GIROD
SIGNALS (ISIN: FR0000060790)
CONSOLIDATED RESULTS 2023/2024
Bellefontaine, January 30, 2025 – 6:00 p.m.
On January 30, 2025, the Board of Directors approved the consolidated financial statements for the year ended September 30, 2024. The audit procedures on the consolidated financial statements have been carried out. The certification report is in the process of being issued.
| In millions of Euros | 2023/2024 | 2022/2023 | Variations |
| (Figures rounded to the nearest tenth of a million) | From 01/10/2023 | From 01/10/2022 | in |
| As of 30/09/2024 | As of 30/09/2023 | M€ | |
| Turnover | 101,8 | 105,2 | – 3,4 |
| Recurring operating income | + 1,7 | + 4,0 | – 2,3 |
| Impairment | – 0,4 | – 0,5 | + 0,1 |
| Other operating income and expenses | + 0,6 | + 0,1 | + 0,5 |
| Operating income | + 1,9 | + 3,6 | – 1,7 |
| Consolidated net income | + 0,9 | + 3,0 | – 2,1 |
| Net income group share | + 0,9 | + 3,0 | – 2,1 |
| EBITDA* | + 7,4 | + 8,6 | – 1,2 |
* EBITDA represents consolidated net income before tax, depreciation, amortization, provisions, impairment losses and financial result as reported in the consolidated income statement. This indicator, which is not defined by an IFRS standard, is used to measure the group’s ability to generate cash from its operating activities.
Revenue fell by 3.3% (-1.5% on a like-for-like basis) in the 2023/2024 financial year.
Consolidated net profit for the year reached €0.9 million. It includes an impairment loss of €0.4 million recorded on the goodwill of our specialized subsidiary Concept Urbain.
EBITDA was down slightly by €1.2 million and fell from 8.2% of revenue at September 30, 2023 to 7.3% of revenue at September 30, 2024. Despite improved margins, the group suffered occasional declines in activity during the financial year, which led to a decrease in earnings.
Recurring operating income amounted to +€1.7 million and is broken down as follows by the various divisions:
Signalling in France: (Turnover: €65.4 million – Cash flow: -€1.0 million)
Revenue fell by 5.6%. The difficult economic context led to an insufficient volume of activity to cope with the increase in costs, particularly salaries, over this financial year. The decrease in current operating income in this area was €2.3 million compared to the previous year.
Specialized companies: (Turnover: €9.2 million – Revenue: +€0.2 million)
Revenue fell by 8.4% over the year following a slowdown in activity. Recurring operating income was slightly profitable at €0.2 million.
International activities: (Turnover: €27.2 million – Cash flow: +€2.6 million)
The good international performance is due to solid activity. The €0.4 million improvement in recurring operating income demonstrates the market momentum of some of our international subsidiaries.
Financial situation: These indicators, not defined by IFRS, are used to measure the group’s financial profitability and its resilience to its commitments.
The Group had a liquidity level of €20.4 million as of September 30, 2024 (Cash and cash equivalents on the assets side of the consolidated balance sheet).
Its net cash surplus was +€0.2 million (negative net debt) at September 30, 2024: it includes cash and cash equivalents of €20.4 million less current and non-current financial liabilities for €15.7 million and current and non-current lease liabilities for €4.5 million.
This indicator was -€4.2 million as of September 30, 2023.
Its financial strength is confirmed by a gearing ratio of -0.5% compared to 7.6% at the end of the previous year (this ratio corresponds to the group’s overall net debt to consolidated shareholders’ equity).
Group outlook:
To date, the particularly uncertain national political context is likely to have consequences that are difficult to grasp on our clients’ budgets. Combined with an aggressive competitive environment in the Signalling France sector, our main challenge will be to ensure a sufficient volume of revenue and an improvement in results in both French areas.
International activity, meanwhile, is expected to see an increase in revenue and a slight increase in profitability.
The Board of Directors will propose a dividend of €1.5 per share at the Annual General Meeting on March 27, 2025.
The annual accounts will be available on January 31, 2025 after market close on our website: www.girod-group.com
