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BERLIN - PSI Software (ETR:SOWGn) SE reported a return to profitability in the fourth quarter of 2024, with a positive Group EBIT of 4.2 million euros, according to a recent press release. The company, which provides software for energy and material flow optimization, saw new orders in the fourth quarter reach the prior year’s level of 59 million euros, with sales slightly below the previous year at 83.4 million euros.
For the full year of 2024, PSI’s sales decreased by 3.4% to 260.8 million euros, down from 269.9 million euros in 2023. Despite this decline, recurring revenues from maintenance, upgrades, and SaaS contracts increased to 106.0 million euros. The company’s operating result (EBIT) for 2024 was negative at −15.2 million euros, a significant drop from the 5.6 million euros recorded in 2023. This decline was attributed to the impact of a cyberattack.
The Grid & Energy Management segment, which makes up 44.3% of PSI’s Group sales, generated 115.6 million euros but faced a negative operating result of −14.8 million euros, primarily due to additional expenses for IT system restarts after the cyberattack. The Process Industries & Metals segment, however, achieved a positive operating result of 1.2 million euros, with the North American business driving segment performance.
The Discrete Manufacturing segment reported sales of 30.0 million euros and an operating result of 0.4 million euros, while the Logistics segment showed strong performance in Eastern Europe with sales of 31.4 million euros and an operating result of 0.7 million euros.
The PSI Group’s workforce grew to 2,434 by the end of 2024, up from 2,310 the previous year. However, cash flow from operating activities was significantly negative at −19.7 million euros due to the cyberattack’s consequences and the negative Group net result. Cash and cash equivalents stood at 26.5 million euros, a decrease from the prior year’s 50.5 million euros.
Looking forward to 2025, PSI’s Executive Board anticipates growth in new orders and sales of around 10%, with an adjusted EBIT margin of about 4%. Recurring revenues are expected to increase by at least 10%, and the company projects a free cash flow of at least 15 million euros.
This financial update is based on a press release statement from PSI Software SE.
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