Allgeier SE, a Munich, Germany-based IT solutions and staffing firm, last week reported revenue of €496 million for the 2023 financial year, up 2.0% from €486 million the year prior, according to preliminary figures.

The group’s gross profit (defined as total operating performance less sales and personnel costs directly attributable to sales) rose disproportionately by 4.4% to €164 million (previous year: €157 million), corresponding to a gross margin of 33% (previous year: 32%).

Adjusted EBITDA (EBITDA before effects that are classified as extraordinary or relating to other accounting periods) was unchanged from the previous year.

The group’s EBITDA was burdened by extraordinary expenses from Allgeier’s transformation. Allgeier saw EBIT fall 8.5%. The main effect of the measures already implemented to reduce costs in the personnel services and personnel services-related project business will be seen in the 2024 financial year, Allgeier added.

Revenue by segment

Allgeier also confirmed its guidance for the financial year 2024, which was published in an announcement in December 2023. The group is forecasting revenue in the range of €510 million to €550 million for the financial year 2024. The expected adjusted EBITDA for 2024 is forecasted to be between €63 million and €69 million. The corresponding adjusted EBITDA margin is expected to be between 12% and 13%. The management board also expects average organic sales growth of 10% to 15% over the next three years. The adjusted EBITDA margin is expected to increase further to 15% within this period.

On 7 March, Allgeier shares closed at €17.70, up 8.05% on the day. The company has a market cap of €206.0 million.