Austriacard Holdings posts revenues of 351 million Euro, up 13.2 percent in 2023

Austriacard Holdings announces its results for the fiscal year 2023. Group revenues increased by 13.2 percent reaching 351.3 million Euro.

Group EBITDA grew by 27.2 percent and reached 49.3 million Euro, with a margin of 14.0 percent compared to 12.5 percent in FY 2022. Excluding Kenya, EBITDA grew by 50.6 percent.

Net Income for the period increased by 220.9 percent to 17 million Euro, with a margin of 4.8 percent compared to 1.7 percent in FY 2022, due to strong operating performance and significantly less adjustments.

“2023 was a remarkable, transformational year for AUSTRIACARD. In March, through a merger with our already listed sub INFORM in Greece our shares were listed in both the Vienna and Athens exchanges, enabling investors to participate in the successful course of the whole Group. In the middle of the year we proceeded with the reorganization of our businesses along geographic clusters, facilitating faster expansion in new markets, enhancing at the same time cross selling and customer service. In December we also completed our refinancing at Group level, securing significant financial flexibility to pursue our growth objectives.

We posted one more year of strong growth in both revenues and profitability. Group Adj. Revenues grew by 13.2 percent, Adj. EBITDA by 27.2 percent and Net Income by 220.9 percent. If we exclude the Kenyan elections project effect from 2022 results, the respective increases are 23.0 percent in Adj. Revenues and 50.6 percent in Adj. EBITDA,” said Austriacard Holdings CEO Manolis Kontos.

“Performance was very strong in Central Eastern Europe & DACH, where Adj. Revenues grew by 35.2 percent reaching €224.6mn and Adj. EBITDA by 166.8 percent reaching €30.3mn, driven by Secure Chip & Payment, Digital Transformation Solutions and consolidation of Romanian postal operations. In Western Europe, Nordics & Americas, Adj. Revenues were flat at €116.0mn with Adj. EBITDA at €17.9mn, affected mainly by the US regional bank turmoil in H2 2023. The US market remains a priority for the Group and we anticipate strong contribution in the years to come. In the Türkiye, Middle East & Africa segment, Adj. Revenues declined by 3.0 percent to €53.7mn and Adj. EBITDA reached €4.9mn, due to the Kenyan elections comparable. Ex. Kenya, the segment’s Adj. Revenues grew by 76.0 percent and Adj. EBITDA by 68.1 percent. The performance in Türkiye reflects the ability of the Group in bringing results in the markets we focus to grow our market share. (All segment figures are displayed pre intragroup eliminations).

AUSTRIACARD just completed one year as a listed company and to reward our shareholders we plan to propose to the AGM the distribution of a €0.10 per share dividend.

Finally, on behalf of the Board I want to extend our warmest wishes to Panagiotis Spyropoulos, our departing Group CEO. Panagiotis has been instrumental, during the 13 years that he was at the helm, in expanding AUSTRIACARD across all axes, geographic reach, size and profitability. We thank him for his hard work, talent, loyalty and determination,” he added.