(News Bulletin 247) – The SES-imagotag share is among the biggest drops in the SBF 120 index on Thursday morning the day after the announcement of the 2022 results, marked in particular by an increase in its cash consumption.

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At 10:00 am, the title fell by more than 8% when the SBF 120 fell by around 0.4%.

‘Cash consumption is higher than what we anticipated,’ commented analysts at Stifel. ‘We did not expect such an acceleration of capitalized R&D investments’, indicates the design office.

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The electronic label specialist announced that it had more than doubled its investment expenditure in R&D and IT last year, to 44.2 million euros against 21.2 million in 2021.

In total, its ‘Capex’ (investment expenditure) represented 51.1 million euros in 2022, compared to only 29.9 million in the previous financial year.

In its press release, the group stresses that it has nevertheless recorded a strong improvement in its profitability despite a context described as ‘difficult’.

Its Ebitda jumped 81% to 58.6 million euros, representing an operating margin of 9.4%, up nearly two points compared to 2021.

The annual net result stands at 18.7 million euros, a level almost nine times higher than that posted in 2021.

Already published, the annual turnover amounted to 621 million euros, representing a growth of 47% over one year.

Regarding its outlook, the company said it expects “strong growth” in 2023 (around +30% with a forecast turnover of 800 million euros), while planning to continue improving its operational profitability.

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