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The Azkoyen Group closes the first half of the year with a net profit of 5.4 million euros

Grupo Azkoyen | The Azkoyen Group closes the first half of the year with a net profit of 5.4 million euros
29 Jul 2021
  • Turnover increased by 19.9%, reaching 65.9 million euros
  • Sales in the second quarter of 2021 (36.5 million euros) were at similar levels to those achieved in 2019, the company’s best year since 2001
  • The company’s EBITDA amounted to 9.3 million euros, 49.8% more than in the same period in 2020
  • Financial debt has been reduced by more than 90% in the last 12 months.
    This brings debt to less than 0.1 times EBITDA.

The Azkoyen Group, a leading Spanish technology multinational, which offers automated products and services designed to provide unique experiences for people in their daily lives, has recorded a net turnover of 65.9 million euros, experiencing a 19.9% increase compared to the same period last year. Accelerated growth with double-digit figures approaching the 2019 results, the company’s best year since 2001.

The sound financial position, geographic diversification, as well as the ability to innovate and adapt its supply to the “new normality” has enabled the Azkoyen Group to achieve a significant improvement in its business figures, keeping the gross margin at 43.3%, in line with the 2020 figures.

Fixed costs have increased by 9%, in accordance with the growth plans established for the 2021 financial year.  This in turn has contributed to the achievement of a 9.3 million euros EBITDA, representing 14.1% of sales.

Following the recent dividend distribution of 4.9 million euros, on 30 June 2021, the company has a very well-capitalised balance sheet with a net financial debt which has been reduced by 90.6% in the last 12 months, standing at 1.1 million euros.

Meanwhile, consolidated profit after tax for the first half of the 2021 financial year reached 5.4 million euros.

In terms of consolidated turnover by region, Spain accounted for 14,3% of the total volume, Germany for 30,1%, Italy for 12.0%, Belgium for 8.7%, the rest of the European Union for 17.1%, the United Kingdom for 10.4% and other countries accounted for 7.4%.

Because technology knows no frontiers, and neither do people’s needs, the Azkoyen Group works every day with a global perspective of its products and services in more than 95 countries in five continents.


Evolution of the sales by divisions

The Payment Technologies division (Electronic means of payment) recorded a 40.7% increase in sales compared to the same period last year, reaching 19.1 million, due to the gradual recovery from the negative effects of Covid-19. It is worth mentioning the group’s continued commitment to innovation and the development of new solutions to meet the new needs of the user, such as Cashlogy, the automated cash control solution that helps to manage businesses more effectively and to enhance in-store hygiene, as well as the smartphone application Pay4Vend for paying at vending machines via mobile phone, using the “bluetooth” connection, under the Coges brand.

With regard to Coffee & Vending Systems, sales have experienced a 34.0% growth compared to the same period in the previous year. The Azkoyen Group has never stopped innovating and working every day to satisfy the needs of customers and users.

In this respect, the company launched MIA, the micro-air injection technology for making drinks with perfect fresh milk froth. In addition, it is worth mentioning the company’s participation in the Mobile World Congress where it presented the first gaze-controlled coffee machine using Irisbond’s eyetracking technology.

Furthermore, the Time & Security division (Technology and security systems) achieved a 0.9% increase in sales in the first six months of the 2021 financial year compared to the same period in the previous year. This division continues to successfully pursue the commercial strategy of the last few years geared towards more profitable projects, more focused on proprietary solutions and with less use of third-party products and subcontractors, supported by a significant component of regular maintenance business. In relation to the COVID-19 situation, it is important to note that access control and time & attendance solutions from the primion Subgroup are already in place to meet the requirements of the “new normality”.

Key prospects

The coronavirus pandemic affected all industries, and in the case of the Azkoyen Group, its effects were reflected in the drop in demand for products and services it offered up until the first quarter of 2021. This behaved in a similar way to the last two quarters of 2020 as a result of new and unforeseen restrictions and confinements caused by successive waves of the COVID-19 virus. However, by mid-May, the Group’s activity accelerated to reach levels of sales, margins and EBITDA in the second quarter of 2021 that are very close to those achieved in the second quarter of 2019.

The progress in vaccinations in the various countries and the containment of the virus are allowing economic growth forecasts to be exceeded. In this scenario, this pattern is expected to be reflected in activity levels during the second half of 2021, provided that there is no reversal in the pandemic situation.