Econocom reports three per cent growth in first six months of 2024

Revenue reached €1,3bn in the first half of the year with consistent growth across all business units

European partner, Econocom Group has reported steady growth across all business segments despite significant investments in its strategic plan.

The group reported revenue of €1,3bn for the first six months of 2024, representing a three per cent increase compared to the same period in 2023.

This growth was consistent across all business units, with technology management & financing (TMF) leading the way with a 6.1 per cent increase in revenue.

Despite the positive revenue growth, Econocom's operating margin decreased to €38.3m, reflecting the company's substantial investments in sales force expansion and IT and security improvements as part of its One Econocom strategic plan for 2024-2028.

A notable highlight of the report was the significant reduction in net financial debt, which fell to €180m at the end of June 2024, down from €321m a year earlier.

This improvement was largely attributed to the sale of its Les Abeilles subsidiary and strong free cash flow generation over the past 12 months.

In conjunction with these financial results, Econocom announced changes to its governance structure.

The company has separated the roles of chairman and CEO, with founder Jean-Louis Bouchard taking on the position of operational chairman and Angel Benguigui appointed as Group CEO.

Looking ahead, Econocom is projecting revenue growth between three per cent and five per cent for the full year.

Earlier in 2024, the B2B digital services provider revealed it was planning to onboard 100 elite sales agents over the next three years, bolstering its ranks on the path of sustainable innovation.

The news came as part of a move aligned with its One Econocom strategic roadmap to grow its "unique network of independent sales agents across Europe".

The company said it was setting its sights on the €4bn revenue target over the next five years, a substantial leap from its current €2.8bn turnover.