from GUILLEMOT (EPA:GUI)
GUILLEMOT CORPORATION: 2024 ANNUAL RESULTS / Net operating income up 48%
Carentoir, March 26, 2025
2024 ANNUAL RESULTS Net operating income up 48%
Guillemot Corporation’s financial statements (audited financial statements approved by the Board of Directors at its meeting held on March 25, 2025, pending the statutory auditors’ certification report) may be summarized as follows:
(€m) January 1 – December 31, 2024 | Dec. 31, 2024 | Dec. 31, 2023 | Change | |
Turnover | Thrustmaster Hercules | 125.1 113.1 12.0 | 119.1 104.9 14.2 | +5% +8% -15% |
Net operating income Net financial income* Corporate income tax Consolidated net income Basic earnings per share | 3.7 -2.5 0.0 1.2 €0.08 | 2.5 -1.4 -0.1 1 €0.06 | +48% - - +22% +22% | |
* Net financial income includes the cost of net financial debt as well as other financial income and expenses.
Turnover grew 5% in fiscal 2024 to €125.1 million, up 8% at Thrustmaster but down 15% at Hercules.
The Group generated net income from ordinary activities of €3.7 million, up 48%, and consolidated net income of €1.2 million. The accounting gross profit margin for 2024 amounted to 53%, up 4.5 percentage points year on year in a highly competitive environment.
At the same time, total expenses excluding purchases and changes in inventories were up 13%, with sales and marketing expenses up 21% and the workforce expanding by 8%. In 2024, the Group maintained its investment in research and development at €8.9 million, equating to 7.1% of consolidated turnover.
The net financial expense of €2.5 million includes a €4.4 million revaluation loss on current financial assets (investment securities) consisting of 443,874 Ubisoft Entertainment shares as well as a positive net foreign exchange position of €1.2 million. Consolidated net income for the year totaled €1.2 million. At its meeting held on March 25, 2025, the Board of Directors of Guillemot Corporation S.A. did not propose the payment of any dividend.
Balance sheet items
(€m) | Dec. 31, 2024 | Dec. 31, 2023 |
Shareholders’ equity | 100.3 | 101.8 |
Inventories | 38.3 | 45.7 |
Net debt* | -23.7 | -16.7 |
Current financial assets (investment securities) | 5.8 | 10.3 |
* Investment securities are not taken into account when calculating net debt.
Group shareholders’ equity stood at €100.3 million at December 31, 2024. Inventories declined by 16% over the year, in keeping with the Group’s intention to optimize inventory levels. Net debt at December 31, 2024 was negative at -€23.7 million, compared with -€16.7 million a year earlier. Cash flows from operating activities rose sharply, coming in at €18.1 million.
Development strategy and 2025 priorities
In 2025, the Group aims to adapt its strategic plan in response to market developments, changing patterns of consumption and new geopolitical challenges, focusing its efforts on:
• Maximizing growth opportunities in the Asia-Pacific and Middle East regions;
• Boosting sales in the United States after an increase in prices across part of its Hercules and Thrustmaster ranges following the imposition of new 20% import tariffs;
• Increasing direct-to-consumer sales by further developing its e-shops and opening Market Places;
• Ramping up sales of the T598 racing wheel, the latest addition to its racing range, which has had a very strong start and received excellent feedback from the trade press and the public;
• Refreshing a significant portion of its racing wheel range over the summer in a more buoyant racing market, with Forza Horizon 5 for PlayStation®5 coming out at the end of April and the eagerly-awaited F1 movie, a Warner Brothers blockbuster starring Brad Pritt set in the world of Formula 1, due to be released on June 25;
• Expanding its flight sim range with the launch of two new joysticks, the SOL-R 1 Flightstick and the SOL-R 2 HOSAS Space Sim Duo, aimed at a new segment (space simulation games) with its interchangeable grip compatible with other simulation grips in ranges including the F-16, F-18, etc.;
• Securing new listings for the Hercules DJControl Mix Ultra, whose recent U.S. launch in partnership with Guitar Center was a big hit and which also opens up new horizons for the mass-market DJ segment in Japan and China.
2025 outlook
This year, the Group has major new products in each of its business segments and is working hard to ensure that they are firmly established and to maximize sales.
Thanks to the potential offered by these new products, the Group expects to grow its turnover and deliver a net operating profit in fiscal 2025.
Guillemot Corporation is a designer and manufacturer of interactive entertainment hardware and accessories. The Group offers a diversified range of products under the
Hercules and Thrustmaster brand names. Active in this market since 1984, the Guillemot Corporation Group is currently present in 11 countries (France, Germany, Spain, the
UK, the United States, Canada, Italy, Belgium, Romania, the Netherlands and China [Shanghai, Shenzhen and Hong Kong]) and distributes its products in more than 150 countries worldwide. The Group’s mission is to offer high-performance, ergonomic products which maximize the enjoyment of digital interactive entertainment for end users.
