Azkoyen Group, a leading Spanish technology multinational that offers automated products and services designed to bring unique experiences to people in their daily lives, announced today its excellent results for the 2023 financial year, in which it recorded a net profit at historic highs of 17.5 million euros, experiencing a 16.5% increase compared to 2022. In turn, EBITDA rose to 31.6 million euros, 12.6% higher than the previous year.
The company recorded an increase in the net amount of business turnover, exceeding 192.5 million euros, 12.7% more than in 2022. This figure was driven by price increases and activity growth, as well as acquisitions made in the second half of the previous year.
The company’s three divisions have improved their annual sales. Notably, the Payment Technologies division grew by 22.4%; Coffee & Vending Systems increased its business turnover by 8.7%; and Time & Security by 8.3%.
Sales, EBITDA, and net profit are the highest in the company’s history.
On the other hand, net financial debt decreased by 22%, to 32.1 million euros. As of December 31, 2023, indebtedness stands at 1.0 times EBITDA.
These figures position Azkoyen Group as a company with a solid financial, economic, and liquidity position.
Following these record results, the board of directors will propose to the General Shareholders’ Meeting to allocate 50% of the consolidated net result to dividends, i.e., 8.7 million euros.
Additionally, in 2023, Azkoyen Group has advanced with its sustainability commitments. The efforts made have obtained a global ESG rating of BBB from the Spanish Institute of Analysts, as well as an improvement in the sustainability evaluation by EcoVadis, which has awarded Azkoyen Group the silver medal.
Business turnover by regions
Regarding consolidated business turnover by regions, 26.6% corresponds to Germany; Spain represents 15.4% of the total volume; the United Kingdom 12.4%; Italy 10.9%, Belgium 5.9%, the rest of the European Union 14.2%, and other countries 14.6%. Figures that reinforce the international character of Azkoyen Group, which works every day distributing its products and services in more than 95 countries across five continents.
Main milestones by divisions
In 2023, the three divisions of Azkoyen Group experienced growth in their business figures. The Coffee & Vending Systems division contributed 36.2% of the company’s billing. Innovation in this area was awarded prestigious international awards: the iF Design Award 2023 for its Neo Q coffee and water machine that promotes sustainability in the workplace by encouraging the use of reusable bottles and cups, reducing the use of plastics and the carbon footprint, and the New York Design Awards for its Vitro X1 machine in the office equipment category. Neo Q also received the award for Best Sustainable Product at the UK’s Vendies 2023. Finally, the MIA Easymilk technology was awarded at the EVA Awards 2023.
The Payment Technologies division, which includes retail and industrial payment technologies, as well as global IoT and telemetry solutions, contributed 32.6% of the company’s billing. In this regard, it is worth highlighting the development of Cashlogy, with sales in Spain, Italy, Portugal, France, and the Baltic republics, among other countries. Through the IoT and connected services division, Azkoyen Group offers an application that allows owners of establishments with Cashlogy machines to have full control of the cash of the businesses from their mobile.
On the other hand, Coges, a European leader in the design and production of cashless and cash payment systems, with a high presence in the Italian market, has boosted the connectivity of vending machines, the development of Internet of Things (IoT) solutions, and physical and/or digital payments. The company has surpassed 66,500 connectivity service subscriptions (a 42% growth compared to December 2022).
The newly acquired SIA Vendon enhances the development of Coges’s connectivity business thanks to the development of new integrated systems, payment technologies, and cloud intelligence. These services help customers to make their businesses more profitable by reducing visits and maintenance through online interventions and real-time data analysis. In 2023, a more accessible telemetry solution was launched for coffee roasters and traditional coffee machine operators. As of December 31, 2023, more than 68,500 machine connection subscriptions have been exceeded (a 39% growth compared to December 2022).
The Time & Security division contributed 31.2% of Azkoyen Group’s business. The Primion subgroup has focused its strategy on two distinct areas: access control, with infrastructures and electronic systems that grant user access to a facility based on presented credentials; and time and presence; a software for managing and analyzing the hours worked by employees along with other related services.
By geographic area, about 64% of Primion subgroup’s 2023 sales were directed to Germany, 18% to Belgium, 5% to France, 6% in Spain, and 7% to other countries.
For Juan José Suárez, president of Azkoyen Group, the 2023 results are a great satisfaction for all the people working in the company and a recognition of the strategic plan, based on user experience-oriented innovation, internationalization, and business diversification. Moreover, he highlights the company’s solvency: “All economic indicators demonstrate that we have a solid financial and liquidity position. After record results in 2023, we will continue to invest for future growth, while we will increase profitability for the shareholder, proposing to the 2024 Ordinary General Shareholders’ Meeting, to be held at the end of next June, the approval of a dividend equivalent to 50% of our consolidated net profit,” he concludes.
Main perspectives
The strong positioning of Azkoyen Group in different businesses and geographies, as well as its performance in recent years, shows that the company is well-positioned to successfully develop its strategic plan.
The year 2023 has been characterized by a gradual stabilization in inflation levels and global economies. Trends indicate that, for 2024, we are likely to see a normalization in economic growth rates, inflation, and interest rates.
In this context, the technology multinational faces the year with moderate growth prospects. Growth that is sustained on four pillars: innovation, increase in sales, improvement of efficiency and internal management, and teamwork. In addition, the company will continue to advance in the development of its strategic sustainability policies.