on SOLOCAL (EPA:LOCAL)
SOLOCAL Reports H1 2024 Financial Performance
Solocal has disclosed its financial outcomes for the first half of 2024, reflecting a revenue of €163.8 million, marking a 12% decrease from H1 2023. The recurring EBITDA stands at €24.8 million, representing a 27% reduction year-on-year. Operating free cash flows amounted to €3.2 million, while cash reserves on 30 June 2024 were at €43.6 million.
The second quarter noted further declines with €80.5 million in revenue, 13% lower than Q2 2023. The order backlog fell to €181.5 million from €192.4 million in March 2024. Despite a slight improvement in the churn rate to 19.8%, the customer base decreased to 246,000 from 253,000 in Q1 2024.
Solocal anticipates a challenging year with ongoing commercial difficulties. Revenues are expected to drop by about 10% compared to 2023. The completion of financial restructuring on 31 July 2024 aims to support a return to sustainable growth.
The board also appointed Maurice Lévy as Chairman and CEO. Ycor, controlled by Lévy and his family, is now the primary shareholder. Additionally, the Board was strengthened with new appointments, including Cédric O, Marguerite Bérard, and Julien-David Nitlech.
R. H.
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