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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Excellon Resources Inc | AMEX:EXN | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.295 | 0 | 01:00:00 |
Excellent start to 2023 Full year outlook confirmed
SUSTAINED GROWTH
RETENTION RATES UNDERLINE DEMAND FOR OUR OFFERING
Regulatory News:
This replaces the announcement made on May 4th 2023 due to the following corrections: the aim of this addendum is to complete the information presented in previous releases with the split of IFRS revenue by region for Q4-22 and FY-22, presented at the beginning of the third page.
Exclusive Networks – First Quarter 2023 Financial Update
Exclusive Networks (Euronext Paris: EXN), a leading global cybersecurity specialist, today announces its Gross Sales and IFRS Revenue for the first quarter of 2023. Management will hold a conference call at 9:00 am (CET) today, available via webcast (https://ir.exclusive-networks.com/). A replay will be available on our website. All figures relate to this period unless otherwise stated.1
Jesper Trolle, Chief Executive Officer, said:
“I am pleased to announce Exclusive Networks continued its strong momentum from 2022 in the first quarter of 2023. We grew faster than the cybersecurity market once again, with growth in all regions. This is an impressive result in a challenging macro environment which has impacted global IT budgets. Our strong performance reflects demand for our differentiated offering.
Our track record is built on a proven model and clear mission to create a safer digital world. Exclusive Networks helps hundreds of thousands of organisations around the world access the most innovative security technology through our global platform, commercial expertise and technical know-how.
Exclusive Networks’ scale and ability to grow our addressable market – driven by a portfolio of best-in-class vendors – supports our confidence in meeting our 2023 financial guidance.”
GROSS SALES AT GROUP AND REGIONAL LEVELS – HIGHLIGHTS
Q1 2023 Gross Sales
in € million
Q1 2022
Q1 2023
Variation
Reported
Constant Currency*
EMEA
730
925
27%
29%
AMERICAS
93
140
50%
45%
APAC
97
115
19%
17%
GROUP
920
1,180
28%
29%
* Variation at constant currency is computed using the first quarter of 2022 rates applied to the first quarter of 2023 Gross Sales. The USD, GBP and PLN evolved as follows; 1EUR: 1.073 USD; 1EUR: 0.8832 GBP, 1EUR: 4.709PLN respectively for Q1 2023 and 1EUR: 1.123 USD, 1EUR: 0.8364 GBP, 1EUR: 4.618 PLN respectively for Q1 2022.
Q1 2023 IFRS Revenue
in € million
Q1 2022
Q1 2023
Variation
Reported
Constant Currency*
EMEA
567
698
23%
26%
AMERICAS
70
106
52%
47%
APAC
76
90
18%
17%
GROUP
712
893
25%
27%
* Variation at constant currency is computed using the first quarter of 2022 rates applied to the first quarter of 2023 revenue.
Gross Sales were €1,180 million, an increase of 28% year over year on a reported basis (up 29% at constant currency). The majority of this growth (24%) was driven by existing vendor relationships in geographies where we already operate. The balance of our growth came from vendor expansion, partly through the expansion of existing vendors into new geographies (2%) and partly from new vendors relationships (2%).
IFRS Revenue takes into account the recognition of the sales of support and maintenance on a Net Margin basis as per IFRS as Exclusive Networks is not the primary obligor for these solutions. IFRS Revenue reached €893 million, up 25% on a reported basis, in line with Gross Sales evolution.
Vendor and Customer retention rates1 continued to improve year on year, driven by continued demand for cybersecurity solutions. Net vendor retention rate1 were up 126% (+119% in Q1 2022) and net customer retention rate1 were up 123% (+116% in Q1 2022).
EMEA (78% of Q1 2023 Gross Sales): Gross Sales were €925 million, up 27%. EMEA benefited from the strong performance and continued momentum in 2022, and a healthy backlog.
AMERICAS (12% of Q1 2023 Gross Sales): Gross Sales were €140 million, up 50%, fueled by large deals and reflecting the upbeat performance of strategic vendors combined with the development of new vendors.
APAC (10% of Q1 2023 Gross Sales): Gross Sales were €115 million, up 19%, driven by backlog release and reflecting a low prior year comparator as Q1 2022 was impacted by product shortages and restrictive lockdowns.
