Nfon AG has posted positive results for the first half of 2023 and is raising its earnings forecast for the year as a whole.
The group saw its total revenues increase 2.7% from €40.1m in the second half of 2022 to €41.2% for H1 2023.
Recurring revenue grew 5.1% to €38.4 and now represents 93.2% of total revenue.
Adjusted EBITDA also rose from €-1.5m to €3.4m. In line with this, Nfon’s Management Board is raising its adjusted EBITDA forecast for 2023. For fiscal 2023, it is now projecting adjusted EBITDA of between €6m and €7m.
Nfon attributes this growth to new customer acquisitions and a rise in installed seats within its existing customer base.
Some of the revenue growth also resulted from sales of its expanded product portfolio among both new customers and the existing customer base.
Patrik Heider, who has been responsible for NFON’s performance both as its CEO since June 2023 and as its CFO since July 2023, said: “This progress has not only contributed to positive business performance, but also smoothed the way for further measures to help us achieve our goals in the second half of the year.”