VOGO Reports 26% Revenue Growth in H1 2024

VOGO (ISIN: FR0011532225 - ALVGO) has announced its interim financial results for the first half of 2024. The company reported revenue of €5.7 million, representing a 26% increase from H1 2023. This growth was driven primarily by the Sports segment, which benefited from the FIFA Certification and the ongoing deployment of the TaaS model.

VOGO's EBITDA turned positive, reaching approximately €400,000, compared to a loss of €800,000 in H1 2023. Cost control measures contributed to this improvement, with external expenses and personnel expenses both declining. Net income improved significantly, with a loss reduced from €1.4 million in H1 2023 to €0.2 million in H1 2024.

International business grew substantially, accounting for 80% of the group's sales, marking a 36% increase compared to the previous year. Significant new clients in the sports sector, including the US Polo Association and various football federations, were added to VOGO's portfolio.

VOGO's financial position remains robust with shareholders’ equity at €13 million and gross cash over €1.7 million as of 30 June 2024. The company also secured more than €3 million in non-dilutive financing post-period.