* Revenue up by more than 89%
* Positive EBITDA excluding US subsidiary
* A secure financial position: cash of EUR7.9m at 30 June
Recent events and outlook
* Acquisition of Crescent Comms: strengthened position in the world of
professional sports and expansion of international reach
* Strong visibility for the end of the business year
VOGO (ISIN code: FR0011532225 - Ticker: ALVGO) announces the publication of its
interim results for the period to 30 June 2021, as approved by the Board of
Directors on 27 September 2021. The Group's results were up sharply, confirming
the acceleration in sales momentum and good management of expenses. The
confirmation of these trends at the beginning of the second half of the year
means we can anticipate sharp growth over the full year.
Solid sales momentum confirmed
As announced in July, revenue reached EUR4.3 million for the first six months
of 2021, representing an increase of 89% compared with the first half of 2020.
This growth was driven by the Sports division (70% of activity), up 124%, with
an increase in sales of the VOKKERO and VOGO SPORT ranges aimed at professional
The Industry division (30% of activity) also saw solid growth, with revenue of
nearly EUR1.3 million compared with EUR0.7 million last year, thanks to
continued strong demand for audio communication solutions in restricted
All geographic markets contributed to this remarkable performance. Europe
excluding France (51% of first-half revenue) saw growth of 98%, France (32% of
first-half revenue) was up 62%, and North America (13% of first-half revenue)
confirmed its strong recovery, with growth of 118% over the period.
Significantly improved results: Positive EBITDA excluding US subsidiary
Consolidated accounts - in EUR thousands
Unaudited data First-half 2020 First-half 2021
Revenue 2,260 4,261
Operating income 3,090 4,941
Operating expenses (4,912) (5,787)
o/w external expenses (1,554) (1,405)
o/w personnel expenses (2,002) (2,349)
EBITDA (1,398) (330)
Operating profit (loss) (1,822) (846)
Financial income (expense) (56) 8
Group share of net income (1,754) (731)
Earnings improved significantly thanks to the combined effect of strong
business growth and good management of operating expenses over the period.
Despite an 89% increase in turnover, expenses rose by only 18% to EUR5.8
million. External expenses came to EUR1.4 million over the first half, compared
with EUR1.5 million over the same period in 2020. They accounted for 33% of
revenue for the period compared with 69% in 2020.
Personnel expenses were also effectively managed. These expenses came out at
EUR2.3 million, i.e. 55% of revenue compared with 89% in the first half of
EBITDA improved sharply, with a smaller loss of EUR0.3 million versus a loss of
EUR1.4 million in the first half of 2020. It should be noted that, after
restatement for the VOGO US subsidiary, EBITDA moved back into positive
territory at EUR9k.
The Group share of net income was a negative EUR0.7 million, versus a loss of
EUR1.7m in the first half of 2020.
A secure financial position, strong improvement in cash flow
At 30 June 2021, the Group had a solid financial structure with shareholders'
equity of EUR8.3 million and cash of EUR7.9 million. This cash position does
not take into account the non-dilutive funding obtained from Bpifrance in
February 2020 and April 2021 for a total of EUR1.8 million.
Over the first half of the year, cash consumption related to business and
investment flows improved significantly to EUR1.1 million, versus EUR2 million
in the first half of last year.
Acquisition of Crescent Comms: an enhanced offering in the world of
On 27 September 2021, VOGO announced the acquisition of Crescent Comms, an
international leader in the provision of services and the integration of
solutions in professional sports, and its transformation into VOGO UK (press
release of 27 September 2021). The two historical leaders of Crescent Comms,
Danny Ryan and Jonathan Downey, took over the management of this new entity.
This transaction will contribute significantly to the Group's turnover and will
have an immediate accretive effect. Crescent Comms generated revenue of more
than EUR1M in 2020 and nearly EUR2.2M in 2019, with 2020 EBITDA reaching
VOGO UK will be responsible for developing all of VOGO's activities (audio and
video) in the United Kingdom as well as in many English-speaking countries
(excluding the USA). Through its historical partnerships with federations such
as England Rugby, the International Cricket Council and FIFA, as well as its
international network within the Commonwealth and the Anglo-Saxon sports world,
the Group's development opportunities are extremely attractive both
geographically and in terms of sports disciplines that it has not significantly
covered until now.
This acquisition will also enable the Group to speed up its
internationalisation, strengthen its geographical coverage and integrate new
skills in a global context of tension on recruitment.
Strong visibility for the end of the business year
VOGO enjoys strong visibility over the coming months thanks in particular to
the uninterrupted momentum of its "professional" solutions.
In Asia, the AFC (Asian Football Confederation) recently selected our Arbitrage
VOGO solution (audio and video) to be rolled out in November at the AFC Women's
Club Championship in Jordan.
In the US market, after the orders from the MLS (Major League of Soccer), the
PAC 12 (Pacific-12 Conference) and the SEC (Southeastern Conference), other
demonstrations are planned with several major North American sports
Lastly, in France, the FFR will use our communication system for the
arbitration of the French team's matches.
Concerning "fans" solutions, the gradual return to a controlled health
situation also points to a rebound in sales. With this in mind, the Group
continued to innovate with the launch in 2020 of its out-stadia solution called
"Virtual Place" for sports players seeking new sources of revenue.
The recent partnership with the Johan Cruijff Arena confirms the relevance of
our viewer offering.
VOGOSCOPE, the first turnkey kit for multi-camera capture and live & replay
video broadcasting for amateur sports, jointly developed and marketed by VOGO
and ABEO, has enjoyed its first commercial success, confirming the significant
international development potential among sports coaches, technical staff and
the general public.
Despite the tensions still observed in relation to the purchase of certain
components, the Group continues to effectively manage its supplies and remains
confident it will generate strong growth over the full financial year together
with an increase in its earnings.
Thanks to these performances and with the integration of Crescent Comms, VOGO
will continue to accelerate its growth worldwide to take full advantage of the
many opportunities on offer in the sports markets through its unique audio and
- END -
In the Sports sector, VOGO is a leading international player with its
audiovisual solutions for fans and professionals alike, through its two
flagship brands: VOGOSPORT and VOKKERO. For professionals, VOGO offers analysis
and decision-making tools (referee assistance, medical diagnostics, coaching).
VOGO's disruptive solution for fans transforms the stadium experience by
providing multi-camera content on demand for tablets and smartphones, no matter
how many people are connected. VOGO also operates in the Industry and
Healthcare sectors. All of the Group's technologies are patent-protected. VOGO
operates in France (Montpellier, Paris and Grenoble) and in North America, with
an office in New York. It operates indirectly in other countries through its
network of 35 distributors. The Group has been listed on the Euronext Growth
stock market since November 2018 (ISIN code: FR0011532225 - ALVGO). It also
joined the European Tech40 in 2020.