- Nachrichtendetail
-
16.05.2024 07:30:59 - dpa-AFX: EQS-News: Multitude SE with continued strong growth at the start of 2024: EBIT increases by 31 percent to EUR 11.6 million (english)
Multitude SE with continued strong growth at the start of 2024: EBIT
increases by 31 percent to EUR 11.6 million
EQS-News: Multitude SE / Key word(s): Quarter Results
Multitude SE with continued strong growth at the start of 2024: EBIT
increases by 31 percent to EUR 11.6 million (news with additional features)
16.05.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Multitude SE with continued strong growth at the start of 2024: EBIT
increases by 31 percent to EUR 11.6 million
Key takeaways:
* Revenue increases by 18.3% to EUR 64.2 million
* On track to achieve EBIT forecast of EUR 67.5 million in 2024
Helsinki, 16 May 2024 - Multitude SE, a listed European FinTech company,
offering digital lending and online banking services to consumers, small and
medium-sized businesses, and other FinTechs (ISIN: FI4000106299, WKN:
A1W9NS) ('Multitude', 'Company' or 'Group') has published its quarterly
figures for Q1 2024, which show a continued positive development in all
business units Consumer banking (Ferratum), SME banking (CapitalBox) and
Wholesale banking (Multitude Bank).
*numbers are restated as of Q1 2023
Strong growth continues
In the first quarter of the new year, the Group continued to show solid
financial development and managed to accelerate growth compared to the same
period of the previous year. Revenue increased by 18.3% to EUR 64.2 million
(Q1 2023: EUR 54.2 million), being one of the strongest growth quarters of
the company. Multitude's EBIT increased by 31.0% to EUR 11.6 million
compared to the same period of the previous year (Q1 2023: EUR 8.9 million).
Net AR increased significantly by 23.1% from EUR 543.3 million to EUR 657.6
million in a 12-month comparison. This resulted in a 10.5% increase in net
interest income from EUR 50.3 million to EUR 55.6 million. At EUR 2.6
million, profit for the period was 13% higher than the previous year's
figure of EUR 2.3 million despite elevated credit losses in parts of the
business during Q1 2024.
Further sharpening of the strategic focus and expansion of the range of
services
At the beginning of 2024, Multitude's new business unit, Wholesale banking,
officially commenced operations as a separate segment. Wholesale banking
provides customers with two new, distinct products: Secured Debt and Payment
Solutions. Previously, the business was reported under the title Warehouse
Lending as part of SweepBank segment. The growth in volume of 179.8% over
twelve months to EUR 69.2 million shows how successful Multitude is with its
growth ambitions. In addition, the new business unit is already profitable
and achieved an EBIT of EUR 1.0 million in the first quarter of 2024. The
rest of SweepBank's service offering have been integrated into the existing
Ferratum and CapitalBox business units and are available to all Multitude
clients as part of the existing growth platform.
In addition to the new business unit, Multitude also acquired the business
of invoice purchasing specialist Omniveta Finance in the first quarter,
which will operate under CapitalBox and strengthen CapitalBox's factoring
offering in the future. The transaction strengthens Multitude's market
position in the SME business and demonstrates its ambition to strengthen its
market position as an alternative lender alongside banks and to further
expand its business model through continuous organic growth, partnerships
and acquisitions.
Continued stable balance sheet quality and efficient risk management
Following significant growth in 2023, the Group's total assets fell slightly
from EUR 990.9 million to EUR 960.3 million (-3.1%). The decline is
primarily due to a planned 20.7% decrease in cash and cash equivalents to
EUR 225.0 million. The Group experienced elevated credit losses in parts of
the business, and correcting underwriting measures have been done.
Impairment losses remain at a low average of around 4%, reaching 4.2% in the
first quarter of 2024. The Group's equity increased to EUR 185.2 million,
which corresponds to an equity ratio of 19.2%. The net equity ratio remained
de facto stable at 25.2% in the first quarter of 2024.
