2022 half-year figures

Recovery of revenue and result, dividend policy reinstated

21 July 2022 - Group revenue for the first half of 2022 totalled €1,129 million, an increase of 43.3% compared to the same period in 2021 (Q2: increase  of 43.7%). Group EBITDA increased by €30 million to €65 million. Net profit for the first six months was €23 million.

Koen Slippens, CEO: "The recovery of our sales markets in the Netherlands and Belgium was already apparent in the first quarter, followed by further strong performance in the second quarter. This was partly attributable to rising price inflation (roughly 7% in the first half of the year), but there was also a sharp increase in volumes. Although the level of consumer confidence in the Netherlands and Belgium would seem to suggest otherwise, spending in the hospitality industry, at amusement parks and at nightlife venues continued to rise month on month. The events sector was also back in business and operating at full capacity.

We are very pleased to see this strong recovery, although the massive scaling up it requires has also led to major operational challenges. Solving supply chain scarcity, staff shortages, transport capacity shortages and coping with the high inflationary pressure on products and services requires the full attention and commitment of our people and partners. Our customers face similar problems. We have tremendous respect for our customers, colleagues and partners who give their all every day to achieve the best possible result under these circumstances, even if that result sometimes falls short of the level we all strive for under ideal circumstances.

The aforementioned effects are also clearly evident in our results. Revenue, margin and costs all rose sharply, but on balance we were able to turn last year’s net loss excluding book profit of €7 million into a net profit excluding book profit of €7 million for the first half of the year.

In the light of this strong return to profit and our strengthened financial position, we feel we have the scope we need to reinstate our dividend policy. We have decided
to pay an interim dividend of €0.30 per share later this year.

In respect of the second half of the year, we do not expect that a recession or re-emergence of COVID-19 will have a significant impact, although we have action plans ready should that happen. The main focus will lie on stabilising our operations after the turbulent restart. This will also be beneficial in terms of controlling costs. We are optimistic and full of energy as we start the second half of the year, because things are going well, but still require our close attention and input!”

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