COGELEC Reports 12.4% Revenue Growth in H1 2024

COGELEC, a French leader in access control systems, announced a 12.4% increase in revenue for the first half of 2024. The company generated €36.7 million, up from €32.6 million in the same period in 2023. First-quarter revenue rose by 7.7%, while second-quarter growth accelerated to 17.7%, driven by strong sales in both France and international markets.

The Group’s brands, particularly Intratone, performed well, gaining market share in the GSM intercom segment. Subscription revenue increased by 16.3% in Q2 2024 to €5.8 million, totaling €11.4 million for the half year. Subscriptions now account for 31.1% of total revenue as of June 30, 2024.

In France, Q2 2024 revenue increased by 15% to €15.5 million, with H1 revenue reaching €31.4 million, a 10.2% rise. Internationally, the UK and other European subsidiaries showed strong performance, leading to a 35.4% increase in Q2 revenue to €2.7 million, and a 28% rise for H1, totaling €5.3 million.

COGELEC has confirmed its target of double-digit annual growth in revenue for 2024, supported by its robust base of recurring revenues and innovative service offerings. The Group also anticipates an improvement in operating profitability over the year.