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KPS publishes results for the first six months of the 2023/2024 financial year

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KPS publishes results for the first six months of the 2023/2024 financial year

Unterföhring/Munich, 6 May 2024

  • Revenue reaches EUR 75.9 million in the first six months of the 2023/2024 financial year.
  • Unadjusted EBITDA fell significantly to EUR -1.7 million and was primarily impacted by the unscheduled write-downs on receivables as a result of the insolvencies of the customers KaDeWe and The Body Shop totalling EUR 4.2 million as well as restructuring measures amounting to EUR 0.7 million. Adjusted EBITDA excluding these special effects was positive at EUR 3.2 million.
  • Measures to improve efficiency continue to be driven forward. 

KPS AG (WKN: A1A6V4 / ISIN: DE000A1A6V48), Europe’s leading consultancy for digital transformation and process optimisation in retail, has published its results for the first six months of the 2023/2024 financial year.

In the first six months of the 2023/2024 financial year, KPS generated revenues of EUR 75.9 million (previous year: EUR 94.7 million). This corresponds to a 19.8% decline in revenue compared to the same period last year. On the one hand, there was a slow recovery in demand. As some existing projects entered the maturity phase at the same time, the growth from new projects was not sufficient to compensate for the decline in existing business.

 

Several negative factors lead to significant decline in earnings

KPS reacted to the weak revenue trend in the first half of the year and took countermeasures. Capacities were adjusted to reflect current project demand. A significant part of the adjustment was achieved through staff turnover, but restructuring measures had to be introduced in some areas, which led to extraordinary expenses totalling EUR 0.7 million.

The results for the first half of 2023/2024 were also negatively impacted by impairments totalling EUR 4.2 million as a result of the insolvency of the KaDeWe Group and The Body Shop.

Overall, unadjusted EBITDA fell by 122.1% to EUR -1.7 million in the first half of 2023/2024 (previous year: EUR 7.6 million) due to the aforementioned reasons. Excluding the two special effects mentioned above, adjusted EBITDA was positive at EUR 3.2 million.

 

Confirmation of the forecast for the 2023/2024 financial year

In the first six months of the 2023/2024 financial year, some of the sales were generated with projects that are in the final or mature phase. This had a negative impact on revenue development, as sales typically decline in the maturity phase of a project. Demand for new projects has increased and new customers have been acquired. KPS therefore anticipates revenue growth in the second half of the year.

KPS confirms the forecast published on 7 March 2024 and assumes that revenue will be in the range of EUR 164 million to EUR 167 million compared to the financial year 2022/2023 (EUR 177.8 million). The Executive Board expects EBITDA to be between EUR 11.5 million and EUR 13.0 million.

 

06 May 2024

KPS AG

 

The Executive Board

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