CANCOM Group Reports 29.1% Revenue Growth in H1 2024, Driven by International Expansion

CANCOM Group Reports 29.1% Revenue Growth in H1 2024, Driven by International Expansion

(IN BRIEF) CANCOM Group saw a 29.1% increase in revenue in the first half of 2024, reaching €835.3 million, with significant contributions from its International segment, particularly the CANCOM Austria Group. EBITDA rose to €55.5 million, while operating cash flow improved dramatically to €68.8 million. The Germany segment experienced a slight decline due to cautious investment from small and medium-sized customers. The Executive Board has confirmed its financial forecast for 2024, expecting continued strong performance.

(PRESS RELEASE) MUNICH, 14-Aug-2024 — /EuropaWire/ — CANCOM Group has reported strong growth in key financial metrics for the first half of 2024. The company’s revenue increased by 29.1% to €835.3 million, compared to €647.0 million in the same period last year. Gross profit rose by 38.3% to €339.2 million, and EBITDA reached €55.5 million, up from €41.6 million in the prior year. EBITA also saw a significant increase, reaching €28.7 million, compared to €18.9 million in the first half of 2023.

The strong performance was particularly driven by the International business segment, largely due to the contribution of the CANCOM Austria Group, while the Germany segment experienced a slight decline.

Rüdiger Rath, CEO of CANCOM SE, noted, “The first half of the year proceeded as expected, with significant growth driven by acquisitions. However, our core operating business faced challenges due to continued cautious investment from our small and medium-sized customers in both the private and public sectors.” Rath emphasized that despite this, there is a growing demand for secure and efficient IT infrastructure, which is expected to drive future growth in key areas such as Security & Networking, Modern Workplace, Data Centre & Cloud, IoT, and Artificial Intelligence (AI).

CANCOM’s cash flow from operating activities showed a remarkable improvement, reaching €68.8 million in the first half of 2024, a stark contrast to the previous year’s figure of €-79.8 million.

The International segment’s revenue grew significantly to €277.0 million, bolstered by the performance of the CANCOM Austria Group, resulting in an EBITDA margin of 7.7%. Conversely, the Germany segment saw a slight revenue decrease of 1.1% to €558.4 million, with an EBITDA margin of 6.1%, slightly up from 5.7% in the previous year.

Looking ahead, the CANCOM Executive Board has confirmed its forecast for the full year 2024, expecting revenues between €1,750 million and €2,000 million, gross profit between €640 million and €740 million, EBITDA in the range of €130 million to €155 million, and EBITA between €75 million and €100 million.

Media Contact:

Tobias Fuchs
Manager External Communications, Content & Campaigns
presse@cancom.de
+49 89 54054-5841

SOURCE: CANCOM SE