PRESS RELEASE: NACON: 2022/23 FULL-YEAR RESULTS
30 Maio 2023 - 4:06PM
PRESS RELEASE: NACON: 2022/23 FULL-YEAR RESULTS
Press release
Lesquin, 30 May 2023, 6pm
2022/23 FULL-YEAR RESULTS:
- SALES: €156.0 MILLION, STABLE COMPARED
TO 2021/22
- OPERATING INCOME: €17.3 MILLION, UP
29.8%
STRONG, PROFITABLE GROWTH EXPECTED IN
2023/24
NACON (ISIN FR0013482791) today announces its
consolidated results for the 2022/23 financial year (from 1 April
2022 to 31 March 2023) as approved by its Board of Directors on 30
May 2023.
IFRS consolidated figures (€ million) |
2022/23 |
2021/22 |
Change |
Sales |
156.0 |
155.9 |
+0.0% |
Gross margin% of sales |
92.159.1% |
77.849.9% |
+18.4% |
Recurring operating income before IFRS 2
expense relating to the bonus share plan% of
salesNon-recurring items |
16.110.3%1.2 |
19.012.2%(5.7) |
-15.3% |
Operating income% of sales |
17.311.1% |
13.38.6% |
+29.8% |
Net financial income/(expense) |
(2.3) |
0.1 |
|
Pre-tax income % of sales |
15.09.6% |
13.48.6% |
+12.0% |
Income tax |
(2.2) |
(3.4) |
|
Net income for the period% of
sales |
12.8
8.2% |
10.0 6.4% |
+28.1% |
2022/23: pleasing performance in a complex operating
environment
Despite the release of several games being
delayed, the Gaming business increased sales by 66.3% to €90.5
million. The Accessories business saw sales fall 36.6% to €61.2
million, affected by the shortage of consoles that caused a sharp
contraction in the global accessories market. Overall, NACON’s
sales totalled €156.0 million, stable compared with the previous
year.
Gross margin rose sharply (+18.4%) year-on-year.
It amounted to €92.1 million, equal to 59.1% of sales (49.9% in the
previous year). The improvement was due to the product mix, with
Accessories making up a smaller proportion of sales (39% versus 62%
in the previous year).
Operating expenses rose because of the large
amount of development work underway, but also due to the full-year
effect of acquisitions made in 2021/22 and that of Daedalic
Entertainment in April 2022.
Ebitda after IFRS 2 expense and non-recurring
items was €48.9 million, up 25.5% year-on-year (€39.0 million in
2021/22), and equalled 31.4% of sales (25.0% in 2021/22).
Operating income rose by 29.8% to €17.3 million,
equal to 11.1% of sales.
Net income was €12.8 million or 8.2% of sales,
as opposed to €10.0 million (6.4% of sales) in the previous
year.
A financial position that reflects the
Group’s growth
strategy
At 31 March 2023, NACON had equity of €242.6
million and €47.6 million of cash and cash equivalents.
Investments related to acquisitions during the
year, including that of Daedalic in April 2022, amounted to €34.9
million. By making these investments, NACON has strengthened its
ability to develop high-quality games in-house. Currently, it has
53 games under development that are valued at €116.1 million on the
balance sheet.
Cash flow rose by 2.8% to €45.5 million in
2022/23.
To finance its strategy, NACON took out €46.5
million of new medium-term bank loans during the year, and its net
debt amounted to €67.3 million at 31 March 2023.
Dividend In accordance with its
policy of reinvesting cash flow in developing the business, the
Board of Directors decided at its meeting on 30 May 2023 not to
propose a dividend in respect of the 2022/23 financial year at the
next Annual General Meeting.
2023/24: major
growth in business and
earnings
2023/24 will feature a heavy release schedule,
with around 20 games due to be released during the period as
opposed to 13 in the previous year.The beginning of the financial
year has already seen the release of The Lord of the Rings
GollumTM, TT Isle of Man: Ride on the Edge 3 and AFL23®, while
Cricket24 and Rugby24, the official game of the Rugby World Cup,
will come out in July and September respectively.
The back catalogue will continue to grow with
the addition of games released in 2022/23.
The Accessories business should benefit from
several factors:
- a more favourable base for
comparison,
- the end of pressures seen in
2022/23, with growth in the installed base of new consoles,
- an offering that will grow in the
next few months with the release of several high-potential
products.
Accordingly, NACON remains confident about its
prospects of achieving strong growth in 2023/24.
Next key events:
Annual General Meeting: 21 July
2023
First-quarter 2023/24 sales announcement:
24 July 2023 after the market close
ABOUT
NACON |
2023/23 FULL-YEAR SALES€156.0
million WORKFORCEOver 1,000
employees INTERNATIONAL23 subsidiaries
and a distribution network across 100
countrieshttps://corporate.nacongaming.com/ |
NACON is a company of the Bigben group. It was founded in
2019 to optimise its skills and take advantage of major synergies
in the video game market. With its 16 development studios, AA video
game publishing and the design and distribution of premium gaming
peripherals, NACON has 30 years of expertise in serving gamers. The
creation of this unified business unit has strengthened NACON’s
position in the market and is enabling it to innovate while
creating new, unique competitive advantages. Listed on
Euronext Paris, compartment B – Index: CAC Mid&SmallISIN:
FR0013482791; Reuters: NACON.PA; Bloomberg:
NACON:FP CONTACT:Cap Value – Gilles Broquelet
gbroquelet@capvalue.fr - +33 (0)1 80 81 50 01 |
GLOSSARY
Back catalogue = Games released in previous financial years
Gross margin: Sales - Purchases used.Ebitda:
Operating income before depreciation, amortisation and impairment
of property, plant and equipment and intangible assets
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