Cint Group's year-end report 2023. Improved profitability despite continued slow sales. Platform unification on plan

Fourth quarter 2023

• Net sales decreased by 10.0 percent to EUR 72.3m (80.3m). Growth on a constant currency basis was -6.3 percent.
• Gross profit amounted to EUR 46.2m (48.7) with a gross margin of 63.9 percent (60.6).
• EBITDA amounted to EUR 11.4m (8.2) with an EBITDA margin of 15.8 percent (10.2).
• Adjusted EBITDA amounted to EUR 15.2m (13.5) with an adjusted EBITDA margin of 21.1 percent (16.8).
• EPS, before dilution amounted to EUR -1.95 (-1.60).
• Adjusted EPS, before dilution amounted to EUR 0.03 (0.05).

January - December 2023

• Net sales decreased by 9.7 percent to EUR 266.5m (295.2). Growth on a constant currency basis was -6.9 percent.
• Gross profit amounted to EUR 166.2m (183.3) with a gross margin of 62.3 percent (62.1).
• EBITDA amounted to EUR 25.9m (27.5) with an EBITDA margin of 9.7 percent (9.3).
• Adjusted EBITDA amounted to EUR 40.1m (48.8) with an adjusted EBITDA margin of 15.1 percent (16.5).
• EPS, before dilution amounted to EUR -2.10 (-1.66).
• Adjusted EPS, before dilution amounted to EUR 0.07 (0.14).
• The board of directors will propose to the AGM 2024 that no dividend shall be paid to shareholders.

CEO Giles Palmer comments:
Marketplace sales were slow, affected by lower demand from a few large clients and overall weak economic conditions, partly offset by strong growth in Media Measurement sales. Net sales decreased by 10.0 percent in the fourth quarter to EUR 72.3m (-6.3 percent in constant currency) compared to the same period last year. Gross profit on a constant currency basis decreased by 1.5 percent in the quarter to EUR 46.2m (46.9).

The gross margin was 63.9 percent, a significant improvement from last year reflecting our movement toward selling higher margin products such as Media measurement. The EBITDA margin adjusted for items affecting comparability was 21.1 percent (16.8), helped by cost savings.

Operating cash flows have been below our expect-ations during the year affected by negative working capital development and a significant amount of non-recurring integration costs (c. EUR 14m). Actions are ongoing to improve working capital during 2024.

I am highly confident in the strategic direction we have taken and pleased that management and the organization have followed our step-by-step plan to implement all actions. Focus for 2024 is to return to growth and innovation while retaining profitability and at the same time improve cash flow from operations.

Presentation today at 10.00 a.m. CEST
The report will be presented by Giles Palmer, CEO and Olivier Lefranc, CFO at 10.00 a.m. CEST today via a webcast conference call. Follow the webcasted presentation and conference call live at: webcast

For participation in the telephone conference, please make sure you are connected to the conference call by calling in and registering a few minutes before the conference begins.

Sweden: +46 8 5051 0031
International: +44 207 107 06 13
Access code: 4368 0748

The presentation material and a recorded version of the conference will be available at Cint™ Investors.

For more information please contact:
Patrik Linzenbold, Head of IR
Tel: +46 708 252630
Email: [email protected]

About Cint
Cint is a pioneer in research technology. Our customers use Cint to post questions and get answers from real people. They use these answers to build business strategies, confidently publish research, accurately measure the impact of digital advertising, and more. Our exchange is the world’s largest, with more than 300 million respondents in over 130 countries who consent to sharing their opinions, motivations, and behaviors. We are feeding the world’s curiosity.

Cint Group AB (publ), listed on Nasdaq Stockholm (STO: CINT), has a global workforce of approximately 1000. Cint has offices in Stockholm, London, New York, New Orleans, Singapore, Gurgaon, Japan, and Sydney, among others. 

This information is information that Cint Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-02-22 08:00 CET.