from HIPAY GROUP (EPA:HIPAY)
HiPay Group - 2024 Annual Consolidated Results
HiPay: 2024 results
138 million commercial transactions via our platforms in 2024
Revenue growth: + 13.4%
Consistent operating performance with EBITDA at €10.8m and current EBIT at €6.2m
Stabilized financial structure
● HiPay maintains significant growth (+13.4%) and notable operating profitability, with EBITDA at 14.5% of revenue and current operating income at 8.4% of revenue.
● Reinforced financial structure with free cash flow excluding working capital of €11.2m, cash of €12.1m and new debts of €9.0m.
● The forecasts are healthy and will be supported by growth investments.
April 14, 2025, at 8:30 am: HiPay, the fintech specializing in omnichannel payment solutions, announces its results for 2024.
In millions of euros (IFRS norms) | 2024 | 2023 | Var. (% or €m) |
Consolidated Income Statement[1] | |||
Payment volume | 9,152.4 | 8,769.3 | + 4.4% |
Revenue | 74.2 | 65.5 | + 13.4 % |
EBITDA | 10.8 | 9.8 | + €1.0m |
Recurring operating income | 6.2 | 4.9 | + €1.3m |
Net income | 5.8 | 2.2 | + €3.6m |
Consolidated Balance Sheet1 | |||
Shareholders’ equity | 30.3 | 24.3 | + €6.0m |
Available cash | 12.1 | 0.9 | + €11.2m |
Financial debt (IFRS 16 incl.) | 31.4 | 23.8 | + €7.6m |
HiPay maintains strong annual growth at +13.4% and increases its margins.
In a continued growth momentum, HiPay has achieved a 4.4% increase in payment volumes and a 13.4% increase in revenue in 2024. The billing rate has improved (0.81% vs. 0.75%).
In France, HiPay’s market dynamic is strong, with 302 new contracts signed in the retail sector. The Digital/iGaming sectors continued to grow over the period. Revenue outside France rose by a substantial +20%, reflecting strong volume growth in Portugal, Italy and Germany.
By combining this growth with better control of acquisition costs, and due to product/customer mix effects, the Group reports a sharp rise in gross operating margin (+ €6.9m).
Operating profitability
Continued cost-containment efforts, though to a lesser extent than in 2023, enabled the Group to keep the increase in payroll and overheads (+€6.3m) below the increase in operating margin (+ €6.9m), generating EBITDA representing 14.5% of revenue and current operating income of 8.4% of revenue.
Non-current, financial and net income
Non-current operating income amounted to €1.3m (vs. an expense of €1.0m in 2023). The financial result improved (+ €0.6m) due to foreign exchange gains and interest on investments of €382K. Net income improved from €3.6m to €5.8m, representing 7.9% of revenue.
Financial structure
On December 31, 2024, cash was up by €11.2m and financial debt (including IFRS 16) was up by €7.6m. This is mainly due to cash generated by operations of €11.2m, a (non-recurring) increase in working capital of €2.9m, and financial debt flows of +€6.5m (including new loans of €9m).
Outlook
Hybrid shopping journeys, increasingly favored by consumers, are driving merchants to adopt unified commerce. After a last quarter marked by a third of new customers choosing omnichannel with HiPay, we anticipate sustained growth in this trend in 2025, both in our existing base and among our new customers.
At the same time, the quest for fluidity at checkout is accelerating the adoption of digital wallets. Their integration by our merchant is generating immediate results, with market share reaching 20% in the first few weeks, with significant effects expected in 2025.
Deferred or installment payment solutions (BNPL - Buy Now, Pay Later) are also continuing to grow, particularly in sectors where price is a barrier to purchase. Driven by growing demand, they are gradually establishing themselves as an essential conversion lever, and will continue to grow strongly in 2025.
Growth forecasts for 2025 are expected to be between 5 and 10%, taking into account the growth drivers mentioned above, but remaining cautious given the current wait-and-see attitude towards consumption growth in Europe.
In addition, the Group continues to work on structuring its technical and material organization, increasing its margins and, via new customers, preparing its future growth drivers.
Next financial communication: April 30, 2025 - Annual Financial Statements
About HiPay
HiPay is a global payment service provider. By harnessing the power of payment data, we help our merchants grow by giving them a 360-degree view of their business.
More information on hipay.com. You can also find us on LinkedIn.
HiPay Group is listed on Euronext Growth (ISIN code: FR0012821916 – ALHYP).
Investor relations
Eric Meynard (DGM) +33 (0)6 98 04 33 07 emeynard@hipay.com
This press release does not constitute an offer to sell or the solicitation of an offer to buy any HiPay securities. For further information on HiPay Group, please visit our website hipay.com, Investors section. This press release may contain certain forward-looking statements. Although HiPay Group believes that these statements are based on reasonable assumptions as of the date of this press release, they are inherently subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. HiPay Group operates in a fast-moving industry in which new risk factors may emerge. HiPay Group assumes no obligation to update these forward-looking statements to reflect new information, events or circumstances.
