Press release
2022/23 RESULTS:
- SALES: €283.5 MILLION, UP 2.8%
- OPERATING INCOME: €19.8 MILLION, UP 48.3%
STRONG, PROFITABLE GROWTH EXPECTED IN 2023/24, DUE IN PARTICULAR TO PROGRESS AT NACON
IFRS consolidated figures (€ million) | 2022/23 | 2021/22 | Change |
Sales | 283.5 | 275.7 | +2.8% |
Gross margin % of sales | 127.0 44.8% | 109.2 39.6% | +16.3% |
Recurring operating income before IFRS 2 expense relating to the bonus share plan % of sales | 17.0 6.0% | 21.0 7.6% | -19.1% |
Non-recurring items | 2.8 | (7.6) | |
Operating income % of sales | 19.8 7.0% | 13.3 4.8% | +48.3% |
Net financial income/(expense) | (4.2) | 2.1 | |
Pre-tax income % of sales | 15.6 5.5% | 15.4 5.6% | +0.9% |
Income tax | (2.8) | (5.1) | |
Net income for the period % of sales | 13.0 4.6% | 10.3 3.7% | +26.6% |
The Bigben group generated €283.5 million of sales in 2022/23, an increase of 2.8% on the previous year. During the period, NACON’s sales totalled €156.0 million, stable year-on-year, while the Bigben – AudioVideo/Telco segment grew its sales by 6.4% to €127.5 million.
Gross margin was €127.0 million, driven by improvements in the product mix, and equalled 44.8% of revenue, an improvement of 5.2 points on the previous year.
Ebitda after IFRS 2 expense and non-recurring items rose by 29.8% to €55.4 million (19.5% of sales).
Net income was €13.0 million or 4.6% of sales, as opposed to €10.3 million (3.7% of sales) in the previous year.
Performance by business segment
NACON GAMING | BIGBEN – AUDIOVIDEO/TELCO | |||||
IFRS consolidated figures (€ million) | 2022/23 | 2021/22 | Change | 2022/23 | 2021/22 | Change |
Sales | 156.0 | 155.9 | +0% | 127.5 | 119.8 | +6.4% |
Gross margin | 92.1 | 77.8 | +18.4% | 34.9 | 31.4 | +11.1% |
% of sales | 59.1% | 49.9% | 27.4% | 26.2% | ||
Ebitda* | 48.9 | 39.0 | +25.5% | 6.5 | 3.7 | +75.7% |
% of sales | 31.4% | 25% | 5.1% | 3.1% | ||
Operating income | 17.3 | 13.3 | +29.8% | 2.5 | 0 | |
11.1% | 8.5% | 1.9% | - |
* Ebitda after IFRS 2 expense and non-recurring items.
NACON GAMING. 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
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% 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.
BIGBEN – AUDIOVIDEO/TELCO posted sales of €127.5 million, up 6.4%. Sales of mobile accessories rose by 6.2% to €96.8 million. The Audio/Video business saw sales rise by 6.7% to €30.6 million, due in particular to the integration of Metronic.
Supported by a product mix geared towards premium brands, gross margin equalled 27.6% of sales, an improvement of over 10% relative to the previous year.
Ebitda after IFRS 2 expense and non-recurring items was €6.5 million, up 75.7% year-on-year.
Operating income was €2.5 million higher than in the previous year.
Solid financial position reflecting major investments in the Gaming business
At
There were positive developments as regards the working capital requirement, which fell by €3.0 million. Operating cash flow for the period was positive at €53.9 million. Investments – mainly the acquisition of
Strong, profitable growth expected in 2023/24, driven by rapid progress in the Gaming business
For NACON, 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 start of the current financial year has already brought the release of The Lord of the Rings GollumTM, TT Isle of Man: Ride on the Edge 3 and
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.
The BIGBEN – AUDIOVIDEO/TELCO segment should continue to benefit from the fact that most new smartphones are now sold without chargers or earphones. At the same time, it is continuing to diversify its sales channels, increasing sales of accessories through the refurbished smartphone channel.
Finally, large DIY chains are stocking Metronic’s Audio and Charge products, and this is gradually opening up new commercial opportunities.
Since NACON Gaming is likely to see strong growth while Bigben – AudioVideo/Telco should show good resilience, the Group remains confident and is expecting rapid sales growth over the financial year as a whole.
Dividends
In its
- A distribution of one (1) NACON share for every five (5)
Bigben Interactive shares held, currently representing approximately 4.25% of NACON’s share capital.
Subject to shareholder approval of this distribution in the Annual General Meeting, the ex-date and payment date for the distribution of NACON shares are expected to occur within two weeks of the date of the Annual General Meeting.
When it convenes the AGM,
Glossary
Gross margin: Sales - Purchases used.
Ebitda: Operating income before depreciation, amortisation and impairment of property, plant and equipment and intangible assets
Next key events:
Annual General Meeting:
First-quarter 2023/24 sales announcement:
ABOUT | |
2022/23 sales €283.5 million WORKFORCE Over 1,300 employees INTERNATIONAL 31 subsidiaries and a distribution network in more than 100 countries www.bigben-group.com | Listed on Euronext Paris, compartment B – Index CAC Mid & Small – Eligible for the long-only deferred settlement service ISIN FR0000074072; Reuters: BIG.PA; Bloomberg: BIGFP PRESS CONTACT Cap Value – Gilles Broquelet gbroquelet@capvalue.fr - +33 (0)1 80 81 50 01 |
Attachment
- CP_BBI_RA_2022_23 English Diffusion
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