In the first six months of 2013 key business objectives for TXT have been the Luxury and Fashion market and the North American market, where TXT offers its proprietary software TXT Perform for “end to end” planning of large Luxury and Retail international customers.
- Consolidated Revenues: € 26.3 million (+12.0%), 52% from abroad.
- EBITDA: € 3.1 million (+0.8% compared to H1 2012).
- Net profit: € 2.0 million (€ 2.3 million in H1 2012, net of non-recurring capital gain).
- Net Financial Position: € 4.1 million (€ 3.2 million at 31 December 2012).
Revenues grew by 12.0%, from € 23.5 million to € 26.3 million. Sales of licences and maintenance totalled € 6.0 million, 23% as a percentage of revenues, up +22.4% compared to H1 2012.
Both business areas made a positive contribution to the growth in group's revenues, with TXT Perform and TXT Next posting an increase of +20.1% (59% of group's revenues) and +2.2% (41% of group's revenues), respectively.
International revenues rose from € 11.8 to € 13.6 million, up 14.8% and 52% as a percentage of total sales.
Gross Margin, net of direct costs, rose by 13.0% and grew to 52.8% as a percentage of revenues, compared to 52.3% in H1 2012.
In the quarter several new initiatives pushed up both Research and Development costs (+26.3%) and Commercial costs (+13.4%) to support the planned growth. EBITDA was substantially in line with H1 2012: € 3.1 million, 12.0% as a percentage of revenues. All research and development costs were expensed in 2013 and 2012.
Net Income amounted to € 2.0 million, 7.7% as a percentage of revenues, compared to € 2.9 million in H1 2012, which included € 0.6 million extraordinary capital gain on the sale of KIT Digital shares, following the divestiture of Polymedia. Lower tax charges balanced higher amortization costs on Maple Lake acquisition.
Net Financial Position, € 3.2 million positive at 31 December 2012, has risen to € 4.1 million at 30 June 2013, due to good quarterly cash generation and net of payment of dividends of € 2.1 million. Consistently with 2012 and according to accounting principle IFRS 3, Net Financial Position includes a provision of € 2.7 million of the maximum earn-outs payable, subject to the achievement of set growth and profitability goals in 2013 and 2014. Net of this provision, Net Available Financial Resources was € 6.8 million.
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