Fiven ASA releases second quarter results 2023

2023-09-06

Sep. 1, 2023 - Fiven ASA releases second quarter results 2023 with highlights as below:

1. The Q2 2023 total revenues reached EUR 40.7m representing a reduction of -19.9% versus Q2 2022. This is sequentially in line with Q1 2023 at 40.5m.

2. The adjusted EBITDA was EUR 12.4m, versus EUR 15.2m in Q2 2022 (-18.4%). Q1 2023 Adjusted EBITDA was EUR 13.0m

3. In spite of a lower performing core market, Fiven has largely managed to maintain revenues and adjusted EBITDA from the previous quarter through a growing share of customized products and a positive impact from currency

4. Cash Flow from Operations reached EUR 11.4m compared with EUR 6.2m Q2 LY

5. The cash balance ended at EUR 25.7m, up from EUR 18.9m at year end 2022

6. The June 30 leverage ratio stood at 0.95

Against a backdrop of persistent geopolitical volatility, disruptions in European energy supply chains, and an environment characterized by rising interest rates and high inflation, Fiven has showcased its adaptability and resilience. The group effectively utilizes its dual-pillar strategy to navigate these intricate economic challenges, as evident from its robust performance in customized markets in recent years. Fiven maintains a steadfast confidence in its capacity to generating robust economical results, even amidst uncertainties in the market.