 million, compared to
€62.1 million a year earlier, representing purely organic
growth of 1.0%.
In Germany, revenue amounted to
€16.4 million compared to €16.2 million the previous
year. The group renewed a major contract with its first customer in
this country. Under the terms of the contract, the two partners
will be working together more closely on coaxial infrastructures.
Following the successful conclusion of fiber pilot projects,
Solutions30 expects to sign major deployment contracts in the
coming weeks. These contracts are highly strategic for the group,
as the German market has the greatest potential in Europe, with
only 4 million households subscribing to fiber, representing
less than 10% of the total number of German households. They are
poised to be the next catalysts for the group’s expansion following
the Benelux region, ensuring strong organic growth and,
consequently, improved visibility.
In Italy, revenue amounted to €12.7 million
in the third quarter of 2023, compared to €14.8 million one
year earlier. Due to worsening conditions under which its contracts
are being executed, the group has chosen to slow down the pace of
its fiber rollouts. Meanwhile, it is reassessing its structure to
mitigate losses in this market until an agreement is reached with
its customers.
On the Iberian Peninsula, revenue reached
€13.0 million, compared to €14.4 million a year earlier.
As previously indicated, the group is concentrating on its most
profitable activities, especially within the energy sector, in
response to the largely mature telecoms market.
In Poland, revenue amounted to
€11.7 million, up 48.8%. The country continues to benefit from
market share gains, in both fixed and mobile networks.
Finally, in the United Kingdom, Solutions30’s
quarterly revenue was up 2.3% to €9.0 million. The group has
discontinued some of its long-established operations to pivot
towards expanding its more lucrative FTTH deployments, aligning
with the group’s profitability criteria.
In all these countries, the group posted revenue
of €202.4 million for the first nine months of 2023, an
increase of 8.7% (8.6% organic growth) compared to the same period
in 2022.
Outlook
Solutions30 reaffirms its goal to surpass one
billion euros in revenue in 2023.
The group is actively refining its service
offerings to bring profit margins back to a double-digit EBITDA
margin (IFRS). However, during periods when Solutions30 is
intensively hiring, training, and structuring its operations to
manage increased production speeds, the business model is not at
peak efficiency. Consequently, the EBITDA margin may experience a
temporary decline. In the second half of 2023, the EBITDA margin
will continue to improve. The group expects to return to a
double-digit EBITDA margin in the course of 2024, the exact timing
will hinge on how quickly the deployments in Germany will ramp
up.
The group aims to resume a path of profitable
and sustainable growth, entering a new phase characterized by the
expansion into the German market. Solutions30’s financing policy,
which relies on self-financing and keeping a low leverage, will
continue to be based on three pillars:
- Recurring working capital on historical contracts is financed
by factoring. The deconsolidating factoring program remains
competitive, even in the current context of rising interest rates,
given the quality of the customers and assigned receivables.
- Ramp-ups are financed by the group’s cash. Solutions30 has
proven in the past that it can finance its substantial growth
internally. By concentrating on profitable activities and
redeploying its longstanding business model, Solutions30 is well
positioned to maintain this growth trajectory, which will be
further supported by incorporating the German market.
- The group finances acquisitions through long-term borrowing,
supported by a strong borrowing capacity, as evidenced by a net
debt to EBITDA ratio of 1.7 as of the end of June 2023.
By adhering to this non-dilutive financing
approach, which Solutions30 plans to maintain, along with executing
an improved operational strategy and introducing its services in
profitable markets with high potential, the group seeks to rapidly
relaunch the creation of shareholder value.
Communication timetable for
2024
Webinar – Solutions30 Growth Model: 13
December 2023
2023 Revenue Report: January 24,
2024
2023 Earnings Report: April 3,
2024
2023 Annual Report: April 19, 2024
Capital Markets Day: May 2024
2024 Q1 Revenue Report: May 13, 2024
Annual Shareholders Meeting: June
2024
2024 Q2 Revenue Report: July 24, 2024
2024 HY Earnings
Report: September 18, 2024
2024 Q3 Revenue Report: November 6,
2024
About Solutions30
SE
The Solutions30 group is the European leader in
solutions for new technologies. Its mission is to make the
technological developments that are transforming our daily lives
accessible to everyone, individuals and businesses alike.
Yesterday, it was computers and the Internet. Today, it’s digital
technology. Tomorrow, it will be technologies that make the world
even more interconnected in real time. With more than
65 million call-outs carried out since it was founded and a
network of more than 15,000 local technicians, Solutions30
currently covers all of France, Italy, Germany, the Netherlands,
Belgium, Luxembourg, the Iberian Peninsula, the United Kingdom, and
Poland. The capital of Solutions30 SE consists of
107,127,984 shares, equal to the number of theoretical votes
that can be exercised.Solutions30 SE is listed on the Euronext
Paris exchange (ISIN FR0013379484- code S30). Indexes: MSCI Europe
ex-UK Small Cap | SBF 120 | CAC Mid 60 | NEXT 150 | CAC
Technology | CAC PME. Visit our website for more information:
www.solutions30.com
Contact
Individual Shareholders:Investor Relations -
Tel: +33 1 86 86 00 63 - shareholders@solutions30.com
Analysts/Investors:Nathalie Boumendil - Tel: +33
6 85 82 41 95 - nathalie.boumendil@solutions30.com
Press - Image 7:Charlotte Le Barbier - Tel:
+33 6 78 37 27 60 - clebarbier@image7.frLeslie Jung - Tel: +33 6 78
70 05 55 - ljung@image7.fr
Solutions 30 (EU:S30)
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Solutions 30 (EU:S30)
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부터 5월(5) 2023 으로 5월(5) 2024