Dékuple: BUSINESS FOR THE FIRST NINE MONTHS OF 2023
BUSINESS FOR THE FIRST
NINE MONTHS OF 2023_____
Net sales: €145.3m (+ 10.7%)
Gross margin: €117.3m (+ 10.9%)Robust
development of the digital marketing
business, with its gross margin up
38.5%
Paris, 27 November 2023 (8:00am) - The
DÉKUPLE Group, a cross-channel data marketing expert, is reporting
its net sales for the first nine months of 2023.
Bertrand Laurioz, Chairman and CEO: “In the
third quarter of 2023, DÉKUPLE confirmed its solid development,
achieving sustained progress, with net sales up +16.6%, driving
growth for the first nine months of the year to +10.7%.
Our Digital Marketing activities, which
represent 58.8% of consolidated net sales, compared with 51.0% one
year ago, are continuing to build on their robust commercial
trends. The gross margin is up +38.5%, supported by the sustained
growth in our consulting business and the strong development of our
engagement marketing and engineering activities, ramping up with
the integration of the acquisitions made over the last 12 months:
Brainsonic, a leading engagement communication agency, in September
2022, Smart Traffik, a technological company specialized in
presence management and measuring the impact of marketing
investments on traffic and sales, in December 2022, and Le Nouveau
Bélier, an advertising strategy consulting agency and retail
expert, in July 2023.
Our portfolio-based activities have continued
with their major commercial investments aimed at strengthening the
portfolios that generate recurrent revenues for us. The Magazine
business, down -7.2%, is continuing to be affected by an
unfavorable consumption context, although with a turnaround
starting to take shape in the third quarter (-5.2% versus -8.7% for
the first half of the year) reflecting the improvement in our
recruitment of new subscribers. Alongside this, the Insurance
business confirmed its resilience in relation to a high basis for
comparison from 2022.
We are continuing to move forward with our
Ambition 2025 plan, aiming to become a European leader for data
marketing, while focusing our development on marketing innovation
powered by data and technology. To support our ambitions, we have
solid financial resources in place and we will continue to closely
monitor opportunities for external growth, in France and across
Europe, in complementary areas with strong potential.
In a still volatile economic environment, we are
forecasting a strong growth in net sales for full-year 2023”.
KEY FIGURES FOR THE FIRST NINE
MONTHS
For the first nine months of 2023, the DÉKUPLE
Group is reporting consolidated net sales1 of €145.3m, up +10.7%
from the first nine months of 2022. The gross margin2 for the first
nine months came to €117.3m, with year-on-year growth of
+10.9%.
In the third quarter of 2023, the Group recorded
net sales growth of +16.6% (following +4.3% in the first quarter
and +11.7% in the second quarter), illustrating the good trend
overall for the Group’s activities, which were nevertheless
penalized by the general economic climate.
Breakdown of the change in the Group’s net sales
by business line since the start of the year:
€m |
2023 9 months |
2022 9 months |
Change |
Digital Marketing |
85.4 |
67.0 |
+27.4% |
Magazines |
54.1 |
58.3 |
-7.2% |
Insurance |
5.9 |
6.0 |
-2.5% |
Net sales |
145.3 |
131.3 |
+10.7% |
Breakdown of the change in the Group’s gross
margin by business line since the start of the year:
€m |
2023 9 months |
2022 9 months |
Change |
Digital Marketing |
57.4 |
41.5 |
+38.5% |
Magazines |
54.1 |
58.3 |
-7.2% |
Insurance |
5.9 |
6.0 |
-2.5% |
Gross margin |
117.3 |
105.8 |
+10.9% |
DIGITAL MARKETING: STRONG AND
DIVERSIFIED GROWTH
The Digital Marketing business is building on
its trend for strong growth, with a gross margin of €57.4m, up
+38.5% from the first nine months of 2022, which saw +34.8%
growth.
The gross margin for consulting services
(€29.8m) is up +17.5%. This robust trend reflects the development
of the subsidiary Converteo, a market leader for data and digital
strategy consulting, which has more than 400 consultants supporting
major brands and is continuing to make progress with its
diversification, thanks in particular to the integration since
April 2023 of various strategic assets from Synomia, a pioneering
French company specialized in semantic analysis powered by
artificial intelligence.
