knowmad mood ends the first semester of this year with a 38.6% increase to 86.1 million euros
● This €86.1 million increase from €62.1 in the same period of the previous year implies a total revenue projection of €169.5 million euros to €172 million euros for 2023.
● Out of the 38.6% of revenue growth, 34% comes from organic growth and only 4.6% from acquisitions.
● Furthermore, the company expects to achieve normalized EBITDA of between €12.5 million and €13 million by the end of the fiscal year.
knowmad mood, a leading technology consulting firm in digital transformation in the Spanish market and present in different countries, and a company listed on BME Growth since December 2022, has released its audited accounts for the first half of the current year, with revenues of €86.1 million and a normalized EBITDA of €6.7 million.
Meanwhile, the company has updated its forecasts for the whole of 2023 and estimates that during the current financial year it will generate revenues between 169.5 and 172 million euros, compared to the 129.2 million euros obtained in 2022. This revenue corresponds to the group’s parent company, knowmad mood, as well as to the British company New Verve Consulting and the Spanish company INCIPY, companies that the consulting firm acquired last year as part of its strategy of global expansion and strengthening its services portfolio.
On the other hand, the company expects its EBITDA for the full year to be in the range of 12.5 and 13 million euros at the end of the year, compared to 10.4 million euros the previous year.
From an international point of view, and in line with the company’s foreign expansion plan, in the scope of New Verve Consulting and the knowmad mood subsidiaries in the United Kingdom, the United States, Italy, Portugal, Uruguay and Morocco, revenues in the first half of 2023 amounted to 5.2 million euros, compared to 0.7 million euros in the first semester of the previous year, resulting in a growth in overseas business of 732% in the first half of the year.
According to José Manuel Rufino Fernández, CEO and president of knowmad mood, “our performance in the first half of the year has been excellent, in a certainly complicated macroeconomic context, with high inflation and high interest rates, which has gradually weakened, to a certain extent, the demand for IT services in organizations during the year. This reduction makes us slightly less optimistic for the full year figure than the one we were at the beginning of the year, but still with an estimated growth of nearly 30% organic growth. On the other hand, and looking ahead, we intend to continue combining strong organic growth, if the demand for IT services from organizations continues to allow it, which we expect it will, with an intensification of our M&A strategy, given that our very low level of debt allows us to do so, accelerating the incorporation of companies both in new high profitability markets and local niche companies to continue complementing our portfolio of services and to continue generating important synergies and economies of scale among the group’s companies“.