PLUXEE RAISES OUTLOOK ON SOLID H1 FY 2024 RESULTS

KUALA LUMPUR, April 19 (Bernama) -- Pluxee has posted a net profit of 68 million euros in the first half fiscal 2024 (H1 FY 2024), compared to 92 million euros, same period last year, primarily resulting from the one-off increase in other operating expenses and higher net financial expenses in relation to the new capital structure. (1 euro = RM5.09)

Within this, net profit attributable to equity shareholders was 66 million euros and earnings per share (EPS) attributable to equity shareholders was 0.45 euros in H1 FY 2024 based on the basic weighted average number of shares of 146.890457 million as of Feb 29.

Meanwhile, revenue jumped 21.5 per cent to 593 million euros in H1 FY 2024, while organic growth was also up 24.0 per cent, for the same period.

Pluxee Chief Executive Officer, Aurélien Sonet said its first results as a standalone listed company demonstrated good progress in delivering the group strategic growth plan as well as on its financial objectives.

“Our recent successful listing and inaugural bond issue have enabled Pluxee to take a significant step towards realising our long-standing vision of being a leading global pure player in Employee Benefits & Engagement.

“Given our strong start to the year, we are raising our fiscal 2024 organic growth and EBITDA margin objectives while reiterating our mid-term targets, reflecting our confidence in the second half of fiscal 2024 and beyond,” he added in a statement.

A global player in employee benefits and engagement operating in 31 countries, Pluxee successfully completed its spin-off and listing on Euronext Paris with a technical reference price of 26 euros per share on Feb 1, while recurring earnings before interest, taxes, depreciation and amortisation (EBITDA) reached 201 million euros in H1 FY 2024, up 23 per cent year-on-year and 28 per cent organically.

In addition, recurring cash conversion rate was 113 per cent in H1 FY 2024 compared to 163 per cent, same period last year excluding the prior transfer of receivables, and net financial cash position strengthened at 1,065 million euros versus 859 million euros at Aug 31, 2023, reflecting strong cash flow generation.

During its Capital Markets Day, the group set out fiscal 2024 and 2026 financial objectives focusing on delivering sustainable organic revenue growth, improving recurring EBITDA margin and maintaining strong cash conversion.

Based on the strong financial performance delivered in H1 FY 2024, Pluxee is raising its financial objectives for fiscal 2024, targeting a 15 per cent to 17 per cent increase in organic revenue growth, and recurring EBITDA margin expected to reach at least 35 per cent.

-- BERNAMA