To complete the information presented in previous releases, the split of Q4 and FY-22 IFRS revenue per region is broken down as follow:
IFRS Revenue
in € million
Q4-21
Q4-22
Variation
FY-21
FY-22
Variation
Reported
Constant Currency*
Reported
Constant Currency*
EMEA
643
911
42%
47%
1,944
2,704
39%
40%
AMERICAS
79
116
46%
31%
231
348
51%
35%
APAC
77
95
24%
18%
308
352
14%
6%
GROUP
799
1,122
40%
43%
2,483
3,404
37%
35%
*Variation at constant currency is computed using the fourth quarter of 2021 and FY 2021 rates applied to the fourth quarter of 2022 and FY 2022 revenue, respectively.
OUTLOOK
Despite the visible slowdown and persistent uncertainty with the macro-environment, we remain confident in meeting our full year guidance :
SIGNIFICANT EVENTS SINCE 31 March 2023
2022 Universal Registration Document The 2022 Universal Registration Document was filed with the French Financial Markets Authority (Autorité des Marchés Financiers – AMF) on April 24, 2023, under the number R23-014.
Changes in the composition of the Board of Directors On April 18, 2023, Exclusive Networks announced that Nathalie Lomon, Senior Executive VP, Chief Financial Officer of Groupe SEB, was co-opted as a new member of the Board of Directors on 17 April 2023, replacing Nathalie Bühnemann as stated in the press release dated 18 January 2023. Nathalie Lomon is also appointed as Chairwoman of the Audit Committee. The ratification of Nathalie Lomon's co-optation will be proposed to the shareholders at the next General Meeting of Shareholders on 8 June 2023. The Board of Directors has also decided to propose to the shareholders at the next General Meeting on 8 June 2023, the appointment of Paul-Philippe Bernier as a new member of the Board of Directors.
CONFERENCE CALL Jesper Trolle, Chief Executive Officer, and Nathalie Bühnemann, Chief Financial Officer, will present the First quarter 2023 earnings call during a conference call in English today (May 4, 2023) at 9:00 am (CET). You can follow the conference call live via webcast at the following link: https://ir.exclusive-networks.com/. A replay will also be available for a period of one year. All documents relating to this publication will be placed online on the Exclusive Networks Investor Relations website at https://ir.exclusive-networks.com/
Regulated information related to this press release and presentation is available at https://ir.exclusive-networks.com/
PROVISIONAL CALENDAR
About Exclusive Networks
Exclusive Networks (EXN) is a global cybersecurity specialist that provides partners and end-customers with a wide range of services and product portfolios via proven routes to market. With offices in over 45 countries and the ability to serve customers in over 170 countries, we combine a local perspective with the scale and delivery of a single global organisation.
Our best-in-class vendor portfolio is carefully curated with all leading industry players. Our services range from managed security to specialist technical accreditation and training and capitalize on rapidly evolving technologies and changing business models. For more information visit www.exclusive-networks.com.
DISCLAIMER
This press release may contain forward-looking statements. Such statements may include projections, estimates, assumptions, statements regarding plans, objectives, intentions and/or expectations with respect to future financial results, events, operations and services and product development, as well as statements, regarding future performance or events. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “projects”, “may”, “would” “should” or the negatives of these terms and similar expressions. Although Exclusive Network’s management currently believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to various risks and uncertainties (including, without limitation, risks identified in Exclusive Networks’ Registration Document available on Exclusive Networks’ website), because they relate to future events and depend on future circumstances that may or may not occur and may be different from those anticipated, many of which are difficult to predict and generally beyond the control of Exclusive Networks. Actual results and developments may differ materially from those expressed in, implied by or projected by forward-looking statements. Forward-looking statements are not intended to and do not give any assurances or comfort as to future events or results. Other than as required by applicable law, Exclusive Networks does not undertake any obligation to update or revise any forward-looking statement.
This press release does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.
1 Defined as Gross Sales generated in year N from vendors/customers active in year N-1 divided by Gross Sales from the same vendors/customers in year N-1
View source version on businesswire.com: https://www.businesswire.com/news/home/20230511005710/en/
EXCLUSIVE NETWORKS CONTACTS
Investors & Analysts Hacene Boumendjel Head of Investor Relations ir@exclusive-networks.com
Media FTI Consulting Emily Oliver / Tom Blundell +33 (0)1 47 03 68 19 exclusivenetworks@fticonsulting.com
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