COGELEC Reports Strong Financial Performance in 2023 with Significant Growth in Revenue and EBITDA

COGELEC, a leading French company in access control systems, announced a robust financial performance for the fiscal year 2023. The company reported a 10.5% increase in revenue, reaching €66 million, and a notable 44.5% rise in EBITDA, which stood at €10.2 million. Noteworthy is the positive shift to a net income of €4.5 million, a rebound from the previous year's net loss.

The financial growth was underpinned by COGELEC's successful subscription model and market share gains in its Intratone offer, with significant subscriptions added in 2023, reaching a total of 2,142,000 dwellings across France and Europe. This subscriber growth contributed to a 20.4% increase in subscription revenue, which totaled €20 million in 2023.

Despite the unfavorable market conditions, COGELEC continued to expand, with revenue in France growing by 10.4% and European sales increasing by 11.1%. The company's gross margin also saw an improvement, reflecting effective cost control measures in a volatile market.

Looking forward, COGELEC is optimistic about maintaining double-digit business growth and further enhancing profitability in 2024. The company also emphasized its commitment to innovation and market expansion with the upcoming launch of Kibolt in the B2B sector.