- First-half revenue stable at nearly €300m despite
unfavorable year-end holiday season calendar
- Double-digit growth in profitability1 expected in H1
2024-2025
- Deconsolidation of the myDevices division
- Ruling issued in Luxembourg in legal proceedings with Mr.
Pierre Cesarini
This press release presents unaudited Group
consolidated revenue, prepared in accordance with IFRS.
Regulatory News:
Claranova (Euronext Paris: FR0013426004 - CLA) reported strong
revenue for H1 2024-2025 (July - December 2024) of €294m, holding
steady in relation to last year's first-half like-for-like (-1% at
actual exchange rates). The performance in H1 2024-2025 is all the
more noteworthy given the unfavorable year-end holiday season
calendar for the Group's key markets (United States and United
Kingdom). In particular, the exceptional proximity of Thanksgiving
and Christmas (less than 4 weeks) reduced the number of sale days
for key products during this period (greeting cards, gift cards,
personalized gifts, etc.). This shorter period also put
considerable pressure on the supply chain for delivering
personalized Christmas goods such as gift cards made from
traditional Thanksgiving photos.
In this context, Claranova's teams overcame these logistical
challenges and confirmed their ability to effectively execute
digital marketing campaigns with Q2 2024-2025 revenue remaining
steady at €206m versus €207m last year.
In addition to demonstrating the resilience of sales, in line
with Group's strategy, the teams continued to focus on improving
profitability. Thanks to this fine-tuned management of sales and
the first measures of the “One Claranova” plan (start of work on
tax optimization, capitalization of R&D expenses), Claranova is
expecting double-digit growth in EBITDA2 for H1 2024-2025.
Based on this positive momentum for profitability, the Group
reaffirms its 20273 target of 5%-8%4 for CAGR or total annual
revenue of €575m-€625m, accompanied by an EBITDA margin of 13%-15%,
and a ratio of net financial debt to EBITDA of less than 1x.
Eric Gareau, Chief Executive Officer of Claranova commented:
"Claranova's teams were able to overcome the commercial and
logistical hurdles created by a tighter calendar for the year-end
holiday season. Not only did they execute their plans with success,
but they also further improved their operating margins despite 5
fewer promotional days than last year. Thanks to our resilience and
agility, we reported solid sales for the first half and are on
track for achieving further gains in profitability."
Revenue trends by division for Q2 2024-2025:
In €m
Oct.-Dec. 2024* (3
months)
Oct.-Dec. 2023** (3
months) Comparable consolidation scope
Oct.-Dec. 2023 (3 months)
Reported basis
Change
Comparable consolidation
scope
Change at constant exchange
rates
Change at constant consolidation
scope
Change on a like-for-like
basis
PlanetArt
174
174
174
-1%
-2%
-1%
-2%
Avanquest
33
33
33
0%
0%
0%
1%
myDevices
0
0
3
na
na
na
na
Revenue
206
207
210
-1%
-2%
0%
-1%
Revenue trends by division for H1 2024-2025:
In €m
Jul.-Dec. 2024* (6
months)
Jul.-Dec. 2023** (6
months)
Comparable consolidation
scope
Jul.-Dec. 2023 (6
months)
Reported basis
Change
Comparable consolidation
scope
Change at constant exchange
rates
Change at constant consolidation
scope
Change on a like-for-like
basis
PlanetArt
234
235
235
0%
-1%
0%
-1%
Avanquest
60
61
61
-3%
-1%
1%
3%
myDevices
0
0
5
na
na
na
na
Revenue
294
296
301
-1%
-1%
0%
0%
*Because the myDevices division is henceforth considered as a
non-core business, on November 5, 2024, Claranova tasked the
investment bank, Canaccord Genuity, with the mission of selling
this division. As a result, the division is no longer included in
the Group's scope of consolidation under IFRS 5. ** 2023-2024
revenue restated to exclude the myDevices division
PlanetArt: Robust business with a focus on
profitability
PlanetArt, the Group's e-commerce division for personalized
objects, reported consolidated sales for H1 2024-2025 of €234m,
compared with €235m one year earlier, despite a shorter promotional
period during the year-end holiday season as explained above. This
good level of sales, particularly in the Mobile segment, confirms
the pertinence of the new customer acquisition channels rolled out
in recent years, the division's ability to optimize its marketing
campaigns, and its agility in terms of product logistics.
