ISPD Reports a 12% Decline in Revenue for the First Half of 2025
ISPD, a group specializing in communication and marketing services, reported a 12% decrease in consolidated revenue for the first half of 2025, partially offset by a significant improvement in operating results.
Financial Performance Overview
ISPD recorded a consolidated revenue of 61 million euros in the first half of 2025, down 12% from 69.5 million euros in the same period in 2024. Net revenue also decreased by 12%, from 69.2 million euros to 60.9 million euros. However, the group saw its operating result improve by 53%, moving from a loss of 3.3 million euros to a loss of 1.5 million euros. This improvement is attributed to an increase in gross margin, which grew by 2%, reaching a gross margin rate of 35.7% of the pro forma net revenue. Personnel expenses decreased by 10% while other operating expenses increased by 21%. The consolidated net result also showed improvement, although it remained negative at 2.1 million euros compared to 4 million euros in the first half of 2024.
Factors Influencing Financial Results
ISPD highlights several factors that influenced its financial results. A technical decrease of 8% in revenue is attributed to a change in seasonality of a major client and the impact of dollar fluctuations. Deferred investments by some clients and the effect of the Mexican peso also impacted revenues. Conversely, the Technology and Marketing Services sector saw a growth of 15%, mainly due to the e-commerce offerings of B2M and the Italian activities of Rocket PPC. The group anticipates a return to growth and positive results in the second half due to continuous cost control and the postponement of advertisers' investments to this period.
Financial Position as of June 30, 2025
As of June 30, 2025, ISPD had equity of 1.4 million euros and a net financial debt of 8 million euros. This debt consists of 5.2 million euros in cash and 13.1 million euros in loans, excluding IFRS 16 lease commitments. The semi-annual financial report is available to the public and has been filed with the Financial Markets Authority. The group's upcoming publications include the annual financial results for 2025, scheduled for March 27, 2026.