Consolidated income (1)
In thousands of euros | 31 dec. 2024 | 31 dec. 2023 |
Turnover | 74,295 | 65,483 |
Direct costs Staff costs | - 34,083 | - 32,125 - 15,736 |
- 18,190 | ||
General costs Other current operating income and expenses EBITDA(2) | - 13,560 | - 8,781 971 9,811 |
2,301 | ||
10,764 | ||
Allocation to and writebacks of amortization and provisions | - 4,563 | - 4,959 |
Current operating income | 6,201 | 4,852 |
Valuation of stock options and free shares Other non-current expenses Operating income | - 172 | 286 - 968 4,170 |
1,257 | ||
7,286 | ||
Other financial income and expenses Pre-tax income | - 1,200 | - 1,831 2,339 |
6,086 | ||
Tax | - 252 | - 173 |
Net income | 5,835 | 2,166 |
(1) - These financial statements are currently being audited by the company’s statutory auditors. The full consolidated financial statements will be published by 30 April 2025.
(2) - Current operating income before allocation to and writebacks of amortization and provisions.
Consolidated balance sheet (1)
ASSETS - in thousands of euros | 31 dec. 2024 | 31 dec. 2023 |
Net goodwill Net intangible assets Net tangible fixed assets Deferred tax assets Other financial assets | 40,222 | 40,222 7,109 4,866 1,422 1,080 |
6,328 | ||
2,709 | ||
1,422 | ||
974 | ||
Non-current assets | 51,656 | 54,700 |
Clients and other receivables Other current assets Cash and cash equivalents | 2,136 | 2,223 132,076 895 |
130,680 | ||
12,089 | ||
Current assets | 144,905 | 135,194 |
TOTAL ASSETS | 196,561 | 189,894 |
LIABILITIES - in thousands of euros | 31 dec. 2024 | 31 dec. 2023 |
Share capital Issue and acquisition premiums Reserves and retained earnings Consolidated income (Group share) | 19,844 | 19,844 50,156 - 47,829 2,166 |
50,156 | ||
- 45,567 | ||
5,835 | ||
Equity | 30,268 | 24,337 |
Long-term loans and financial liabilities Non-current provisions | 12,695 | 10,411 6,657 |
5,139 | ||
Non-current liabilities | 17,834 | 17,069 |
Short-term financial liabilities and bank overdraft Suppliers and other creditors Other current liabilities | 18,713 | 13,407 7,699 127,383 |
7,579 | ||
122,167 | ||
Current liabilities | 148,459 | 148,489 |
TOTAL LIABILITIES | 196,561 | 189,894 |
Consolidated cash flow statements (1)
In thousands of euros | 31 dec. 2024 | 31 dec. 2023 |
Net income Adjustments for: Amortization of fixed assets Amortization of IFRS 16 fixed assets Other elements with no cash impact Provisions for tax risks Cost of IFRS 16 debt Cost of debt Gains and losses on disposal of securities Gains and losses on disposal of fixed assets Gains and losses on disposal of fixed assets - IFRS 16 Cost of share-based payments Current and deferred tax expenses | 5,835 | 2,166 |
3,151 1,402 | 3,343 | |
1,524 | ||
0 | 0 | |
- 1,546 | 402 | |
189 1,763 | 256 | |
1,563 | ||
0 | 0 | |
0 - 3 | 0 | |
- 34 | ||
172 252 | - 286 | |
173 | ||
Operating income before WCR variation and provisions | 11,215 | 9,107 |
WCR variation | - 2,926 | - 2,890 |
Cash flow from operational activities | 8,289 | 6,217 |
Interest paid Income tax paid Net cash from operational activities | - 218 - 118 | - 190 |
- 105 | ||
7,953 | 5,922 | |
Acquisition of fixed assets, claims and liabilities Variation in financial assets Net cash from investment activities | - 3,339 | - 3,148 |
106 | 35 | |
- 3,233 | - 3,114 | |
New loans Loan repayments IFRS 16 lease liability repayment IFRS 16 interest paid Net cash from funding activities | 10,608 - 2,498 | 0 |
- 1,839 | ||
- 1,399 | - 1,476 | |
- 189 6,522 | - 256 | |
- 3,571 | ||
Net variation of cash and cash equivalents Net cash on 1 January | 11 194 | - 737 |
895 | 1,632 | |
Net cash at end of period | 12,089 | 895 |
[1] The consolidated financial statements as of December 31, 2024, are currently being reviewed by external auditors. They were approved by the board of directors on April 10, 2025. The 2024 financial report and the auditors' report will be published on the company's website on April 30, 2025.