$MUM (-0.38%) half year earnings report out:

• Record half year and successful go-live

• Strongest first half year in the company's history.

• After successful go-live of a new ERP system, M+M is now ready to switch to the new Autodesk partner model as announced by mid September.

• Group sales amounted to EUR 175.97 mln (PY: 174.38 / +0.9%), with EUR 57.66 mln (PY: 54.58 / +5.6%) from M+M Software and EUR 118.31 mln (PY: 119.80 / -1.2%) from Digitization (previously VAR Business).

• Due to stronger M+M proprietary business, gross profit climbed disproportionately to the record amount of EUR 93.54 mln (PY: 88.06 / +6.2%), with EUR 52.34 mln (PY: 49.37 / +6.0%) from M+M Software and EUR 41.20 mln (PY: 38.69 / +6.5%) from Digitization.

 • Half-year EBIT was also at a record level at EUR 27.98 mln (PY: 26.33 / +6.3%), with EUR 17.28 mln (PY: 16.21 / +6.6%) from Software and EUR 10.70 mln (PY: 10.12 / +5.8%) coming from Digitization. 

 • Net profit after minority shares grew by +9.5% to a new record EUR 17.95 mln (PY: 16.39) / 106 Cents (PY: 97) per share.

• Operating cash flow continues to soar and came in at EUR 31.39 mln (PY: 31.59) or 186 Cents (PY: 189) per share, only slightly below the previous year.

CFO Markus Pech and Chairman Adi Drotleff are sticking with the EPS target range of +10-20% to 189-206 Cents/share, as well as the dividend target of 185-195 Cent. For 2025 they continue to expect a stronger +12-25% EPS growth and are planning +25-35 Cents more in dividends. Over the two-year period 2024/25E, the average EPS target path thus remains at the +17% per year achieved in 2022/23.

Now let’s wait and see 🚀