Bigben Press release
Lesquin,
Half year results 2020/21:
·Current Operating Income: 16.9 M€ (+26.4%) i.e. 12.5% of sales
·Net result: 9.7 M€ (+16.7%)
Rise of target for FY 2020/21 Current Operating Income rate: > 12%
Consolidated in M€ - IFRS | 09/2020 | 09/2019 | Change |
Sales | 135.8 | 127.0 | +6.9% |
Gross margin (1) In % of Sales EBITDA (2) In % of Sales | 57.3 42.3% 33.4 24.6% | 54.9 43.2% 27.7 21.8% | +4.4% +20.5% |
Current operating income In % of Sales Non recurrent items | 16.9 12.5% (2.3) | 13.4 10.5% (1.5) | +26.4% |
Operating result In % of Sales | 14.7 10.8% | 11.9 9.4% | +23.2% |
Financial result Including currency gain (loss) | (1.2) (0.7) | (1.0) (0.3) | |
Earnings before tax In % of Sales | 13.5 9.9% | 10.9 8.6% | +23.0% |
Tax | (3.7) | (2.6) | |
Net result for the period In % of Sales | 9.7 7.2% | 8.3 6.6% | +16.7% |
Of which Minority shareholders | 2.2 | 0 |
(1) Gross Margin = Sales - Cost of goods sold; other Operating revenues are posted between Gross Margin and EBITDA
(2) EBITDA = Current Operating Income before depreciation and amortization of tangible and intangible assets
Sharp increase in current operating income
Bigben's results have risen significantly thanks to a tight management and an ability to adapt to an unstable economic environment.
The thriving Nacon Gaming business, the significant drop in external expenses and the contained increase in personnel costs enabled the Group to see its EBITDA increase by 20.5% representing 24.6% of sales.
Current Operating Income (COI) stood at 12.5% of sales, a sharp increase compared with the target announced for the full year 2020/21 of "Current Operating Income rate in excess of 10%".
Non-recurring expenses relating to bonus share plans amounted to 2.3 M€.
Net Result for the period was up 16.7% to 9.7 M€, reaching its highest level for the last ten years.
Analysis of performance per business unit
NACON-GAMING | BIGBEN - AUDIO/TELCO | |||||
Consolidated in M€ - IFRS | 09/2020 | 09/2019 (3) | Change | 09/2020 | 09/2019 (3) | Change |
Sales | 86.6 | 63.7 | +35.9% | 49.2 | 63.3 | -22.4% |
Gross Margin (1) | 45.3 | 39.2 | +15.5% | 12.0 | 15.7 | -23.4% |
In % of sales | 52.3% | 61.5% | 24.4% | 24.7% | ||
EBITDA (2) | 30.4 | 23.5 | +29.2% | 2.9 | 4.2 | -29.0% |
In % of sales | 35.1% | 37.0% | 6.0% | 6.6% | ||
Current Operating Income | 15.7 | 10.7 | +47.4% | 1.2 | 2.7 | -55.8% |
In % of sales | 18.2% | 16.8% | 2.4% | 4.3% |
(3) The partial asset contribution of the Gaming business to Nacon by
Nacon - Gaming saw strong business growth driven by the success of RIG headsets, official PlayStation®4 controllers and a growing contribution from digital back catalogue sales. This performance contributed to an improvement in operating profitability with an increase in EBITDA and Current Operating Profit.
At the same time, Bigben - Audio/Telco, after sales strongly impacted by the lockdown in the first quarter (-38.7%), recovered in the second quarter (-9.4%) thanks to a rebound in Audio and a gradual recovery in Mobile accessories. Sales for the first half of the year therefore registered a limited decline of 22.4%, while gross margin and EBITDA remained virtually stable thanks to successful Group's premium-brand products and operating expenses under control. Current operating income was positive, representing 2.4% of turnover despite the contraction in sales.
Robust balance sheet structure
At
Outlook
In a context of strong constraints for the retail sector, Bigben is confident in achieving its forecasts for the second half of the financial year, given that:
- the second, less restrictive lockdown in Bigben Audio/Telco sales channels, preceded in Q2 2020/21 by the first signs of recovery,
- the momentum of Nacon Gaming should continue and generate a strong positive contribution.
Annual targets 2020/21 raised
·confirm a 2020/2021 annual sales target ranging from 270 M€ to 290 M€ (vs. 263.5 M€ at
and
·raise its Current Operating Margin (5) target from "over 10%" to “over 12%” (vs. 9.0% at 31 March 2020).
(4) Nacon press release of
(5) COI rate = Current Operating Income as a percentage of sales = Current Operating Margin
Convening of a Shareholders’ Meeting
The shareholders of
Next publication:
Ordinary General Meeting:
Q3 2020/21 sales:
Press release after close of the
ABOUT | |
SALES 2019-2020 263.5 M€ HEADCOUNT Ca. 750 employees INTERNATIONAL 22 subsidiaries and a distribution network in 100 countries www.bigben-group.com | Company listed on Euronext Paris, compartment B – Index : CAC Mid & Small – Eligible SRD long ISN : FR0000074072 ; Reuters : BIGPA ; Bloomberg : BIGFP PRESS CONTACTS CapValue – Gilles Broquelet gbroquelet@capvalue.fr - +33 1 80 81 50 01 |
Attachment
- PR_BBI_RS_2020_2021 ENG_Diffusion
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