Final figures of the fiscal year 2023

Final figures of the fiscal year 2023

The Amadeus Fire Group confirms its preliminary figures for financial year 2023. Consolidated revenue increased by 8.7 percent to € 442.4 million. Operating EBITA rose by 3.5 percent to € 70.4 million. Revenue and operating EBITA thus reached new record levels. 

An excellent result was achieved in the Training segment in particular. The operating segment result almost doubled with an increase of 92 percent and despite a value adjustment of € 1.7 million on an IT project. The weak previous year was clearly overcome and the company's own expectations were also significantly outperformed. In particular, GFN's positive result should be highlighted. For the first time since joining the Group, GFN achieved a significantly high earnings contribution with an operating EBITA margin of around 10 percent.

The personnel expansion and growth plans in the Personnel Services segment were realised. However, the productivity of the rapidly growing organisation as a whole has been impaired for longer than expected. In addition, the entire year, and the fourth quarter in particular, was characterised by an exceptionally high sickness rate. This led to disrupted order processes at the end of the year. As a result, there was an unforeseen negative impact on revenue and earnings, which had a measurable negative effect of around € 1 million in the last three months of the year alone. This does not include unmeasurable effects from internal processes disrupted by illness. Overall, the operating segment result in 2023 was 13% below the previous year's record result and also below our own expectations.

Despite growth in operating EBITA of 3.5 percent to a new high, the Amadeus Fire Group fell slightly short of its target of growing by around 7 percent in 2023.

At the end of the 2023 financial year, consolidated net income attributable to shareholders of Amadeus Fire AG totalled € 40.4 million (previous year: € 38.4 million) and undiluted earnings per share amounted to € 7.12 after € 6.71 in the previous year.

While maintaining the current dividend policy of distributing around 67% of net income, the Management Board, in agreement with the Supervisory Board, will propose a 50 cent or 11 percent increase in the dividend to exactly € 5.00 per share at the Annual General Meeting in May 2024.

Outlook and forecast 2024

The economy is expected to recover over the next few months and return to a path of expansion over the course of the first quarter. The labour market should remain stable in 2024 and the high level of employment should be maintained. The shortage of skilled labour will continue to play a leading role and demand for skilled labour will continue to exceed supply in the future.

The focus in the Personnel Services segment in 2024 will be on increasing the organisation's productivity. The market environment is expected to remain stable and revenua and gross profit are expected to rise.

The market environment for the Training segment is expected to be positive. Following the record results achieved in 2023, a further significant increase in revenue with significant investment activities is expected for 2024.

The Amadeus Fire Group's target is to achieve growth in both segments. Revenue of between € 470 million and € 500 million is expected for 2024, with which the Amadeus Fire Group is aiming to reach the strategic milestone of half a billion in revenue. Operating EBITA is expected to increase by 5 to 14 percent to between € 74 and 80 million.

The Amadeus Fire Group's full annual report for 2023 is published at https://group.amadeus-fire.de/en/investor-relations/financial-reports/.