COGELEC Reports Strong H1 2024 Financial Results

COGELEC has announced its financial results for the first half of 2024, highlighting a strong performance. Revenue rose by 12.4% to €36.7 million compared to H1 2023. The company also saw a sharp increase in EBITDA, which grew by 33.7% to €6.1 million. Annual targets remain confirmed.

Revenue in France reached €31.4 million, marking a 10.2% increase, while export revenue surged by 28.0% to €5.3 million. The Intratone brand, marketed in France and Europe, continues to gain market share, contributing to recurring subscription revenue of €11.4 million, up 17.1%.

Despite an inflationary environment, the gross margin rose to €24.3 million, representing 66.3% of revenue. Increased personnel (8.8%) and external costs (9.5%) were noted due to company growth and the rollout of a new ERP system.

Current operating income doubled to €3.5 million, driven by stable depreciation and no exceptional impairments. Net income for H1 2024 reached €2.9 million, compared to €0.6 million in H1 2023. Equity stood at €7.1 million with financial debt at €24.9 million. Gross cash improved to €26.5 million.

COGELEC confirms its target for double-digit annual growth and expects improved operating profitability for the full year.