Avanquest: new developments planned for the second
half
Avanquest, the software publishing subsidiary, reported H1
revenue of €60m, up 3% like-for-like (-3% at actual exchange rates,
largely reflecting the proportion of non-core activities sold off
in October 20235). With the contribution of non-core activities in
the U.S. continuing to decline, it now accounts for only 8% of the
division's sales for the first half of the year, or €4.8m at
December 31, 2024.
On this basis, the percentage of core business consisting of the
sale of proprietary SaaS products accounted for 92% of total H1
revenue (down from 88% one year earlier) or €55.2m, representing
growth of +2%. During the first half, Avanquest teams developed new
technologies and applications for the division's key segments,
which are expected to drive growth in sales in H2 2024-2025.
Update on legal proceedings pending with Pierre Cesarini:
judgment rendered by the Luxembourg Labor Court
As mentioned in previous Group communications6, Mr. Pierre
Cesarini filed lawsuits against Group companies contesting his
dismissals and seeking total compensation of €15m, including
approximately €14m in a claim filed with the Luxembourg Labor Court
(Tribunal du Travail de et à Luxembourg).
The Luxembourg Labor Court issued its ruling on the claim filed
by Mr. Pierre Cesarini against Claranova Development SARL on
January 16, 2025. In particular, this court determined that it
lacked jurisdiction to rule on this matter as it was not
established that Mr. Pierre Cesarini had been an employee of
Claranova Development SARL. It also ordered Mr. Pierre Cesarini to
pay the costs of the proceedings. To date, Pierre Cesarini has not
appealed this ruling.
Financial calendar: March 27, 2025: H1
2024-2025 results
About Claranova:
Claranova is a global leader in e-commerce for personalized
objects (photo prints, photo books, children's books, etc.),
software publishing (PDF, Photo and Security) and the Internet of
Things (IoT). As a truly international group, in 2024 it reported
revenue of nearly a half a billion euros, with 95% of this amount
originating from outside France.
Through its products and solutions sold in over 160 countries,
the Group's mission is to "Transform technological innovation into
user-centric solutions". By leveraging its digital marketing
expertise, AI and the analysis of data from over 100 million active
customers worldwide, Claranova develops technological solutions,
available online, on mobile devices and tablets, for a wide range
of private and professional customers.
Operating in high-potential markets, the Group will pursue a
growth strategy focused on profitability and operational
excellence, in line with its "One Claranova" strategic roadmap.
Claranova is eligible for French “PEA-PME” tax-advantaged
savings accounts
For more information on Claranova Group:
https://www.claranova.com or
https://twitter.com/claranova_group
Disclaimer:
All statements other than statements of historical fact included
in this press release about future events are subject to (i) change
without notice and (ii) factors beyond the Company’s control.
Forward-looking statements are subject to inherent risks and
uncertainties beyond the Company’s control that could cause the
Company’s actual results or performance to be materially different
from the expected results or performance expressed or implied by
such forward-looking statements.
Definitions and calculation methods for alternative
performance indicators:
“Like-for-like” (organic) growth is defined as the change in
revenue at constant structure (scope of consolidation) and exchange
rates. “Exchange rate effects” are calculated by applying year N-1
exchange rates to year N revenue. “Consolidation scope effects” are
calculated by taking into account acquisitions in the current year,
contributions to the current year from acquisitions in the previous
year up to the anniversary date of acquisitions and businesses
deconsolidated in the current year, minus any contributions from
the previous year. By definition, sales for the previous year plus
the effects of changes in Group scope of consolidation, exchange
rate effects and like-for-like growth for the period correspond to
sales for the current year. Percentages for exchange rate effects,
Group consolidation scope effects and like-for-like growth
percentages are calculated on the basis of the previous year's
sales.
1 EBITDA as a percentage of revenue. 2 EBITDA (earnings before
interest, taxes, depreciation and amortization) is a non-GAAP
aggregate used to measure the operating performance of the
businesses. It equals Recurring Operating Income before the impact
of IFRS 2 (share-based payment expenses), depreciation and
amortization, and the IFRS 16 impact on the recognition of leases.
3 FY 2026-2027 4 At constant consolidation scope without external
growth 5 Press release of October 19, 2023 6 Press releases of
August 1, 2024 and October 30, 2024
CODES Ticker: CLA ISIN: FR0013426004
www.claranova.com
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version on businesswire.com: https://www.businesswire.com/news/home/20250211296692/en/
ANALYSTS - INVESTORS +33 1 41 27 19 74
ir@claranova.com
FINANCIAL COMMUNICATION +33 1 75 77 54 68
ir@claranova.com
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