Outlook for 2024 confirmed: Further EBIT growth of 50% targeted
With the publication of its Q1 figures, Multitude is on track to achieve its
EBIT guidance of EUR 67.5 million for 2024, which corresponds to an increase
in EBIT of around 50% compared to 2023. Furthermore, the company has set
itself the guidance of increasing consolidated profit (after tax) to EUR 30
million by the end of 2026. In addition to its already established high
resilience through the diversification of its business activities,
Multitude's strategic focus remains on the financial stability of its
business model and the reduction of risks.
Contact:
Lasse Mäkelä
Chief Strategy and IR Officer
Phone: +41 79 371 34 17
E-Mail: Lasse.makela@multitude.com
About Multitude SE:
Multitude is a listed European FinTech company, offering digital lending and
online banking services to consumers, small and medium-sized businesses, and
other FinTechs overlooked by traditional banks. The services are provided
through three independent business units, which are served by our internal
Banking-as-a-Service Growth Platform. Multitude's business units are
consumer banking (Ferratum), SME banking (CapitalBox) and wholesale banking
(Multitude Bank). Multitude Group employs over 700 people in 25 countries
and offers services in 16 countries, achieving a combined turnover of 230
million euros in 2023. Multitude was founded in Finland in 2005 and is
listed on the Prime Standard segment of the Frankfurt Stock Exchange under
the symbol 'FRU'.
---------------------------------------------------------------------------
Additional features:
File: https://eqs-cockpit.com/c/fncls.ssp?u=1e368f869c62600c2f1aaf532f15b9f0
File description: Multitude SE_Q1 2024 Report
---------------------------------------------------------------------------
16.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
End of News EQS News Service
---------------------------------------------------------------------------
1904295 16.05.2024 CET/CEST
increases by 31 percent to EUR 11.6 million
EQS-News: Multitude SE / Key word(s): Quarter Results
Multitude SE with continued strong growth at the start of 2024: EBIT
increases by 31 percent to EUR 11.6 million (news with additional features)
16.05.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Multitude SE with continued strong growth at the start of 2024: EBIT
increases by 31 percent to EUR 11.6 million
Key takeaways:
* Significant EBIT growth of 31.0% to EUR 11.6 million compared to the
same period of the previous year
* Revenue increases by 18.3% to EUR 64.2 million
* Consolidated net profit increases by 13.0% to EUR 2.6 million,
EPS by 48.8% to EUR 0.07
* Multitude SE strengthens market position with the acquisition of
Omniveta's business
* On track to achieve EBIT forecast of EUR 67.5 million in 2024
Helsinki, 16 May 2024 - Multitude SE, a listed European FinTech company,
offering digital lending and online banking services to consumers, small and
medium-sized businesses, and other FinTechs (ISIN: FI4000106299, WKN:
A1W9NS) ('Multitude', 'Company' or 'Group') has published its quarterly
figures for Q1 2024, which show a continued positive development in all
business units Consumer banking (Ferratum), SME banking (CapitalBox) and
Wholesale banking (Multitude Bank).
Key figures, EUR million Q1 Q1 %
2024 2023* change
Interest income 64.2 54.2 +18.3
Net interest Income 55.6 50.3 +10.5
Profit before interest expense and taxes 11.6 8.9 +31.0
(EBIT)
Profit for the period 2.6 2.3 +13.0
*numbers are restated as of Q1 2023
Strong growth continues
In the first quarter of the new year, the Group continued to show solid
financial development and managed to accelerate growth compared to the same
period of the previous year. Revenue increased by 18.3% to EUR 64.2 million
(Q1 2023: EUR 54.2 million), being one of the strongest growth quarters of
the company. Multitude's EBIT increased by 31.0% to EUR 11.6 million
compared to the same period of the previous year (Q1 2023: EUR 8.9 million).
Net AR increased significantly by 23.1% from EUR 543.3 million to EUR 657.6
million in a 12-month comparison. This resulted in a 10.5% increase in net
interest income from EUR 50.3 million to EUR 55.6 million. At EUR 2.6
million, profit for the period was 13% higher than the previous year's
figure of EUR 2.3 million despite elevated credit losses in parts of the
business during Q1 2024.
