Allgeier SE Reports on Q1 2024 Financial Performance

Allgeier SE disclosed financial results for the first quarter of 2024, showing a transition towards higher gross margins despite a decline in revenue. The Munich-based technology company recorded revenues of EUR 113 million, a decrease from EUR 124 million in the same period last year. This drop is attributed to the reduction of low-margin business within its Personnel Services unit since the second quarter of 2023.

The company's gross profit stayed consistent at EUR 39 million, facilitating a gross margin increase to 33.7% from 31.5% a year earlier. Adjusted EBITDA fell slightly to EUR 11.2 million from EUR 12.5 million, with its margin nearly stable at 9.8%. Similarly, EBITDA declined to EUR 10.7 million resulting in a margin of 9.4%.

Balance sheet details reveal a modest rise in group equity to EUR 190 million as of March 31, 2024, from EUR 189 million at the end of 2023. Cash reserves stood at EUR 46 million, down from EUR 83 million at year-end 2023, and net debt increased to EUR 137 million from EUR 117 million. Despite these changes, the company anticipates a positive outlook for the full year aligning with its 2024 guidance.