14.08.2023 q.beyond AG  DE0005137004

EQS-News: q.beyond increases revenues by 11% in Q2 2023 and raises free cash flow forecast


 

EQS-News: q.beyond AG / Key word(s): Quarter Results/Half Year Results
q.beyond increases revenues by 11% in Q2 2023 and raises free cash flow forecast

14.08.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.


q.beyond increases revenues by 11% in Q2 2023 and raises free cash flow forecast

  • Revenues rise to € 46.4 million thanks to growth in Cloud and SAP businesses
  • Numerous advances in implementing “2025 Strategy”
  • Improved free cash flow of up to € -4 million now expected for 2023 (previously: up to € -8 million)

Cologne, 14 August 2023 – Notwithstanding the weak economic backdrop, the IT service provider q.beyond maintained its growth course in the second quarter of 2023: revenues grew by 11% to € 46.4 million. The company generated EBITDA of € 1.0 million and free cash flow of € -1.1 million. Cumulative revenues for the first six months of the current financial year totalled € 93.0 million, while EBITDA stood at € -0.2 million and the free cash flow was neutral, i.e. amounted to € 0.0 million. In light of these results, the company can confirm its full-year forecast for 2023 for revenues (€ 185 million to € 191 million) and EBITDA (€ 5 million to € 7 million) and is raising its free cash flow forecast to up to € -4 million from previously up to € -8 million.

The higher free cash flow is due above all to the progress made in implementing the new “2025 Strategy”. This has three strategic priorities: building a more focused business model, achieving a more effective go-to-market approach, and standardising and simplifying all processes and structures in the “One q.beyond” project. This involves numerous measures as well as clear targets and schedules. Some of these measures will take effect in the short term; these include improved receivables management, a factor which made it possible to raise the free cash flow forecast. The positive impact of other measures, such as the required reorganisation of personnel and merger of subsidiaries into q.beyond AG, will, by contrast, only become apparent in the quarters ahead.

Significant rise in profitability of Cloud business

On an operating level, the company can report an improved business performance in the past quarter in its “Cloud” segment in particular: revenues here grew year-on-year by 11% to € 37.6 million. The segment contribution increased by 57% to € 4.4 million, while the quarterly segment margin improved year-on-year by 4 percentage points to 12%. In the “SAP” segment, revenues rose by 6% to € 8.8 million in the second quarter of 2023. The segment contribution was unchanged at € 0.5 million, while the segment margin stood at 6%. Given the advances in implementing the 2025 Strategy, q.beyond expects to achieve higher profitability across the whole of the company in the second half of 2023.

q.beyond’s CEO, Thies Rixen, explains: “In the second half of 2023, we will press just as consistently ahead with implementing the 2025 Strategy. Where necessary, we will step up the intensity of measures to ensure we can sustainably return to profitability. And where still required, we will simplify processes and structures and thus further enhance our efficiency.” Together with CFO Nora Wolters and q.beyond’s team, he is thus laying solid foundations to strengthen the company’s earnings and financial strength by 2025. Based on average revenue growth of 7% to 8%, q.beyond intends to generate an EBITDA margin of 7% to 8% and positive consolidated net income in 2025. The company plans to achieve a sustainably positive free cash flow starting in 2024.


Key figures at a glance

€ million Q2 2023 Q2 2022 H1 2023 H1 2022
Revenues 46.4 42.0 93.0 83.3
- Cloud 37.6 33.8 74.5 65.7
- SAP 8.8 8.3 18.5 17.5
EBITDA 1.0 1.4 (0.2) 2.3
EBIT (2.3) (2.6) (6.9) (5.8)
Consolidated net income (2.7) (3.1) (7.7) (6.6)
Free cash flow (1.1) (1.9) 0.0 (3.5)
Equity ratio at 30 June 72% 72%    
Employees at 30 June 1,090 1,144    
         

Notes:
This Corporate News contains forward-looking statements that are based on current expectations and forecasts on the part of the management with regard to future events. Due to risks or erroneous assumptions, actual results may deviate materially from these forward-looking statements. The complete Half-Year Financial Report is available at www.qbeyond.de/en/investor-relations.

About q.beyond AG:
q.beyond AG is the key to successful digitalisation. We help our customers find the best digital solutions for their business and then put them into practice. Our strong team of 1,100 people accompanies SME customers securely and reliably throughout their digital journey. We are experts in Cloud, SAP, Microsoft, data intelligence, security and software development. With locations throughout Germany, as well as in Latvia and in Spain, and its own certified data centres, q.beyond is one of Germany’s leading IT service providers.

Contact:
q.beyond AG

Arne Thull
Head of Investor Relations/Mergers & Acquisitions
T +49 221 669-8724
[email protected]
www.qbeyond.de



14.08.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: q.beyond AG
Richard-Byrd-Straße 4
50829 Cologne
Germany
Phone: +49-221-669-8724
Fax: +49-221-669-8009
E-mail: [email protected]
Internet: www.qbeyond.de
ISIN: DE0005137004
WKN: 513700
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1701997

 
End of News EQS News Service

1701997  14.08.2023 CET/CEST

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Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 357,87 366,84 238,05 143,42 155,16 173,02 190,00
EBITDA1,2 38,20 35,06 140,30 -1,98 31,37 5,36 6,40
EBITDA-Marge3 10,67 9,56 58,94 -1,38 20,22 3,10
EBIT1,4 7,11 8,48 87,94 -18,83 15,18 -32,27 -8,80
EBIT-Marge5 1,99 2,31 36,94 -13,13 9,78 -18,65 -4,63
Jahresüberschuss1 5,12 3,28 73,54 -19,90 9,85 -33,09 -9,50
Netto-Marge6 1,43 0,89 30,89 -13,88 6,35 -19,12 -5,00
Cashflow1,7 39,30 34,13 -17,71 -4,97 -7,66 -1,26 0,00
Ergebnis je Aktie8 0,04 0,03 0,59 -0,16 0,08 -0,27 -0,09
Dividende8 0,03 0,03 0,03 0,00 0,00 0,00 0,03
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2022 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Mazars

INVESTOR-INFORMATIONEN
©boersengefluester.de
q.beyond
WKN Kurs in € Einschätzung Börsenwert in Mio. €
513700 0,670 Halten 83,47
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
33,50 26,56 1,26 -67,00
KBV KCV KUV EV/EBITDA
0,81 - 0,48 8,98
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,00 0,00 0,00 29.05.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
13.05.2024 12.08.2024 13.11.2023 29.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
5,51% 1,98% 12,42% -31,84%
    
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IT-Services , 513700 , QBY , XETR:QBY