HiPay Group - S1 2022 results: HiPay records 12% growth in particularly challenging context
HiPay Group
6 min read
HiPay Group
HiPay Group
Payment volumes grew significantly to 3.6 billion euros in the first semester of 2022: a 12% increase compared with S1 2021 and a 43% increase compared with S1 2020.
The fintech's commercial activity remains dynamic, allowing it to gain market share.
Turnover1 reached 27.5 million euros for the period.
Paris, 15 September 2022: HiPay (ISIN FR0012821916 – ALHYP), the fintech specialising in omnichannel payment solutions, has announced its results for the first semester of 2022.
(in millions of euros)
H1 2022
H1 2021
% var.
Consolidated income
Payment volume
3,594
3,200
+12%
Turnover1
27.5
26.8
+3%
EBITDA1
-0.8
1.4
n.a.
Current operating income1
-3.1
-0.3
n.a.
Net income1
-3.6
-0.9
n.a.
Consolidated balance sheet
Shareholder capital
26.5
33.2
-20%
Cash1
1.5
3.6
-58%
Strong payment flow growth
Payment volumes saw sustained growth at 12%, reaching 3.6 billion euros in the first semester of 2022. This performance can be put into perspective with:
A challenging comparison base: with the first semester 2021 affected by various lockdowns in Europe.
A particularly difficult and volatile macroeconomic and geopolitical context affecting consumer behaviour and business’s investment decisions.
This significant growth in the first semester despite these external factors attests to the robustness of the HiPay model, as well as its ability to expand. On the basis of its omnichannel payment offering, HiPay is gaining market share: 151 new key accounts have been added. The group is also accelerating its international development with 36% of its payments occurring outside France, taking its strong commercial dynamics to other markets.
Turnover evolution
Overall turnover has increased to 27.5 million euros (up 3% compared with S1 2021). This growth below that of payment volumes can be explained by a number of Belgian banks stopping certain Direct Banking payment methods. These volumes have transferred to other, less lucrative payment methods. Activity in France and elsewhere continues to grow strongly: turnovers have risen sharply from semester to semester, with increases of 25% and 27% per semester between 2019 and 2022 respectively (CAGR). At the group level, spending remains controlled: direct costs are increasing in proportion with flows and staff costs are progressing in a reasoned manner with the recruitment of new talent to consolidate the HiPay team. However, because the increase in turnover is not enough to cover the increase in these operational costs, the net result is -3.6 million euros.
Perspectives
During the first semester of 2022, HiPay obtained additional funding totalling 3.25 million euros, demonstrating the ongoing support of its financial partners. For the 2022 financial period, HiPay aims to experience single-figure growth. The group is also adjusting its overheads in order to account for the expected difficulties caused by the current morose macroeconomic situation.
Next financial disclosure:
27 October 2022 (before the marketing opening) – Turnover for Quarter 3 2022
------------------- 1 Unaudited data
-------------------
About HiPay HiPay is a global payment services provider. Using the power of payment data, we help our sellers grow by giving them a 360° overview of their business. More information at hipay.com. You can also find us on LinkedIn. HiPay Group is listed on Euronext Growth (ISIN: FR0012821916 – ALHYP).
This release does not constitute a sale offer or the solicitation of an offer to purchase HiPay securities. If you would like more information about HiPay Group, please visit the Investors section on our website hipay.com. This release may contain provisional declarations. Although HiPay Group believes that these declarations are based on hypotheses that are reasonable on the release’s publication date, they are by nature subject to risk and uncertainty that can lead to differences between the actual figures and those indicated or inferred in these declarations. HiPay Group operates in one of the most volatile sectors where new risk factors can emerge. HiPay Group does not have any obligation to update these provisional declarations based on new information, events or circumstances.
Consolidated income
in thousands of euros
30 June 2022
30 June 2021
Turnover
27,475
26,775
Transactional direct costs
- 14,667
- 13,501
Staff costs
- 8,685
- 7,973
Operating costs
- 4,962
- 3,902
EBITDA
- 839
1,399
Allocation to and writebacks of amortisation and provisions
- 2,126
- 1,662
Current operating income
- 2,965
- 263
Valuation of stock options and free shares
- 246
- 169
Other non-current income and expenses
62
-
Operating income
- 3,148
- 432
Other financial income and expenses
- 368
- 287
Pre-tax income
- 3,516
- 719
Tax
- 72
- 220
Net income
- 3,589
- 939
Note: HiPay has changed how it presents its income statement. Operating costs now include general costs and non-transactional direct costs.
Consolidated balance sheet
ASSETS - in thousands of euros
30 June 2022
31 Dec. 2021
30 June 2021
Net goodwill
40,222
40,222
40,222
Net intangible assets
7,651
7,077
5,955
Net tangible fixed assets
7,023
7,388
8,007
Deferred tax assets
1,439
1,438
1,437
Other financial assets
1,151
1,152
1,141
Non-current assets
57,486
57,278
56,763
Clients and other receivables
2,027
2,214
2,043
Other current assets
93,528
90,338
85,128
Cash and cash equivalents
1,505
2,124
3,566
Current assets
97,060
94,676
90,737
TOTAL ASSETS
154,545
151,954
147,500
LIABILITIES - in thousands of euros
30 June 2022
31 Dec. 2021
30 June 2021
Share capital
19,844
19,844
19,844
Issue and acquisition premiums
50,156
50,156
50,156
Reserves and retained earnings
- 39,904
- 35,745
- 35,833
Consolidated income (group share)
- 3,589
- 4,348
- 939
Equity (group share)
26,507
29,907
33,228
Minority interests
-
-
-
Equity
26,507
29,907
33,228
Long-term loans and financial liabilities
11,962
13,015
14,256
Non-current provisions
3,305
3,267
612
Deferred tax liabilities
-
-
-
Non-current liabilities
15,267
16,282
14,868
Short-term financial liabilities
13,361
8,393
6,966
Suppliers and other creditors
6,970
4,917
4,378
Other current liabilities
92,440
92,454
88,059
Current liabilities
112,771
105,764
99,403
TOTAL LIABILITIES
154,545
151,954
147,500
Consolidated cash flow statements
in thousands of euros
30 June 2022
30 June 2021
Net income
-3,589
-939
Adjustments for:
Amortisation of fixed assets
1,358
1,043
Amortisation of IFRS 16 fixed assets
757
658
Other elements with no cash impact
-
-12
Provisions for tax risks
38
-
Cost of IFRS 16 debt
154
164
Cost of debt
370
272
Cost of share-based payments
246
169
Current and deferred tax expenses
72
220
Operating income before WCR variation and provisions
-594
1,575
WCR variation
-72
3,423
Cash flow from operational activities
-666
4,998
Interest paid
-370
-
Income tax paid
-111
-263
Net cash/Operational activities
-1,147
4,735
Acquisition of fixed assets, claims and liabilities
