Release Date: July 30, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Average daily traded value increased by 30% to EUR144 million in the first half of 2024 compared to the same period last year.
- Consolidated turnover rose by 17% to EUR26.8 million in the first half of 2024.
- Earnings before interest and taxes increased by 41% to EUR10.8 million compared to the first half of last year.
- Net after-tax profits rose by 43% to EUR9.4 million compared to the first half of 2023.
- Cash and cash equivalents increased to EUR74.6 million as of June 30, 2024, compared to EUR63.6 million at the end of 2023.
Negative Points
- There were fewer trading days in the first half of 2024, impacting trading volumes.
- Part of the trading volume was priced at a 60% discount, affecting revenue from trading.
- Operating expenses increased by 3.7% in the first half of 2024.
- Personnel expenses rose by 7.7% in the first half of 2024.
- Trading activity in the derivatives market dropped by 17% in the first half of 2024.
Q & A Highlights
Q: How should we think of the EBITDA margin in the upcoming quarters, given the expected revenue growth and expense outlook? Also, can you comment on the projects planned for the second half of 2024?
A: We showcased a 50% EBITDA margin for the first half of the year. Due to seasonality, especially in Q3, we don't expect it to remain at such elevated levels but aim for expansion compared to previous years. Regarding projects, we are launching a new operating system for our trading platform, which involves some consultancy fees. These are not significant but will slightly increase expenses in the second half.
Q: Could you comment on any upcoming CapEx, especially after the inclusion into the developed market status?
A: Operationally, we are ready and meet market accessibility standards. We hope to be on a watch list for developed market status in 2024. For CapEx, we closed at EUR2 million for the first half and aim for EUR6 to EUR6.5 million for the year, focusing on infrastructure upgrades to reduce energy consumption.
Q: What is your projected CapEx for the year, and will the dividend policy remain at 100% of net profit distribution?
A: We aim for EUR6 to EUR6.5 million in CapEx, focusing on infrastructure upgrades. Regarding dividends, we have a comfortable cash position and aim to distribute earnings to shareholders, maintaining a high payout ratio, potentially 90-100%.
Q: Should we expect higher operating expenses in the second half due to market promotion events?
A: Yes, it's fair to assume higher expenses due to planned events in Europe. We aim to remain on track with our CapEx and continue rewarding shareholders with dividends.
Q: Do you have any updates on potential IPOs or new listings in the domestic market for the second half of the year?
A: We are in constant discussions with corporate Greece. While there are more discussions than two years ago, IPOs depend on market conditions. Until files are submitted, it's best to remain prudent.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
