TextMagic AS 2024 6 months consolidated unaudited interim report
August 13 2024 - 1:00AM
UK Regulatory
TextMagic AS 2024 6 months consolidated unaudited interim report
In the first half year of 2024, the TextMagic
Group's operating profit increased by 28% to €1,139 thousand
compared to the same period in 2023 (H1 2023: €887 thousand). The
net profit amounted to €1,287 (H1 2023: €757 thousand). The Group's
day-to-day operations will continue along the roadmap set at the
end of 2023, with the main objective of developing and expanding
the Textmagic platform and restoring the growth rate.
TextMagic Group has assessed the evolving
regulatory environment, market trends, competitive landscape and
customer needs in order to develop strategic growth plans. To
achieve sustainable growth, we are committed to continued
investment in software development, which is why we have expanded
our product development teams.
As of June 30, 2024, the team consisted of 91
individuals (111 as of June 30, 2023), of whom 48 (27 as of June
30, 2023) were part of the Textmagic platform development team. The
Voog.com platform development team comprises 6 members as of the
end of June 2024 (3 as of June 30, 2023). In addition to this core
team, the group also includes a marketing department, user support,
a finance team, and management.
In today's competitive market, it is
increasingly challenging to drive growth with SMS-only product
offerings. To enhance the appeal of our Textmagic platform to new
audiences, we have identified the need to extend the value
proposition of the product in 2024.
In March 2024, a BYOC (Bring Your Own CPaaS)
solution was launched for high-volume customers who prefer the
convenience of the Textmagic platform but wish to remain with their
current communications provider.
Textmagic platforms’s communication channel
functionality (Chat AI), checklists, as well as user and task
management have been enhanced. Additional communication channels
(Email, Messenger, Live Chat, WhatsApp) and functionalities
(Tickets, Deals, CRM) are in development. The added
functionalities, along with the projects under development will
provide an opportunity to increase the value proposition and
customer base of the product in the future.
Group unaudited key figures of 2024 6
months
|
H1 2024 |
H1 2023 |
Change |
Revenue |
€7.81 M |
€6.78 M |
+15 % |
EBITDA |
€3.15 M |
€2.64 M |
+19 % |
Operating profit |
€1.14 M |
€0.89 M |
+28 % |
Textmagic SMS platform’s sales results
|
H1 2024 |
H1 2023 |
Change |
Unaudited
revenue (thousand) |
€7,490 |
€6,719 |
+11 % |
Volume of
SMS messages (thousand pcs) |
128,365 |
136,409 |
-6 % |
Active
users* |
23,499 |
32,611 |
-28 % |
Average
revenue per user (ARPU, 6 months)** |
€319 |
€206 |
+55 % |
* An active user is any unique paying customer who has used
Textmagic SMS platform services during the reporting
period.
**ARPU is calculated as Unaudited revenue / Active
users.
Textmagic platform's revenue distribution is
similar to last year, with minor variations across major regions.
The US and Canadian markets collectively represent the majority of
revenues at 65% (H1 2023: 67%). The UK market has grown to account
for 24% (H1 2023: 22%). The Australian market has remained
consistent at 6% of sales, while the European Union accounts for
3%. All other regions contribute the remaining 2% of sales in both
periods.
TextMagic AS’s consolidated unaudited
interim report for the 6 months of 2024 is attached to the release
in PDF format.
Additional information:
Getter Grünmann
TextMagic AS, CFO
investor@textmagic.biz
https://investor.textmagic.com/
CONSOLIDATED UNAUDITED INTERIM FINANCIAL
STATEMENTS FOR 6 MONTHS OF 2024
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(in
thousands of euros) |
30.06.2024 |
31.12.2023 |
30.06.2023 |
31.12.2022 |
Non-current assets |
|
|
|
|
Property,
plant and equipment |
102 |
105 |
172 |
191 |
Intangible assets and goodwill |
32,963 |
32,854 |
54,496 |
51,944 |
Total non-current assets |
33,065 |
32,959 |
54,668 |
52,135 |
Current assets |
|
|
|
|
Trade and
other receivables |
90 |
24 |
24 |
1 |
Prepayments |
200 |
231 |
157 |
130 |
Financial
Investments |
3,500 |
2,500 |
0 |
0 |
Cash and
cash equivalents |
4,229 |
3,900 |
5,608 |
9,145 |
Total current assets |
8,019 |
6,655 |
5,789 |
9,276 |
TOTAL ASSETS |
41,084 |
39,614 |
60,457 |
61,411 |
Liabilities |
|
|
|
|
Current
tax liabilities |
411 |
232 |
196 |
102 |
Trade and
other payables |
882 |
791 |
875 |
988 |
Debts to
shareholders |
0 |
0 |
0 |
2,550 |
Contract
liabilities |
1,668 |
1,659 |
1,737 |
1,546 |
Other
provisions |
679 |
1,117 |
914 |
739 |
Total current liabilities |
3,640 |
3,799 |
3,722 |
5,925 |
Total liabilities |
3,640 |
3,799 |
