MioGroup is making progress on its growth plan and reported revenue of 35.4 million in the first half of the year
The coThe company also improved by 23.63% its gross margin, which reached 11 million euros and accounted for 31% of net sales. In addition, e The group’s EBITDA has remained above 1 million euros
Yago Arbeloa, president of MioGroup, and Francisco Jiménez-Alfaro, vice president of international operations, explained during their presentation how the strategic consulting firm with an integrated portfolio of marketing and digital , continues to make progress on its organic and inorganic growth plan and generated 35.4 million in the first half of the year, representing a 1.23% increase over the same period last year.
The company also improved its gross margin, which reached 11 million euros From January through June, this represents a 23.62% increase compared to the 8.9 million reported in 2022. Thus, Gross margin for the first half of the year accounted for 31% of net revenue, an increase of 5.5 percentage points compared to the 25.4% recorded in 2022; MioGroup attributes these figures to the positive performance of its commercial activities and to a service offering that customers perceive as having greater value.
The increase in revenue and gross margin was primarily driven by the strategic consulting, which grew by 42% compared to the same period in 2022, rising from 6.6 million to 9.4 million euros. This business segment also generates the most value, as approximately 90% of revenue is recognized as gross margin. Consequently, growth was concentrated in three business lines from January through June: within the strategy area, the following services stand out: marketing consulting, which grew by 21.7%; thedata intelligence, which grew by 17.15% to reach 2.8 million euros; and the creativity and content , which grew exponentially by 274% thanks to the acquisition of Firma.
The ccompany continues to rebalance its mix of services and diversifying into business lines related to strategic consulting. The contribution of the strategic digital marketing consulting business to gross margin has risen to 77.1% of the total, compared to 68.1% in the first half of 2022.
Demphasized diversification and significant growth (56.6%) of the international business with the opening of a new office in Colombia
With a focus on the international expansion of its business
During this period, there was also significant growth (56.6%) in the international business, which now accounts for 16.1% of the group’s total revenue. In fact, during this half-year, MioGroup It opened a new branch in Colombia, which will serve as a sales office and operations hub. The company has thus focused its expansion on the Americas (in countries such as Colombia, the United States, and Mexico) and on Europe (Spain, the United Kingdom, Italy, and Germany).
Specifically, the opening of this new office in the Americas, the strengthening of the management structure to support growth, the integration process following the acquisitions of Firma and Artyco, the increase in headcount, the talent retention plan, and the decisive adoption of new technologies explain why MioGroup’s EBITDA has remained slightly above 1 million euros, a figure similar to that of the same period last year. Recurring EBITDA stood at 1.38 million euros, representing an 8% increase from the 1.27 million recorded in the first half of 2022.
A Commitment to Technology and AI
In this vein, the incorporation of new technology as a differentiating factor in service delivery has been achieved through partnerships with market-leading technology companies (Adobe, Microsoft, and Google). Furthermore, the company has embraced Artificial Intelligence with the acquisition—to be completed in the second half of the year—of SuperReal, a new company that will bring expertise in the areas of generative artificial intelligence and Web 3.0.
Similarly, in order to become a catalyst for change for its clients, MioGroup focused during the first six months of the year on the innovation and development of proprietary technologies in specific market sectors to improve and enhance marketing channels, integrate platforms, and streamline operational tasks, measure the impact of advertising, and optimize return on investment.
According to Yago Arbeloa, president of MioGroup, “The results for the first half of 2023 should be viewed as a continuation of the growth and international expansion strategy implemented since the company’s initial public offering in the summer of 2021, and they also herald the return on investment expected in the second half of the year and fiscal year 2024. Thus, MioGroup, as a strategic consulting firm specializing in marketing and digital transformation services, continues to grow both organically and inorganically, expanding its current service offerings and geographic presence. As a result, these results allow us to look to the future with optimism, in line with the achievement of our business objectives.”
For more information, please email us at ir@mio.es