Further sharpening of the strategic focus and expansion of the range of
services
At the beginning of 2024, Multitude's new business unit, Wholesale banking,
officially commenced operations as a separate segment. Wholesale banking
provides customers with two new, distinct products: Secured Debt and Payment
Solutions. Previously, the business was reported under the title Warehouse
Lending as part of SweepBank segment. The growth in volume of 179.8% over
twelve months to EUR 69.2 million shows how successful Multitude is with its
growth ambitions. In addition, the new business unit is already profitable
and achieved an EBIT of EUR 1.0 million in the first quarter of 2024. The
rest of SweepBank's service offering have been integrated into the existing
Ferratum and CapitalBox business units and are available to all Multitude
clients as part of the existing growth platform.
In addition to the new business unit, Multitude also acquired the business
of invoice purchasing specialist Omniveta Finance in the first quarter,
which will operate under CapitalBox and strengthen CapitalBox's factoring
offering in the future. The transaction strengthens Multitude's market
position in the SME business and demonstrates its ambition to strengthen its
market position as an alternative lender alongside banks and to further
expand its business model through continuous organic growth, partnerships
and acquisitions.
Continued stable balance sheet quality and efficient risk management
Following significant growth in 2023, the Group's total assets fell slightly
from EUR 990.9 million to EUR 960.3 million (-3.1%). The decline is
primarily due to a planned 20.7% decrease in cash and cash equivalents to
EUR 225.0 million. The Group experienced elevated credit losses in parts of
the business, and correcting underwriting measures have been done.
Impairment losses remain at a low average of around 4%, reaching 4.2% in the
first quarter of 2024. The Group's equity increased to EUR 185.2 million,
which corresponds to an equity ratio of 19.2%. The net equity ratio remained
de facto stable at 25.2% in the first quarter of 2024.
Outlook for 2024 confirmed: Further EBIT growth of 50% targeted
With the publication of its Q1 figures, Multitude is on track to achieve its
EBIT guidance of EUR 67.5 million for 2024, which corresponds to an increase
in EBIT of around 50% compared to 2023. Furthermore, the company has set
itself the guidance of increasing consolidated profit (after tax) to EUR 30
million by the end of 2026. In addition to its already established high
resilience through the diversification of its business activities,
Multitude's strategic focus remains on the financial stability of its
business model and the reduction of risks.
Contact:
Lasse Mäkelä
Chief Strategy and IR Officer
Phone: +41 79 371 34 17
E-Mail: Lasse.makela@multitude.com
About Multitude SE:
Multitude is a listed European FinTech company, offering digital lending and
online banking services to consumers, small and medium-sized businesses, and
other FinTechs overlooked by traditional banks. The services are provided
through three independent business units, which are served by our internal
Banking-as-a-Service Growth Platform. Multitude's business units are
consumer banking (Ferratum), SME banking (CapitalBox) and wholesale banking
(Multitude Bank). Multitude Group employs over 700 people in 25 countries
and offers services in 16 countries, achieving a combined turnover of 230
million euros in 2023. Multitude was founded in Finland in 2005 and is
listed on the Prime Standard segment of the Frankfurt Stock Exchange under
the symbol 'FRU'.
---------------------------------------------------------------------------
Additional features:
File: https://eqs-cockpit.com/c/fncls.ssp?u=1e368f869c62600c2f1aaf532f15b9f0
File description: Multitude SE_Q1 2024 Report
---------------------------------------------------------------------------
16.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
Language: English
Company: Multitude SE
Ratamestarinkatu 11 A
00520 Helsinki
Finland
E-mail: ir@multitude.com
Internet: https://www.multitude.com/
ISIN: FI4000106299
WKN: A1W9NS
Listed: Regulated Market in Frankfurt (Prime Standard);
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Hanover, Munich, Stuttgart, Tradegate
Exchange; Stockholm
EQS News ID: 1904295
End of News EQS News Service
---------------------------------------------------------------------------
1904295 16.05.2024 CET/CEST
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
MULTITUDE SE | A1W9NS | Frankfurt | 6,000 | 05.06.24 08:05:01 | -0,140 | -2,28% | 6,000 | 6,160 | 6,000 | 6,140 |