3,722 |
5,925 |
Equity |
|
|
|
|
Share
capital |
33,575 |
850 |
850 |
850 |
Share
premium |
141 |
51,242 |
51,242 |
51,242 |
Reserve
capital |
85 |
85 |
85 |
0 |
Other
reserve |
2,360 |
2,035 |
1,659 |
1,651 |
Foreign
currency translation reserve |
(13) |
(21) |
(21) |
(41) |
Retained
earnings |
1,296 |
(18,376) |
2,920 |
1,784 |
Equity attributable to owners of the parent |
37,444 |
35,815 |
56,735 |
55,486 |
Total equity |
37,444 |
35,815 |
56,735 |
55,486 |
TOTAL EQUITY AND LIABILITIES |
41,084 |
39,614 |
60,457 |
61,411 |
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
(in
thousands of euros) |
01.01.2024-30.06.2024 |
01.01.2023-30.06.2023 |
Revenue |
7,809 |
6,779 |
Other
income |
70 |
40 |
Goods,
raw materials and services |
(2,396) |
(2,285) |
Other
operating expenses |
(1,050) |
(851) |
Work
performed by the entity and capitalized |
2,083 |
1,084 |
Employee
expenses |
(3,346) |
(1,992) |
Depreciation, amortization and impairment of non-current
assets |
(2,010) |
(1,757) |
Other
expenses |
(21) |
(131) |
Operating profit (loss) |
1,139 |
887 |
Discontinued Operations |
0 |
(181) |
Financial
Income |
152 |
56 |
Profit (loss) before tax |
1,291 |
762 |
Income
tax |
(4) |
(5) |
Profit (loss) for the period |
1,287 |
757 |
Other comprehensive income |
|
|
Items that are or may be reclassified
subsequently to profit or loss |
Foreign
currency translation differences |
8 |
20 |
Other comprehensive income for the period, net of
tax |
1,295 |
20 |
Total comprehensive income for the period |
1,295 |
777 |
CONSOLIDATED STATEMENT OF CASH FLOWS
(in
thousand euros) |
01.01.2024 - 30.06.2024 |
01.01.2023 – 30.06.2023 |
Cash flows from operating activities |
|
|
Profit (loss) for the period - continuing
operations |
1,287 |
938 |
Adjustments for: |
|
|
Depreciation and amortization |
2,010 |
1,757 |
Financial
Income |
(152) |
(56) |
Other
adjustments |
169 |
211 |
Total adjustments |
2,027 |
1,912 |
Changes
in trade and other receivables |
(66) |
(25) |
Changes
in contract liabilities |
9 |
(18) |
Changes
in prepayments |
34 |
(27) |
Changes
in trade and other payables |
(167) |
325 |
Net cash from operating activities – continuing
operations |
3,124 |
3,105 |
Net cash
from operating activities – discontinued operations |
0 |
(413) |
Net cash from operating activities |
3,124 |
2,692 |
|
|
|
Cash flows from investing
activities |
|
|
Net cash
flows from business combinations |
0 |
(1,100) |
Interest
received |
152 |
56 |
Fixed-term deposits |
(1,000) |
0 |
Acquisition of property, plant and equipment |
(30) |
(12) |
Development expenditure |
(1,925) |
(783) |
Net cash used in investing activities – continuing
operations |
(2,803) |
(1,839) |
Net cash
used in investing activities – discontinued operations |
0 |
(1,859) |
Net cash used in investing activities |
(2,803) |
(3,698) |
|
|
|
Cash flows from financing
activities |
|
|
Payouts
to shareholders |
0 |
(2,550) |
Net cash from financing activities – continuing
operations |
0 |
(2,550) |
Net cash
from financing activities – discontinued operations |
0 |
0 |
Net cash from financing activities |
0 |
(2,550) |
|
|
|
TOTAL CASH FLOWS |
321 |
(3,556) |
Cash and
cash equivalents at the beginning |
3,900 |
9,145 |
Effect of
movements in exchange rates on cash held |
8 |
19 |
Cash and cash equivalents at the end |
4,229 |
5,608 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(in thousands of
euros) |
Total equity attributable to owners of TextMagic
AS |
Share Capital |
Share premium |
Reserve capital |
Other reserve |
Foreign currency translation reserve |
Retained earnings |
Total equity |
Balance at December 31, 2022 |
850 |
51,242 |
0 |
1,651 |
(41) |
1,784 |
55,486 |
Profit
(loss) for the period |
0 |
0 |
0 |
0 |
0 |
757 |
757 |
Other
comprehensive income |
0 |
0 |
0 |
0 |
20 |
0 |
20 |
Other
changes in equity |
0 |
0 |
85 |
8 |
0 |
379 |
472 |
Balance at June 30, 2023 |
850 |
51,242 |
85 |
1,659 |
(21) |
2,920 |
56,735 |
Profit
(loss) for the period |
0 |
0 |
0 |
0 |
0 |
(21,414) |
(21,414) |
Other
comprehensive income |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Other
changes in equity |
0 |
0 |
0 |
376 |
0 |
118 |
494 |
Balance at December 31, 2023 |
850 |
51,242 |
85 |
2,035 |
(21) |
(18,376) |
35,815 |
Profit
(loss) for the period |
0 |
0 |
0 |
0 |
0 |
1,287 |
1,287 |
Other
comprehensive income |
0 |
0 |
0 |
0 |
8 |
0 |
8 |
Coverage of losses |
0 |
(18,376) |
0 |
0 |
0 |
18,376 |
0 |
Other
changes in equity |
32,725 |
(32,725) |
0 |
325 |
0 |
9 |
334 |
Balance at June 30, 2024 |
33,575 |
141 |
85 |
2,360 |
(13) |
1,296 |
37,444 |
- TextMagic AS_2024. aasta 6 kuu auditeerimata konsolideeritud
vahearuanne
- TextMagic AS_2024 6months consolidated unaudited interim
report