NETFONDS AG
EQS-News: Netfonds AG
/ Key word(s): Quarter Results
PRESS RELEASE Accelerating growth and increasing profitability in the first quarter of 2024 Hamburg, 30 May 2024 - Netfonds AG (ISIN: DE000A1MME74), a leading platform for the German financial industry, achieved significant growth in business volume in the first quarter of 2024. Gross consolidated revenue increased predominantly organically to EUR 56.0 million (Q1 2023: EUR 46.8 million), which corresponds to year-on-year growth of 19.7%. Net consolidated sales after passing on remuneration to the affiliated partners totalled EUR 9.5 million in the same period (Q1 2023: EUR 8.0 million). This also represents an increase of 18.2% compared to the same period of the previous year. In terms of earnings, the Netfonds Group more than doubled its EBITDA year-on-year to EUR 0.9 million (Q1 2023: EUR 0.4 million). EBIT developed even more dynamically, reaching EUR 0.3 million compared to EUR -0.3 million in the same period of the previous year. EBT also totalled EUR 0.3 million compared to EUR -0.4 million in the first quarter of 2023. The financial result is neutral, as interest income and interest expenses are of nearly the same level. "The Netfonds Group grew dynamically in the first quarter of 2024. Strong capital markets provided a tailwind and a large number of new partners, particularly in the areas of regulatory and asset management, ensured a record number of new assets in the past quarter. Both the investment and the Insurance segment contributed to the growth," says CFO Peer Reichelt. Martin Steinmeyer, CEO of Netfonds AG, adds: "Assets under administration across all business divisions exceeded the EUR 25 billion mark for the first time at the end of the quarter, representing a year-on-year increase of 19%. The Insurance segment is also developing very favourably with a double-digit growth rate. The use and distribution base of our digital and cloud-based finfire platform is becoming increasingly popular with existing and new customers and partners. Our IT team is constantly developing the platform with new innovative AI functions." The key figures in the first quarter of 2024 were as follows
Outlook Based on the Group's dynamic performance in the first quarter of 2024, the Executive Board expects revenue growth of around 15% for the financial year as a whole. Specifically, sales revenue is expected to be between EUR 220 - 230 million and net sales after remuneration of sales partners between EUR 41.5 - 43.0 million. The Group's EBITDA is expected to be in the range of EUR 8.5 - 9.5 million. Furthermore, the mid-term forecast of organic growth for the Netfonds Group of around 12-15% p.a. until 2026 is confirmed. The increasing expansion and utilisation of the finfire platform, as well as the continuous shift of assets towards asset and wealth management, will lead to an increasing scaling of the platform business model. As a result, the Management Board expects the Netfonds Group's operating profit to increase at a significantly higher rate. Invitation to the Capital Market Call CFO Peer Reichelt will present the results and development as well as the mid-term planning of Netfonds AG in a web conference at 10 a.m. on 31 May 2024. He will then be available to answer your questions. The call can be followed live via Zoom webcast. To participate, please use the following link: https://us06web.zoom.us/webinar/register/WN_SXxUlNvuSY-UwhK64VIhMw You can participate by phone via the following number: Phone: +49 69 5050 0952 Webinar ID: 4923 4693 Identification code: 609142 --- Contact Netfonds AG Heidenkampsweg 73 20097 Hamburg, Germany Investor Relations Philip Angrabeit Phone: +49 40 822 267 142 E-mail: pangrabeit@netfonds.de About the Netfonds Group The Netfonds Group is a leading platform for administration, consulting and regulation for the German financial industry. Under the finfire brand, the company provides its customers and partners with a cloud-based technology platform for the complete processing and administration of business transactions. Netfonds' customers thus benefit from one of the most modern software solutions on the market, which significantly simplifies the advisory process, makes it secure and enables target group-specific advice. The shares of Netfonds AG are listed in the m:access segment of the Munich Stock Exchange and can be traded via XETRA. All the expertise of the Netfonds Group at a glance Find the right contact for your request on our website.
30.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
| Language: | English |
| Company: | Netfonds AG |
| Heidenkampsweg 73 | |
| 20097 Hamburg | |
| Germany | |
| Phone: | +49 40 822267 0 |
| E-mail: | info@netfonds.de |
| Internet: | www.netfonds.de |
| ISIN: | DE000A1MME74 |
| WKN: | A1MME7 |
| Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Munich (m:access) |
| EQS News ID: | 1914773 |
| End of News | EQS News Service |
1914773 30.05.2024 CET/CEST
