Claranova - Growth targets maintained
Claranova reported Q323 revenue of €91m, which was 2% higher y-o-y on a constant currency organic basis. PlanetArt revenue was lower than expected due to a focus on profitability versus growth, while Avanquest and myDevices both grew at double-digit rates in the quarter. Management has maintained its FY23 guidance for revenue and EBITDA growth. We have revised down our revenue forecasts to reflect lower growth for PlanetArt but we maintain our EBITDA forecasts for FY23 and FY24.Claranova SA, formerly Avanquest SA, is a France-based holding company engaged in the technology industry. The Company operates through three businesses including Avanquest Software, that develops, publishes and markets Personal Computer (PC) software products in several categories, including system utilities, home graphics, digital imaging and small business solutions; the PlanetArt business operates a print-on-demand platform, which features five brands covering both Website and mobile application technologies. Among its applications is FreePrints, a mobile photo printing solution for iOS and Android. The Company also operates through myDevices business, which enables enterprises to design, prototype and commercialize Internet of Things (IoT) solutions through Cayenne, a drag-and-drop IoT project builder. Claranova SA offers its products and services in approximately 100 countries worldwide.
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