LUMIBIRD: ANNUAL RESULTS 2024
Lannion, 11/03/2025 – 5:45pm
ANNUAL RESULTS 2024
- EBITDA
margin(1)
of 15.9%, of which 20.6% for the Medical division and 10.8%
for the Photonics division
- Strong
growth in the 2nd half
with 20.2% EBITDA margin
- Strong
cash flow from operations (€34.4m)
The Group Lumibird, European leader in
laser technologies, posted EBITDA of €32.9m in 2024 (15.9% of
sales). This result reflects a year of contrasts, both between the
two divisions, with a Medical division on the rise and a Photonics
division in decline, and from one half-year to the next, with a
performance in the 2nd
half-year (20.2% EBITDA margin) that was a marked
improvement on the 1st
(11.2% EBITDA margin)
at 31 December (in €m)
|
2023
|
|
2024
|
Change |
| |
Value |
% |
|
Sales figures |
203.6 |
|
207.1 |
+3.6 |
+1.7% |
|
EBITDA(1) |
34.5 |
|
32.9 |
(1.6) |
-4.6% |
|
% SALES |
17.0% |
|
15.9% |
|
|
|
Profit from recurring operations |
18.5 |
|
15.0 |
(3.5) |
-18.9% |
|
% SALES |
9.1% |
|
9.1% |
|
|
|
Operating profit |
12.2 |
|
11.6 |
(0.6) |
-5.0% |
|
Net income |
7.1 |
|
5.7 |
(1.4) |
-20.1% |
(1) EBITDA
corresponds to recurring operating income adjusted for charges
to provisions and depreciation, net of reversals, and expenses
covered by such reversals.
Contrasting trends between the 2 divisions and between
activities
With annual sales up by 1.7% to €207.1m (+0.1%
on a like-for-like basis), 2024 was marked by trends contrasting
between the two divisions.
The division Photonics fell by
1.4% to €99.4m (-5.4% on a like-for-like basis).
The business Defence/Space
confirmed its strong growth momentum, with sales up by 20.3% to
€45.3m (+20.2% on a like-for-like basis and at constant exchange
rates).
The business Medtech posted
strong growth of 78.9% to €13.6m (up 27.9% on a like-for-like
basis).
Industrial & Scientific
sales were down 13.9% at €27.6m (-14.1% on a like-for-like basis)
against backdrop of weak demand from end-users.
Finally, the business ETS (Environment,
Topography and Security) has not yet reaped the benefits
of its reorganisation, with a decline of 45.3% to €12.9m (down
45.2% on a like-for-like basis and at constant exchange rates).
The division Medical grew by
4.8% to €107.7m (up 5.4% on a like-for-like basis). The division's
growth continued to be largely driven by the Treatment business, up
6.6% to €83.9m, which benefited from buoyant sales of products for
the treatment of dry eye following the award of CE (May 2024) and
FDA (September 2024) approvals.
The currency effect was not significant over the
year, with a negative impact on sales of €1.1m in 2024.
Strong improvement in EBITDA margin for the Medical
division
Summary of results by division
In €M
|
Photonic
|
Medical |
|
2023 |
2024 |
Change (%) |
2023 |
2024 |
Change (%) |
|
Sales figures |
100.8 |
99.4 |
-1.4% |
102.8 |
107.7 |
+4.8% |
|
Gross margin |
63.2 |
60.9 |
-3.7% |
62.4 |
67.0 |
+7.4% |
|
% |
62.7% |
61.3% |
|
60.7% |
62.2% |
|
|
EBITDA(1) |
15.9 |
10.7 |
-32.9% |
18.6 |
22.2 |
+19.7% |
|
% |
15.8% |
10.8% |
|
18.1% |
20.6% |
|
|
ROC |
5.9 |
(1.9) |
-133.2% |
12.6 |
16.9 |
+34.2% |
|
% |
5.8% |
(2.0)% |
|
12.3% |
15.7% |
|
(1) EBITDA corresponds
to recurring operating income adjusted for charges to provisions
and depreciation, net of reversals, and expenses covered by such
reversals.
The Group's gross margin is stable in 2024, at
61.7%, thanks to an increase of +1.5 pts for the Medical division,
which offsets the lower contribution from the ETS business and the
full-year impact of the integration of Convergent on the margin of
the Photonics division.
Group EBITDA came to €32.9m, down -4.6%, giving
an EBITDA margin of 15.9% of sales. The EBITDA margin breaks down
into 20.6% for the Medical division (compared with 18.1% in 2023)
and 10.8% for the Photonics division (compared with 15.8% in 2023).
Group EBITDA for the second half of the year came to €22.0m (20.2%
of sales), compared with €10.9m (11.2% of sales) in the first half,
a more marked difference than in 2023 due to the seasonal nature of
sales and the initial effects of the rationalisation plan
implemented at the start of 2024.
In accordance with IFRS, reported EBITDA has
been restated for development costs capitalized during the period,
and operating income before non-recurring items has been restated
for depreciation charges relating to the capitalisation of
projects:
- Over the period,
direct expenditure on development projects, whether self-financed,
subsidized or eligible for the research tax credit, totalled €22m,
compared to €19.9m a year earlier. The portion capitalized during
the year as investment (and excluded from EBITDA) amounted to €12m,
compared with € 12.8m a year ago.
- Depreciation and
amortisation of R&D investments (recognized in current EBIT)
totalled €8m (€7.4 m a year ago).
Profit from recurring operations, at €15.0m,
fell more sharply (-18.9%), mainly as a result of the increase in
depreciation (+€2.6m) linked to the investment policy of previous
years.
