The 2023 annual stock exchange report of OXO Technologies Holding Plc. has been published. The report shows the Group’s successful management, increasing profitability and dynamic growth of its assets under management. The company is preparing for the coming period with flexible liquidity in line with its current investment opportunities, as the Annual General Meeting both approved the repurchase of its own shares up to a share price proportional to the current equity and decided to enter the BÉT Standard Market, thereby maintaining the possibility of raising additional capital, even at larger volume.
OXO Technologies Holding Plc. closed the 2023 financial year with a positive profit after tax of EUR 943 171 and its assets increased by EUR 2 million to EUR 16 182 million. Overall, it closed its fourth financial year of operations with a retained earnings of EUR 1 888 246, which represents an earnings of EUR 1 008 per share based on the current number of shares at year-end. As proposed by the Board of Directors and decided by the General Meeting, this reserve will be used by the Group in the current market environment primarily to pursue further acquisition and investment opportunities and to use any excess liquidity to repurchase own shares on an ad hoc basis until the end of the year. The maximum purchase price may be the share price in proportion to the current equity. At the same time, the stable profitable management, now in its second year, should also create the possibility of a steady dividend payment in the coming years.
As for the valuation of the company’s shares according to the different methodologies, earnings per share (EPS) were €0.4323 in 2022, rising to €0.5035 in 2023. This represents an overall EPS increase of 16.5% over the two years. As for the change in the share price, the closing price in 2022 was €6.99, the opening price in 2023 was €7.18 and the closing price at the end of 2023 was €7.9. This represents a 13% year-on-year increase in the share price, on euro basis, which is still below the company’s 16.5% EPS growth. As regards the P/BV (price per book value) ratio, the shares are typically traded at a constant discount, with an average half-year price of around €7 per share compared to an average equity of €8.1 per share.
The group’s increasing profitability is mainly driven by the business performance of its strategic investment portfolio, with profit sharing and management fee income from subsidiaries alone approaching €500k in 2023. In addition, the profit after tax is mainly due to the valuation difference on investments. In 2023, the company did not seek to generate significant exit proceeds from the sale of its investments, as market and valuation conditions were not conducive to this type of divestment and the favourable quality, funding and age of its investment portfolio did not result in such an exit pressure. In 2024, OXO Technologies Holding will continue to focus on expanding its portfolio and making further acquisitions.
Full report here: Financial reports