Austriacard Holdings reports net profit of 5 million euros for Q1

Austriacard Holdings AG announced its financial results for the first quarter of 2024. Group Adj. Revenues during Q1 2024 increased by 1.4 percent, to 89.7 million euros, driven by Digital Transformation Technologies growth and postal distribution services consolidation in Romania, with growth of Secure Chip & Payment solutions to be reflected in the balance of the year.

Adj. EBITDA increased to 13.7 million euros, leading to an Adj. EBITDA margin of 15.2 percent. Net Profit after Tax grew to 5 million euros, with Net Profit margin increasing to 5.6 percent.

Manolis Kontos, vice-chairman and CEO of Austriacard Holdings: “We started 2024 with strong performance in the geographical segments of Central Eastern Europe as well as Türkiye/Middle East and Africa, with Adj. Revenues growing by 23.0 percent and 34.7 percent respectively, while Western Europe, Nordics & Americas had a slower start compared to a very strong Q1 2023 but have a strong pipeline from Q2 2024 onwards. As a result Adj. Group Revenues increased by 1.4 percent to € 89.7m.

It should be noted that Q1 2023 had been a quarter of extraordinary group revenue growth approaching 48.7 percent, vs Q1 2022. Growth is picking up, as during the first months of 2024 we had significant contract wins which will drive the remainder of the year to much higher rate of Adj. Revenues and Adj. EBITDA growth. We successfully concluded important deals for metal cards, renewed personalization and card supply agreements with large financial groups and will start implementing the Public sectors RRF projects in Greece.

During the quarter, despite the slow start with respect to Adj. Revenues growth, our Adj. EBITDA margin increased reaching 15.2 percent, due to the structural improvements in our sales mix and cost base.

In line with our strategy to grow over the next years both organically as well as with selected acquisitions, we recently concluded the acquisition of LSTech, a company with strong expertise in research and data analytics, adding cutting edge AI solutions to our portfolio as well as research capacity. 

In April shareholders of the company placed 15 percent of the company’s shares driving our free float to 28 percent while significantly increasing daily liquidity. Given we were listed 14 months ago without an IPO, this placement practically marks the first entry of institutional investors as shareholders.

We are on track to reach our FY2024 targets of approx. 10 percent Adj. Revenues growth, accompanied by a higher percentage of Adj. EBITDA growth.”