CREALOGIX Group - FY20 results slightly below forecasts, strong H2
In its preliminary results, CREALOGIX announced a sales increase of 1.7% to CHF103.7m (FY19 CHF101.9m), 3.9% growth in constant currencies. As expected, there was an acceleration of growth in H220, 13.2% higher than H120, but revenues still fell c 1.7% short of our forecasts. Adjusted EBITDA of CHF2.4m was higher than in FY19 (CHF1.86m), although 6.8% off our EBITDA forecast of CHF2.58m. EBITDA excluded one-off provisions of CHF7.0m for streamlining business processes, unifying the product platform and a staff reorganisation, leading to job cuts of around 10% of headcount. After these provisions, the group reported an EBITDA loss of CHF4.6m. These measures are intended to accelerate the group’s transition to becoming a leading SaaS provider of digital banking platforms, with initial benefits from this investment expected to be seen in FY21, and a full year of benefit in FY22. Our forecasts (which exclude these exceptional items) remain unchanged pending the full-year results on 15 September 2020.Crealogix Holding AG is a Switzerland-based company that, together with its subsidiaries, provides software and hardware products for Electronic Banking (E-Banking), Electronic Payment (E-Payment) and Education in Switzerland and Europe. The Company's E-banking solutions comprise E-banking software and platforms, E-banking security, bank interface and communications, and mobile banking solutions, as well as banking servers and a front-office platform for financial advisory services, among others. Its E-payment solutions include payment software, financial software, manual and automatic document readers, and signing and archiving. The Company's educational solutions consist of E-learning software, E-learning contents and Web-based Training (WBT) production, campus management, and various training platforms. In April 2014, it created two subsidiaries CREALOGIX UK LTD and CREALOGIX PTE. LTD. In August 2014, the Company established an Austrian subsidiary in Vienna.
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