publity AG (PBY); confirms rebound from a weak FY17 with robust final FY18 results

Published on 10-04-2019 12:12:00
Author Milosz Papst

Yesterday, publity AG released its FY18 financial statements, confirming the preliminary results prepared on the Handelgesetzbuch (HGB) basis. The company recorded a c. 50% increase in revenues, EBIT and net income, reaching €34.6m, €23.5m and €15m respectively.

publity has also published unaudited consolidated financial statements in accordance with IFRS for the first time, with net income for the year amounting to €26.4m, compared with €25m expected at the time of preliminary figures release.

The company’s results prepared on the HGB basis confirmed that the company has recovered from a weak FY17, when results almost halved compared to FY16. In FY18, revenues increased by 46.6% year-on-year to €34.6m, despite assets under management remaining flat compared to FY17 at €4.6bn.

The increase was achieved on the back of both recurring revenue and significant success fees in conjunction with the acquisitions and disposals of properties, and letting successes within the framework of asset management mandates.

The published figures stand close to the lower end of the latest management guidance published in December 2018. The company’s expectations were for a 50–70% annual growth rate across sales, EBIT and net income, which would imply a net income in the range of €15–17m.

The company has also announced that it intends to pay out a dividend for the financial year 2018 amounting to €1.50 per share, subject to Annual General Meeting approval, which will be held on 16 May 2019. Total disbursement would reach €14.8m, 49% of which would come from FY18 net income with the remaining part being derived from previous years’ results. The dividend is to be paid either in publity shares or in cash. Thomas Olek, the company’s CEO who holds total stake in publity of more than 67%, has already declared his binding willingness to elect publity shares as dividend.

Author: Milosz Papst

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