Freelance.com posts 23% revenue jump in Q2, France leads growth

Freelance.com reported a significant revenue increase in the second quarter, with a 23% year-on-year rise to €258.8 million.

The growth was primarily driven by a robust performance in the French market, where the company achieved a 33% increase in consolidated revenue, totaling €189.5 million. This compares favorably to the same period in the previous year and includes a 1% organic growth.

Internationally, the company saw a more modest revenue increase of 1% to €69.4 million in the second quarter, which represents a slight organic decline of 1% when compared to the same quarter of the previous year.

Despite this, the international segment showed signs of stabilization, particularly through the activities of Helvetic Payroll and a notable €2.1 million growth in the Moroccan market, attributed to non-recurring items.

For the first half of the year, Freelance.com's revenue reached €517.1 million, marking a 23% increase from the previous year with a consistent 1% organic growth. The French operations were particularly strong, growing 36% to €380.8 million. In contrast, international activities witnessed a slight decline of 2%, resulting in a revenue of €136.3 million.

The company's organic growth in France has continued to slow, in line with trends observed over the past twelve months, amid challenging market conditions. Nevertheless, Freelance.com is actively pursuing cost and revenue synergies following the acquisitions of OpenWork on September 1, 2023, and STA on January 11, 2024.

Looking forward, Freelance.com confirmed guidance for slightly positive organic growth in 2024.

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Source: Investing.com