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EQS-News: The Platform Group AG
/ Key word(s): Quarterly / Interim Statement/Quarter Results
The Platform Group with strong sales and earnings growth – increase in annual forecast for 2024
Under the comprehensive cost and efficiency program implemented since 2023, profitability was further increased: Adjusted EBITDA (continuing operations) rose to EUR 8.5 million in the first quarter of 2024 (Q1 2023 pro-forma: EUR 6.8 million), which corresponds to an increase of 25% compared to the same period of the previous year. Reported EBITDA (continuing operations) reached EUR 16.7 million (Q1 2023 pro-forma: EUR 13.3 million), while consolidated net income amounted to EUR 11.4 million (Q1 2023 pro-forma: EUR 8.1 million). This corresponds to earnings per share of EUR 0.55 (Q1 2023 pro-forma: EUR 0.38 per share), which represents an increase of 44.7%. Earnings per share from continuing operations amounted to EUR 0.65 (Q1 2023 pro-forma: EUR 0.49 per share).
In view of the successful business development in the first quarter of 2024, the acquisitions in 2024, and the increase in the number of partners, the Board of Directors of The Platform Group AG is raising its forecast for the 2024 financial year. The gross merchandise volume (GMV) is expected to increase to between EUR 840 million and EUR 870 million (previously: between EUR 760 million and EUR 800 million), while net sales are expected to rise to between EUR 480 million and EUR 500 million (previously: between EUR 460 million and EUR 470 million). As a result of the positive earnings trend and the impact of the implemented cost and efficiency program, the Board of Directors expects a further increase in adjusted EBITDA to between EUR 26 million and EUR 30 million for the 2024 financial year (previously: between EUR 24 million and EUR 28 million). CEO Dr. Dominik Benner, Laura Vogelsang, Member of the Board of Directors of The Platform Group AG, and CFO Reinhard A. Hetkamp, will explain the results for the first quarter of 2024 in a webcast presentation today, 29 May 2024, at 09.30 CEST. The presentation will be held in English. Please register in good time for participation at: . In the 2023 financial year, The Platform Group GmbH & Co. KG was combined with the former fashionette AG. In accordance with IFRS 3, this transaction is to be classified as a reverse acquisition, in view of the size and value ratios determined. For this reason, pro-forma figures are provided for 2023. The non-pro forma figures relate to the figures for the company The Platform Group GmbH & Co. KG, Wiesbaden. The presentation of the company's consolidated pro forma financial information is for illustrative purposes only. In accordance with IFRS standards, the purchase price allocation (PPA) requirements are applied and reported in the key financial figures for the reporting period. The calculated income from purchase price allocation amounted to EUR 7.7 million in the first quarter of 2024 and was reported under other income. TPG has excluded this income from purchase price allocations in the adjusted operating results (EBITDA adjusted), as income from purchase price allocations is not attributable to the operating business and would otherwise not be comparable. Accordingly, TPG's adjusted EBITDA is lower than the reported EBITDA. The is a software company that is active in 21 sectors with its own platform solutions. Its customers include both B2B and B2C customers in sectors such as furniture retail, machinery retail, dental technology, car platforms, and luxury fashion. The Group has 16 locations across Europe and is headquartered in Düsseldorf. Over 23 investments and company acquisitions have been made since 2020. In 2023, pro-forma sales of EUR 441 million and an operating result (adjusted EBITDA) of EUR 22.6 million were realized. Investor Relations
29.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
| Language: | English |
| Company: | The Platform Group AG |
| Schloss Elbroich, Am Falder 4 | |
| 40589 Düsseldorf | |
| Germany | |
| E-mail: | |
| Internet: | -platform-group.com/ |
| ISIN: | DE000A2QEFA1 |
| WKN: | A2QEFA |
| Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1912939 |
| End of News | EQS News Service |
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1912939 29.05.2024 CET/CEST
