Multitude presents an update on future strategy and targets for profitable growth until 2026
21 Novembro 2023 - 6:17AM
Multitude presents an update on future strategy and targets for
profitable growth until 2026
Multitude presents an update on future
strategy and targets for profitable growth until 2026
- Expansion of market positions through consistent use of FinTech
megatrends such as big data, artificial intelligence and machine
learning
- Multitude's FinTech platform to be expanded further, new
‘Corporate Banking’ tribe launched
- Net profit to increase 2.5-fold to EUR 30 million by 2026
Helsinki, 21 November
2023 – Multitude SE, a fully regulated international growth
platform for financial technology (ISIN: FI4000106299, WKN:
A1W9NS), has defined its targets for continued profitable growth
until 2026. Accordingly, the company plans to expand its market
position through the consistent use of FinTech megatrends such as
big data, artificial intelligence and machine learning. The
Multitude FinTech platform is to be expanded further over the next
three years. In addition to the two existing tribes, consumer
banking through the subsidiary Ferratum (B2C) and the financing
business for small and medium-sized enterprises of CapitalBox (SME
Banking), the Multitude Bank corporate client business (Wholesale
Banking) has just been launched, which deals with the financing
issues of larger companies. The corporate client business was
previously integrated into SweepBank's business, where also
Multitude's shopping and financing app as well as the prime lending
business were located. In future, the latter activities will be
grouped under Ferratum and CapitalBox. Multitude is focusing on
continued organic growth, but also on partnerships and acquisitions
in order to extend the value chain and expand internationally. The
financing for this is to come primarily from the self-generated
free cash flow expected in the coming years. Significant
profits to be distributed to shareholders, subject to
shareholder approvalIn addition to the expected sales growth,
the company has also set itself the target of increasing earnings
net profit 2.5-fold from EUR 12 million at the end of 2022 to
around EUR 30 million by the end of 2026. It should be noted that
this jump in earnings is being targeted despite the sharp rise in
financing costs due to the changed interest rate environment. The
shareholders of Multitude SE are to participate appropriately in
this corporate success in that the Group will distribute between 25
and 50% of the profits generated to the shareholders, subject to
shareholder approval. Multitude is also aiming for a leading
position within the industry in terms of sustainability and plans
to reduce CO2 emissions by 20% by 2026 and achieve the
industry-leading customer satisfaction scores (NPS
score). With regard to the planned improvements in
profitability by 2026, Multitude intends to benefit above all from
the synergies within the fully digitalised customer platform: the
very fast order processing, the fair financing conditions, the
attractive cross-selling opportunities, the high scalability
of the business model, and the further improvement in cost
efficiency that can be achieved as a result.The company is thus
building on the operational successes of recent years, where it
succeeded in massively expanding the volume of customer loans to
EUR 548.2 million as at 30 September 2023. At the same time, EBIT,
which had fallen sharply in 2020 due to coronavirus, increased 2022
again to around EUR 31.6 million and the targeted figure of around
EUR 45 million in 2023 remains in place. Focus on
resilience, risk minimisation and financial stability
In addition to high
resilience through diversification of activities, Multitude's
strategic focus remains on the financial stability and risk
minimisation of the business model. As a result, the company
reported very solid cash and cash equivalents of EUR 167.0 million
at the end of the third quarter of 2023. The Group's equity was
22.5% and the net equity ratio, one of the most important measures
of capital adequacy, was 28.7%. The Group's coverage ratio for
impaired loans (ILCR) remained stable at 17.8% and even improved
slightly compared to the first half of 2023. Impairment losses in
relation to total customer loans have been noticeably reduced in
recent years from well over 20% to just under 15% as at 30
September 2023. Multitude is aiming for a further improvement here
in the coming years. "Multitude is only at the beginning
of its success story towards becoming a fully digitalised
international FinTech platform. We will consistently expand our
business model and our value creation and expect to increase our
already high net profit by a factor of 2.5 to around EUR 30 million
by 2026," comments Jorma Jokela, CEO of Multitude SE, on the
development.
Note: A recording of
the Capital Market Day will be available on the Multitude website,
after the virtual event today.
www.multitude.com/investors Contact: Lasse
Mäkelä Chief Strategy and IR Officer Phone: +41 79
371 34 17 E-Mail: Lasse.makela@multitude.com
About Multitude
SE: Multitude is a fully regulated growth platform for
financial technology. Its ambition is to become the most valued
financial ecosystem. This vision is backed by 18+ years of solid
track record in building and scaling financial technology. Through
its full European banking license, profound know-how in technology,
regulation, cross-selling, and funding, Multitude enables a range
of sustainable banking and financial services to grow and scale.
Currently, it has three independent business units on this growth
platform: Ferratum as consumer lender, CapitalBox as business
lender, and SweepBank as a shopping and financial app. Multitude
and its independent units employ over 700 people in 16 countries,
and they together generated EUR 212 million turnover in 2022.
Multitude was founded in 2005 in Finland and is listed in the Prime
Standard segment of the Frankfurt Stock Exchange under the symbol
‘FRU.’ www.multitude.com
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