Avemio AG publishes half-year report 2024

Avemio AG publishes half-year report 2024

Frankfurt/Main, 30 September 2024 – Avemio AG (ISIN DE000A2LQ1P6, WKN A2LQ1P), a leading system supplier for hardware and software in the field of broadcast as well as professional media, audio and video solutions, faced ongoing economic and industry-specific challenges in the first half of 2024. After the expected market recovery failed to materialize, the Company generated consolidated revenue of EUR 44.7 million (H1 2023: EUR 49.7 million). The gross profit margin improved from 17.6% to 18.4%, in particular as a result of the first-time consolidation of the two software-oriented MoovIT companies, while the price level in the trading business remained stable. The increase in personnel costs and other operating expenses is attributable in particular to the first-time consolidation of the MoovIT companies and the start-ups. Accordingly, earnings before interest, taxes, depreciation and amortization (EBITDA) decreased to EUR -1.7 million (H1 2023: EUR 1.0 million). The measures already initiated in the previous year to reduce costs by realizing synergies, including the integration of Teltec's subsidiaries, which were severely affected by the negative development, into the parent company, are expected to make significant contributions from the second half of 2024.

As of 30 June 2024, Avemio reported equity of around EUR 23.6 million (31 December 2023: EUR 26.3 million) and an equity ratio of around 44% (31 December 2023: EUR 53%). Cash and cash equivalents amount to EUR 2.8 million, giving Avemio a solid basis for future growth. The corporate strategy comprises organic growth in the core retail business, targeted acquisitions, particularly in the international arena, and the establishment of a media technology group through acquisitions, company start-ups, and in-house digital developments.

Ralf P. Pfeffer, CEO of Avemio AG: “We reacted to the changed market situation at an early stage and started to cut costs already in the past financial year. In doing so, we are acting prudently so that we can also accelerate sales when demand picks up again. Our aim is to make structures and processes more efficient. We remain convinced that the negative economic environment also offers opportunities for our plans to internationalize our successful business model and thus consolidate the highly fragmented retail landscape of our industry in Europe. The Avemio Group's strategy of growing through targeted acquisitions remains a key component of our business model.”

For the current financial year, Avemio AG confirms its expectations for a stabilization of sales and earnings development.

Avemio AG's half-year report 2024 is available on the company's website at: https://avemio.com/news/#finanzberichte (German language only).

About Avemio AG

Avemio AG is a media technology group with a focus on professional film and television technology. The trading group, which has been growing strongly for many years and has the highest turnover in the German-speaking B2B market with more than EUR 100 million, supplies content producers as a manufacturer-independent provider with products from all major manufacturers. This also includes consulting and technical support for complete production, post-production, and broadcast systems as well as the planning, creation and system integration of media technology workflows with its own software products and cloud offerings.

The share capital of Avemio AG is divided into 3,832,150 no-par bearer shares and listed on the primary market of the Düsseldorf Stock Exchange.

At the beginning of the year 2023, the stock market listing took place as part of a reverse IPO. Here, after 30 years of existence, Teltec AG took over the shell company Palgon AG, which was listed on the Düsseldorf Stock Exchange, and changed its name to Avemio AG. The Company was promoted to the primary market and admitted to the Xetra trading platform.

Avemio AG is planning internationalization as part of a buy-and-build strategy with already identified target companies as well as the expansion of the high-margin software offering.

Investor Relations

Lindsay Lorent
ir@avemio.com
Avemio AG
Peter-Sander-Str. 41c
55252 Mainz-Kastel
Germany

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Susan Hoffmeister
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82166 Graefelfing/Munich
Germany
Phone: +49 89 125 09 03-30
Mail: sh@crossalliance.de
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