2023 Q4 Revenue Report
- Revenue up +15.3% in the fourth quarter of 2023 to
€285.7 million
- Revenue up +16.7% in 2023 to €1,055.5 million, in line with the
target to surpass one billion euros in annual revenue
- Profitability improves in the second half of 2023
- Favorable trends confirmed for 2024 as strong growth continues
and margins are set to improve
|
In millions of euros |
12 months |
Q4 |
|
2023 |
2022 |
% change |
2023 |
2022 |
% change |
|
Total |
1,055.5 |
904.6 |
+16.7% |
285.7 |
247.8 |
15.3% |
|
From France |
404.1 |
425.9 |
-5.1% |
106.3 |
107.3 |
-0.9% |
|
From Benelux |
381.3 |
221.9 |
+71.9% |
111.7 |
69.7 |
+60.2% |
|
From Other Countries |
270.1 |
256.8 |
+5.2% |
67.7 |
70.7 |
-4.2% |
63% of group revenue generated outside
of France
Solutions30 ended 2023 with a 15.3% increase in
quarterly revenue compared to the same period in 2022 (+14.6%
organic growth).
For its 20th anniversary, Solutions30 passed the
symbolic milestone of €1 billion in revenue, notching up
consolidated revenue of €1,055.5 million, an increase of +16.7%
(+16.3% organic growth).
Throughout the year, growth was driven by
excellent momentum in the Benelux, where Solutions30 consolidated
its position as one of the leading deployers of ultra-fast Internet
networks (FTTH). This momentum is expected to continue in 2024, and
will be reinforced by the gradual ramp-up of recent contracts
signed in Germany.
Revenue by region
In France, revenue in the
fourth quarter of 2023 was €106.3 million compared to
€107.3 million a year earlier, representing a slight decline
of 0.9% (-2.9% organic growth).
Connectivity Solutions generated revenue of
€73.1 million, down 5% compared to the fourth quarter of 2022.
As announced, the traditional back-to-school peak in revenue
occurred during the months of September and October, slightly
penalizing the fourth quarter.
Revenue from Energy Solutions amounted to
€17.5 million, up 49% (+31% organic growth). This performance
was driven by strong organic growth in the solar business and the
integration of Elec ENR.
Finally, Technology Solutions posted revenue of
€15.7 million, down 16% during the quarter as the group’s main
French customers reduced IT spending.
France continues to implement its action plan to
return to sustainable, profitable growth. As previously indicated,
this involves developing technicians’ skill sets to be more
cross-functional for the group’s various activities, standardizing
and optimizing processes and IT tools, and reducing central costs
and overheads.
Over the course of the year, revenue in France
reached €404.1 million, down 5.1% (-6.0% organic growth).
In the Benelux, revenue in the
fourth quarter of 2023 amounted to €111.7 million compared to
€69.7 million a year earlier, representing organic growth of
60.2%. The EBITDA margin, temporarily impacted by very strong
growth in the first half of the year, continued its recovery in the
last quarter, in line with expectations.
Connectivity Solutions generated revenue of
€90.2 million in the last quarter of 2023, up 71%. This
performance reflects continued strong growth in fiber optics, as a
result of contracts signed in 2021 and starting up in 2022.
Revenue from Energy Solutions was
€16.1 million, up 29%. Smart meter deployments in Flanders
continue, while activities related to the energy
transition—especially for electric mobility, renewable energy, and
smart grids—are expanding.
Finally, Technology Solutions maintained its
momentum, posting revenue of €5.4 million, up 21%.
During 2023 as a whole, revenue from the Benelux
countries amounted to €381.3 million, compared to
€221.9 million one year earlier, representing organic growth
of 71.9%.
The Benelux now accounts for 36% of consolidated
revenue, surpassing France in the last quarter of 2023 to become
the group’s largest region by revenue.
In other countries,
fourth-quarter revenue for 2023 amounted to €67.7 million,
down 4.2% compared to €70.7 million for the same period last
year.
In Germany, revenue reached €17 million, up
6% compared to the last quarter of 2022. This quarter marked the
fruition of months-long sales efforts, culminating in the signature
of major contracts within the country. These commercial successes
will bolster Solutions30’s standing in the fiber space, playing a
crucial role in the company’s strategy, especially since this
sector holds the most significant potential for the group’s growth.
Germany is the group’s new growth driver, after the Benelux.
In Italy, revenue amounted to €13.5 million
in the fourth quarter of 2023, down 31%. Solutions30 has been
slowing down the pace of call-outs to deploy fiber while these
customers continue to review their operational strategies. This led
to a fall in revenue whereas margins have improved.
On the Iberian Peninsula, revenue amounted to
€13.0 million, down 15%. The group remains committed to
concentrating on its most profitable ventures, especially in the
energy sector due to its substantial potential.
In Poland, revenue amounted to
€14.2 million, up 28%. The group is consolidating its position
in this country and gaining market share.
Finally, in the United Kingdom, Solutions30’s
quarterly revenue was up 17% to €10.0 million. The strategic
shift towards FTTH deployments is beginning to show results,
evidenced by the increasing revenue from contracts secured in this
sector.
In all these countries, the group posted 2023
revenue of €270.1 million, an increase of 5.2% compared to the
same period in 2022.
Outlook
In 2024, Solutions30 anticipates strong revenue
growth and further improvement in margins, moving closer to its
medium-term objective of double-digit EBITDA margins in every
country.
To achieve this objective, and as detailed in
the December 13th webinar, the group intends to optimize both
direct and fixed costs by prioritizing actions according to each
country and their issues. In France and the Benelux, the group is
consolidating its processes to boost productivity and is continuing
to diversify its activities. In the fast-growing markets of
Germany, Poland, and the United Kingdom, achieving critical mass is
a priority, building on the core of the Solutions30 model—namely
developing technicians’ skill sets, automating processes, and
keeping central costs under control. In Italy and Spain, the group
is refocusing on its most profitable contracts, while maintaining a
flexible cost structure.
While the group embarks on a new phase of
profitable growth, its funding strategy remains based on
self-financing and prudent debt management, ensuring financial
flexibility and independence. In addition, the actions carried out
in the second half of the year have optimized the group’s working
capital requirements and improved its financial position at the end
of the year.
By sticking to this non-dilutive financing
approach, Solutions30 is implementing an optimized operational
strategy focused on penetrating profitable markets with significant
growth potential and maximizing the creation of shareholder
value.
Upcoming event
2023 Earnings
Report
April 3, 2024
About Solutions30
SE
Solutions30 provides consumers and businesses
with access to the key technological advancements that are shaping
our everyday lives, especially those driving the digital
transformation and energy transition. With its network of more than
15,000 technicians, Solutions30 has completed over
65 million call-outs since its inception and led over 500
renewable energy projects with a combined maximum output surpassing
1,000 MWp. In pursuing its vision of a more connected and
sustainable world, Solutions30 has become an industry leader in
Europe with operations in 10 countries: France, Italy,
Germany, the Netherlands, Belgium, Luxembourg, Spain, Portugal, 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
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
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