Contact: Guillemot Financial Information — Telephone: +33 (0) 2 99 08 08 80 —www.guillemot.com
APPENDICES
(All figures in €k)
Consolidated income statement to December 31, 2024
Net turnover |
| 125,120 | 119,132 |
Purchases | -52,709 | -51,534 | |
Change in inventories | -5,818 | -9,581 | |
External expenses | -26,373 | -24,263 | |
Employee expenses | -18,658 | -16,269 | |
Taxes and duties | -579 | -542 | |
Additions to amortization and depreciation | -8,512 | -6,493 | |
Additions to provisions | -1,947 | -1,865 | |
Other income from ordinary activities | 123 | 246 | |
Other expenses from ordinary activities | -6,902 | -6,310 | |
Net income from ordinary activities |
| 3,745 | 2,521 |
Other operating income | 0 | 0 | |
Other operating expenses | 0 | 0 | |
Net operating income |
| 3,745 | 2,521 |
Income from cash and cash equivalents | 789 | 629 | |
Cost of gross financial debt | -152 | -94 | |
Cost of net financial debt |
| 637 | 535 |
Other financial income | 1,215 | 0 | |
Other financial expenses | -4,421 | -1,979 | |
Corporate income tax | 1 | -113 | |
Net income before minority interests |
| 1,177 | 964 |
O/w net income from discontinued operations | 0 | 0 | |
Attributable to minority interests | 0 | 0 | |
Net income attributable to equity holders of the parent | 1,177 | 964 |
(€k) Dec. 31, 2024 Dec. 31, 2023
Basic earnings per share €0.08 €0.06
Diluted earnings per share €0.08 €0.06
Consolidated balance sheet at December 31, 2024
ASSETS
(€k) Dec. 31, 2024 Dec. 31, 2023
Goodwill on acquisitions Intangible assets | 0 24,408 | 0 23,739 |
Property, plant and equipment | 10,637 | 8,592 |
Financial assets | 501 | 593 |
Tax assets | 508 | 543 |
Deferred tax assets | 5,598 | 4,634 |
Non-current assets | 41,652 | 38,101 |
Inventories | 38,315 | 45,725 |
Trade receivables | 32,503 | 36,057 |
Other receivables | 2,790 | 3,620 |
Financial assets | 5,837 | 10,258 |
Current tax assets | 810 | 4215 |
Cash and cash equivalents | 30,618 | 25,728 |
Current assets | 110,873 | 125,603 |
Total assets | 152,525 | 163,704 |
LIABILITIES AND EQUITY (€k) | Dec. 31, 2024 | Dec. 31, 2023 |
Capital (1) | 11,617 | 11,617 |
Premiums (1) | 8,076 | 8,076 |
Reserves and consolidated income (2) | 80,576 | 81,881 |
Currency translation adjustments | -9 | 210 |
Group shareholders’ equity | 100,260 | 101,784 |
Minority interests | 0 | 0 |
Consolidated shareholders’ equity | 100,260 | 101,784 |
Employee benefit liabilities | 2,026 | 1,709 |
Borrowings | 3,566 | 4,821 |
Other liabilities | 0 | 0 |
Deferred tax liabilities | 12 | 15 |
Non-current liabilities | 5,604 | 6,545 |
Trade payables | 22,029 | 25,442 |
Short-term borrowings | 3,315 | 4,251 |
Taxes payable | 955 | 815 |
Other liabilities | 20,319 | 24,832 |
Provisions | 43 | 35 |
Current liabilities | 46,661 | 55,375 |
Total liabilities and equity | 152,525 | 163,704 |
(1) Of the consolidating parent company
(2) Of which net income for the period: €1,177k
Consolidated statement of cash flows to December 31, 2024
Dec. 31, Dec. 31,
(€k) 2024 2023
Cash flows from operating activities Net income from consolidated companies | 1,177 | 964 |
+ Additions to amortization, depreciation and provisions (except on current assets) | 8,490 | 6,788 |
- Reversals of amortization, depreciation and provisions | -259 | -1,947 |
-/+ Unrealized gains and losses arising from changes in fair value | 4,421 | 1,465 |
+/- Expenses and income arising from stock options | 182 | 511 |
-/+ Capital gains and losses on disposals | -8 | 73 |
Change in deferred taxes | -965 | -366 |
Operating cash flow after cost of net financial debt | 13,038 | 7,488 |
Cost of net financial debt | -637 | -535 |
Operating cash flow before cost of net financial debt | 12,401 | 6,953 |
Inventories | 7,410 | 11,478 |
Trade receivables | 3,554 | -1,314 |
Trade payables | -3,414 | -13,444 |
Other | -2,488 | 1,338 |
Change in working capital requirement | 5,062 | -1,942 |
Net cash flows from operating activities | 18,100 | 5,546 |
Cash flows from investing activities Acquisitions of intangible assets | -3,751 | -4,690 |
Acquisitions of property, plant and equipment | -2,754 | -1,905 |
Disposals of property, plant and equipment and intangible assets | 8 | 7 |
Acquisitions of non-current financial assets | -31 | -128 |
Disposals of non-current financial assets | 127 | 202 |
Net cash from acquisitions and disposals of subsidiaries | 0 | 0 |
Net cash flows from investing activities | -6,401 | -6,514 |
Cash flows from financing activities Increases in capital and cash injections | 0 | 0 |
Buybacks of treasury shares | -2,480 | 0 |
Dividends paid | 0 | -3,761 |
Borrowings | 0 | 0 |
Repayment of borrowings | -3,339 | -4,795 |
Impact of IFRS 16 adoption | -762 | 431 |
Other cash flows from financing activities | -28 | -138 |
Total cash flows from financing activities | -6,609 | -8,263 |
Impact of foreign currency translation adjustments | -200 | -266 |
Change in cash | 4,890 | -9,497 |
Net cash at the beginning of the period | 25,728 | 35,225 |
Net cash at the end of the period | 30,618 | 25,728 |