Olivier Novasque, CEO of Sidetrade, had this to say about its 2019 H1 results:

“In the emerging market of Artificial Intelligence for B2B, Sidetrade continues to establish itself quarter after quarter as a key player, reporting double-digit growth. The financial results for the first six months is the corollary of an ambitious policy of substantial investment. We will reinforce this policy over the coming quarters to accelerate our development.”

Revenue up 15%, like for like

2019 H1 2018 H1 VARIATION (%)
SALES & MARKETING AI 2.1 1.7 + 24%
FINANCIALS AI 10.5 9.2 + 14%
12.6 10.9 + 15%
REVENUE 12.6 12.2 +3 %
OPERATING PROFIT 0.7 1.2 – 43%
NET PROFIT 0.5 1.1 – 51%

2019 data is consolidated and unaudited. 2018 H1 revenue included B2C business.

In the first half of 2019, Sidetrade generated revenue of €12.6m, which represents organic growth of 15% like for like. Let us recall that B2C services are no longer included in Sidetrade’s revenue, as the phaseout of this business line was announced in late 2018.

Net profit at €0.5m (- 51%)

The group’s operating profit for the first half was €0.7m, a decline of 43% compared to the same period in FY 2018. It was severely impacted by the substantial investment undertaken regarding French and English sales resources (+€1.8m).

The operating profit included a €1.0m research tax credit (vs €0.8m in 2018 H1) as well as an activation of R&D costs to the amount of €0.15m (vs €0.1m in 2018 H1).

The net profit was €0.55m, a decrease of 51% including a one-off loss (- €0.1m) and an income tax expense (€0.01m).

Solid financial health

The Sidetrade group is in solid financial health with a treasury of €5.7 million as at 30 June 2019, and virtually no debt (€0.4 million).

For the record, the group also holds 83,000 of its own shares at an estimated value of €5.5 million as at 30 June 2019.