Innelec: revenue down 4.8% in the first half as accessories partly offset the decline
Innelec published revenue of €45.6 million on 12 November 2026 for the first half of its 2026-27 financial year (April to September), down 4.8% from the €47.9 million recorded in the first half of the previous financial year. The decline narrowed from one quarter to the next: -9.2% in the first quarter, then -2.5% in the second.
The overall decline stems from the group's largest product line. Consoles, which account for 42% of revenue, fell 22.9% against a comparison base marked by the launch of the Switch 2 last year. Conversely, accessories (30% of sales) and licensed merchandise (17%) rose over the half-year.
A decline reduced to 2.5% in the second quarter
The video game distributor, which also manufactures accessories under the Konix brand and is active in licence monetisation, generated revenue of €14.4 million in the first quarter, compared with €15.9 million a year earlier. The second quarter, which accounts for most of the half-year's activity, came in at €31.2 million, compared with €32.0 million.
The gap between the two quarters is explained by changes in product categories. When it published its first-quarter results on 13 August 2026, the group reported a 3% increase in accessory sales and a 4% decline in licensed merchandise, following the success of the Disney Stitch licence in 2025.
Over the whole half-year, these two lines rose 21.3% and 10.8% respectively, reflecting an acceleration between July and September. Innelec also noted that growth in licensed merchandise was “marked in the second quarter”.
Consoles decline, gaming accessories drive growth
Consoles remain the group's largest sales line. Their 22.9% decline over the half-year follows the 21.2% drop announced in August for the first quarter alone: the comparison base linked to the Switch 2 launch therefore weighed on all six months.
Accessories are the main growth driver. Their 21.3% increase was led by gaming accessories, up 38.6%, and high-tech products, up 20.1%, a market in which the group highlights its “growth momentum”.
Licensed merchandise added to this trend with a 10.8% increase. According to the company, the half-year was marked by “a positive change in product mix in favour of the most profitable product lines”. Reported revenue includes distribution sales, net of rebates, as well as brand royalties.
Innelec continues to diversify into trading cards
For the rest of the financial year, Innelec says it will continue its diversification strategy in order to seize the opportunities offered by licensed merchandise, in particular trading card games (TCG), as well as high-tech products and the memory market. This direction was already among the priorities highlighted when the group published its results on 13 August 2026.
Management links this diversification to strict cost control and the implementation of the savings plan announced at the start of the financial year. According to the press release, these developments “will contribute positively to the change in results”, which will be published on 9 December 2026 after market close.
The half-year thus shows a shifting sales mix: consoles, still the largest line at 42% of activity, are declining due to a high comparison base, while accessories and licences, on which the group is focusing its strategy, are growing over the six months.
