SNGULAR exceeds 100 million euros in turnover by 2023

SNGULAR exceeds 100 million euros in turnover by 2023

April 4, 2024

Today we present our results for 2023, with revenues exceeding 100 million euros (101.1 million euros) for the first time and ordinary EBITDA of 13.1%. Revenue growth compared to the previous year, for the same corporate perimeter, amounted to 13%. Our turnover has increased by more than 70% since we were listed on BME Growth in December 2021.

In fiscal year 2023, sales outside Spain exceeded 35%, with the United States being the most relevant country, accounting for 23% of our sales. Sales from new non-acquisition customers amounted to 6 million euros (6% of turnover), and recurring customer sales over the last three years represent 91% of turnover. In other words, we are maintaining a high level of customer recurrence while increasing our customer portfolio year after year.

According to Ignacio García, our corporate managing director, "2023 has been characterized by organizational rationalization (corporate, systems, staff...) after years of vertiginous organic and inorganic growth". Unlike the years 2020 to 2022, we have not made any acquisitions during 2023, and we have focused our attention on streamlining our structure, as part of the strategic objective we have set for the coming years to increase productivity (in terms of turnover and EBITDA per employee). As a result of this quest for efficiency, in 2023 we have managed to increase sales per employee by more than 6.3% over the previous year (from 71.3 k€/employee/year to 75.8 k€). By the end of 2023, we had 1,288 employees.

Indebtedness remains low, even lower than in 2022, at 0.5 times EBITDA, which guarantees sufficient capacity to continue growing inorganically. At the next General Shareholders' Meeting, it will be proposed, as was done in 2022, to approve the distribution of a dividend of 0.04 euros/share.

We also sought to organize our commercial and operations offering, with a new organizational structure in a year that has served to lay the foundations for future growth. We took advantage of our high point in growth and profitability to invest in a new management structure with greater weight in the commercial function, as well as to make changes in the management committee. The new commercial structure aims to help our clients to visualize the opportunities that technology offers today, and we hope that the efforts made in 2023, which have had an impact on the income statement, will bear fruit in the short term.

A year in the making

In 2024, we expect to start operating in new countries, make further acquisitions to complement our current portfolio of solutions, and continue to pursue the goal of increasing productivity per employee, using new technologies, especially artificial intelligence. 

The new strategic plan also lays the foundation for further progress in ESG (Environmental, Social, Governance).

In addition to these initiatives, human talent management is another area in which we want to continue to be leaders through improvements and revisions to our internal welfare and professional development policies, our training and skills management plan, and job creation. We will continue to invest in the best technical talent, aware that it will always be scarce in an environment where artificial intelligence will make technology consumption even more massive. 

The beginning of 2024 is very promising in terms of opportunities, new areas of activity, partnerships and disruptive projects.