Prodware Announces Significant Operating Income Growth Despite Net Loss in 2023

Prodware, a leading technology firm, reported a strong financial performance for the year 2023, with a significant 102.1% increase in consolidated revenue, reaching €380.6 million. This growth was notably driven by acquisitions such as WESTPOLE, PROTINUS, and NUT CONSULTING, alongside an organic growth of 5.1%.

The company's EBITDA increased by 36.6% to €71.1 million, resulting in a Current Operating Income (COI) surge of 67.7% to €49.1 million. However, a net loss of €23.7 million was recorded, primarily due to a tax agreement with the French Tax Administration and increased interest rates and debt levels stemming from the year's acquisitions.

Despite the net loss, Prodware's balance sheet reflected a solid equity base of €76.7 million by the end of 2023, with net debt amounting to €187.8 million. The company's net financial debt to EBITDA ratio was maintained below the long-term debt covenant.

Looking forward, Prodware remains committed to executing its strategic plan from 2024 to 2026, focusing on digital transformation endeavors through a unified approach to bolster market leadership across its brands and capitalize on its scaled operations for continued growth and margin improvement.