Net financial expense was €5.0m, compared with
€4.7m in 2023. This slight difference reflects a €2.1m increase in
the cost of debt, offset by a rise in investment income and a
favorable exchange rate effect linked to the valuation of
intra-group current accounts. After corporation tax of €0.8m
(compared with €0.3m in 2023), net profit would be €5.7, compared
with €7.1m in 2023.
Cash flow: positive free cash flow
| In
€M |
2023 |
2024 |
| Cash
flow from operating activities |
20.7 |
34.4 |
|
Of which operating activities before tax and finance
costs |
26.9 |
31.0 |
|
Of which Change in WCR |
(4.8) |
5.3 |
|
Of which tax paid |
(1.5) |
(1.9) |
|
Cash flow from investing activities |
(46.2) |
(22.8) |
Of which industrial capital expenditure
l1
1
of which acquisition Continuum |
(25.3)
|
(22.9)
(5.5) |
|
Of which external growth (Convergent) |
(20.6) |
|
|
Of which other financial assets |
(0.3) |
0.1 |
|
Cash flow from financing activities |
21.7 |
3.4 |
|
Of which capital increase |
- |
- |
|
Of which net new financing |
28.7 |
9.4 |
|
Of which debt servicing |
(3.9) |
(5.3) |
|
Of which other changes |
(3.2) |
(0.8) |
| CHANGE
IN CASH AND CASH
EQUIVALENTS2 |
(3,8) |
14,9 |
Cash flow from operating activities amounted to
€34.4m, thanks in particular to a reduction in working capital
requirements. This figure is significantly higher than investment
outflow (-€22.8m), with capital expenditure returning to normal
after two years of heavy investment and more modest external growth
(Continuum).
Stabilisation of net financial debt
Net financial debt at 31.12.2024 was €89.9m,
compared with €88.9m a year earlier. It comprised €161.1m in gross
financial debt (including €12.4m in respect of lease obligations)
and €71.1 in cash and cash equivalents.
Lumibird maintains a solid financial position,
with gearing of 45% and a leverage ratio of 2.7.
In October 2024, the Group finalised a 7 year
financing package of over €100m with its banking consortium to
reschedule its debt, particularly in view of the maturity of its
bond debt and to finance potential acquisition opportunities.
Extract
from the consolidated balance sheet
(in M€) |
31.12.2023 |
31.12.2024 |
|
Goodwill |
72.6 |
72.1 |
|
Non-current assets (excluding goodwill) |
135.3 |
149.0 |
|
Current assets (excluding cash) |
141.1 |
137.6 |
|
Cash and cash equivalents |
56.2 |
71.1 |
| TOTAL
ASSETS |
405.2 |
429.8 |
|
Equity (including minority interests) |
193.3 |
198.0 |
|
Financial liabilities3 non-current |
128.6 |
142.0 |
|
Other non-current liabilities |
9.2 |
10.3 |
|
Current financial liabilities |
16.5 |
19.0 |
|
Current liabilities |
57.6 |
60.4 |
| TOTAL
LIABILITIES |
405.2 |
429.8 |
Outlook
Under the combined effect of buoyant markets and
industrial capacity strengthened by the ambitious investment
programme of recent years, Lumibird expects its business to
continue to grow, particularly in the Defense/Space, ETS (dynamic
of the Lidar System activity driven by the reconstruction of the
commercial team) and Scientific (with the acquisition of
Continuum's assets) activities, as well as in the Medical division,
with upcoming product launches.
Lumibird no longer sets financial targets
(Revenue and EBITDA margin).
Next: publication Q1 2025 sales
on 28/04/2025, after close of trading
LUMIBIRD is one of the world's leading laser
specialists. With over 50 years' experience and expertise in
solid-state, diode and fibre laser technologies, the Group designs,
manufactures and distributes high-performance laser solutions via
two divisions: Photonics and Medical. The Photonics Division
designs and produces components, lasers and systems for the defence
and space, environment, topography and security, industrial and
scientific, and medtech markets. The Medical branch designs and
produces medical diagnostic and treatment systems for
ophthalmology.
The result of the October 2017 merger between the Keopsys and
Quantel Groups, LUMIBIRD, with more than 1,000 employees and
€207.1m in sales in 2024, is present in Europe, America and
Asia.
LUMIBIRD shares are listed in compartment B of Euronext
Paris. FR0000038242 -
LBIRD www.lumibird.com
LUMIBIRD has been a member of Euronext since
2022.Tech Leaders
Contacts
LUMIBIRD
Marc Le Flohic
Chairman and Chief Executive Officer
Tel. +33(0) 1 69 29 17 00
info@lumibird.com |
LUMIBIRD
Sonia Rutnam
Chief Financial and Transformation Officer
Tel. +33(0) 1 69 29 17 00
info@lumibird.com |
Calyptus
Mathieu Calleux
Investor Relations
Tel. +33(0) 1 53 65 37 91
lumibird@calyptus.net |
1 This amount includes of research and development expenditure
capitalised in accordance with IAS 36 for a total of €11.6m.
2 Cash and cash equivalents correspond to "cash and cash
equivalents" on the assets side of the balance sheet, net of bank
overdrafts (cash and cash equivalents held) included in current
financial liabilities on the liabilities side. It is shown before
the effect of exchange rates.
3 Financial liabilities (current and non-current) correspond to
financial debts and include lease debts in accordance with
IFRS16.
- 250311_LUMIBIRD_RA_2024_EN
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