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

Published on 18-03-2019 14:15:00
Author Milosz Papst

On 15 March 2019, publity AG released its preliminary FY18 figures, posting a c. 50% increase in revenues (€34.6m), EBIT (€23.5m) and net income (€15m). The company has also prepared its consolidated financial statements in accordance with IFRS for the first time, with net income for the year amounting to €25m.

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

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

Even though net income increased by 48.5% year-on-year to €15m, it was somewhat below the latest management guidance published in December 2018. The company’s expectations were supposed to reach a 50-70% annual growth rate across sales, EBIT and net income, which implied a net result in the range of €17-19m.  Nevertheless, the published preliminary figures stand at the lower end of the previous guidance of €15-20m, published in November 2018.

The company has also announced that it intends to pay out a dividend for the financial year 2018 amounting to €1.5 per share, subject to Annual General Meeting approval. 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. Thomas Olek, the company’s CEO, holds total interest in publity of more than 66%.

publity will publish its audited consolidated financial statements in accordance with IFRS on 8 April 2019.

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