The gross margin for the Marketing Solutions and
Agencies business in France (€24.7m) is up +94.3%, taking into
account a scope effect3 for €12.5m linked to the consolidation of
Brainsonic (leading engagement communications agency) since
September 2022, Smart Traffik (technology company specialized in
presence management and measuring the impact of marketing
investments on traffic and sales) since December 2022, and Le
Nouveau Bélier (advertising strategy consulting agency and retail
expert) since July 2023. Like-for-like, business is picking up,
with +4.7% growth since the start of the year.
The gross margin for the Marketing Solutions and
Agencies business in Spain (€3.0m) is down -13.9% for the first
nine months of the year faced with a difficult general environment
in this country. However, business improved in the third quarter,
with an upturn in commercial operations.
Gross margin (€m) |
2023 9 months |
2022 9 months |
Change |
Consulting - France |
29.8 |
25.3 |
+17.5% |
Marketing Solutions and Agencies - France |
24.7 |
12.7 |
+94.3% |
Marketing Solutions and Agencies - Spain |
3.0 |
3.4 |
-13.9% |
Digital Marketing gross margin |
57.4 |
41.5 |
+38.5% |
MAGAZINES: CONTINUED COMMERCIAL
INVESTMENTS
The gross margin for the Magazine business came
to €54.1m (-7.2%), with a gross sales volume4 of €143.6m (-8.3%).
In a slower market, business was penalized by the unfavorable
context for consumption due to the contraction in purchasing power.
Despite the increase in acquisition costs, the significant
commercial investments that are continuing to be rolled out and the
new loyalty operations launched with major partner brands enabled
the Group to record a more limited contraction in the gross margin
in the third quarter (-5.2%) than for the first half of the year
(-8.7%). The active open-ended subscription portfolio at 30
September 2023 represented 2,014 thousand units, down -11.0% from
the previous year.
INSURANCE: SALES STABLE
The gross margin for DÉKUPLE Assurance, the
subsidiary specialized in data marketing affinity insurance
brokerage, totaled €5.9m, down -2.5% versus a high basis for
comparison in 2022, which saw +23.3% growth following the
integration of assets from the InsurTech firm Qape and its
supplementary health branch KOVERS. DÉKUPLE Assurance is moving
forward with its marketing innovation approach for Health insurance
with a view to supporting the development of its policyholder
portfolio.
OUTLOOK
The DÉKUPLE Group is continuing to roll out its
Ambition 2025 strategy with a view to becoming a European leader
for data marketing. With the financial resources in place, it is
effectively positioned to continue with its commercial investments
in its Magazine and Insurance activities to develop its portfolios
of contracts generating recurrent revenues, while also supporting
the development of its Digital Marketing solutions through organic
and external growth.
About DÉKUPLEDÉKUPLE is a
European leader for cross-channel data marketing. Its expert
capabilities combining consulting, creativity, data and technology
enable it to support brands with the transformation of their
marketing to drive their business performance. The Group designs
and implements customer acquisition, loyalty and relationship
management solutions for its partners and clients across all
distribution channels. The Group works with more than 500 brands,
from major groups to mid-market firms, in Europe and around the
world.Founded in 1972, DÉKUPLE recorded net sales of €181.2m in
2022. Present in Europe and China, the Group employs more than
1,000 people guided by its core values: a conquering spirit,
respect and collaboration.DÉKUPLE is listed on the regulated market
Euronext Paris – Compartment C. ISIN: FR0000062978 – DKUPL -
www.dekuple.com
ContactsDÉKUPLE Investor
Relations & Financial Informationtel: +33 (0)1 41 58 72 03 -
relations.investisseurs@dekuple.comCALYPTUSCyril
Combe - tel: +33 (0)1 53 65 68 68 - dekuple@calyptus.net
1 Net sales (determined in line with the French
professional status for subscription sales) only include the amount
of remuneration paid by magazine publishers; for subscription
sales, net sales therefore correspond to a gross margin, deducting
the cost of magazines sold from the amount of sales recorded. For
acquisition and management commissions linked to sales of insurance
policies, net sales comprise current and future commissions issued,
acquired by the accounting reporting date, net of cancellations.2
For the digital marketing business, the gross margin represents the
total amount of net sales (total invoices issued: fees, commissions
and purchases charged back to customers) less the total amount of
costs for external purchases made on behalf of customers. It is
equal to net sales for the magazine and insurance business lines.3
The scope effect is calculated (i) by eliminating the net sales of
companies acquired during the period or the comparable period and
(ii) by eliminating the net sales of companies sold during the
period or the comparable period. As a result, the like-for-like
business does not take into account this scope effect for the
period concerned. 4 Gross sales volume represents the value of
subscriptions and other products sold. It is equal to net sales for
the insurance business.
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