VOGO (EPA:ALVGO) - VOGO: 2020 revenues: €5.6m. A year of growth driven by the consolidation of VOKKERO.

Transparency directive : regulatory news

10/02/2021 17:40

Press Release

Montpellier, 10 February 2021

                          2020 revenues: EUR5.6m

          A year of growth driven by the consolidation of VOKKERO

A successful transformation to address the new challenges of Sports, Industry
                          and Healthcare markets

Continuous growing business in recent months: 46% revenue growth in H2 2020
                               (vs. H1 2020)

            A solid cash position: EUR9.7m on 31 December 2020

VOGO (ISIN code: FR0011532225 - Ticker: ALVGO) publishes consolidated revenues
for FY 2020 (unaudited figures).

VOGO tripled its full-year 2020 revenues year-on-year to EUR5.6m, driven by the
consolidation of VOKKERO, acquired in late October 2019 and contributing
EUR4.5m to the Group full-year revenues.

In an unprecedented environment, VOGO demonstrated its agility and
adaptability, not only in its longstanding core business in Sports, but also in
Industry where the Group significantly increased its penetration rate. 2020
also saw VOGO enter the Healthcare market through its technological
contribution to the development of the SARS-COV-2 salivary covid detection
test, EasyCov, generating initial revenues in 2020 and set to be ramped up in
2021.

Business marks a turnaround in H2 2020

In the wake of the first six months of the year, hit hard by the impacts of the
first lockdown, particularly for the development of business in the Sports
market, the Group embarked on a solid recovery in the second half. Revenues
shot up 46% from H1 to H2, coming out at EUR3.31m like-for- like, underscoring
the success of the strategy undertaken despite persistently challenging health
conditions. This performance also confirmed the Group's agility and
adaptability, not only when it comes to navigating the crisis but also building
the new drivers for future growth.

New offers for Sports professionals as they find their market Accelerated
innovation in "Fan" solutions

Thanks to its unique integrated offer, combining audio and video technology
systems, VOGO consolidated its positions in its longstanding core business. By
ramping up sales efforts targeting Sports professionals, the division shored up
the resilience of its business. The range of " Sports" products was
particularly enriched with June 2020 market launch of VOKKERO ELITE range, a
new audio communication system incorporating high value-added features.

Although sales of "fan" solutions were severely and temporarily impacted by the
crisis, VOGO maintained an aggressive approach towards innovation driving the
transformation of the Sports market and building new growth drivers. The
historic VOGOSPORT offer expanded with the launch of a new out-of-venue
solution called "Virtual Seat" for right owners, broadcasters, federations,
leagues, clubs or event organisers looking for new sources of income(1). The
Group also secured positions in 5G, which will expand the scope of its offers
with increased agility and lower infrastructure requirements.

Overall, revenues generated on the Sports market amounted to EUR3,25m over the
year (vs. EUR1,57m in 2019), making up 58% of full-year revenues. In the second
half of 2020, the division earned revenues of EUR1.92m, 45% compared to H1
2020. On a like-for-like basis, this improvement speaks to just the first of
the many benefits of the Group's determined strategy, which will continue to
materialise in the coming months.

Increased penetration in Industry

VOGO also increased its penetration rate in Industry this year. Having only
dipped its toe in the market in 2019 (revenues of EUR212k), the Group generated
revenues of EUR2.07m in Industry this year,
i.e. more than 37% of total 2020 revenues.

In addition to consolidating VOKKERO, this diversification was fuelled by
growing demand for communication solutions in constrained environments, a need
made even greater by the new health requirements imposed on companies.

Companies whose teams work in noisy environments and for whom communication
responds to safety issues, as is the case for agents in the railway and the
nuclear sectors, security forces, rescue services or even building and public
works agents, have been increasingly requesting the audio solutions proposed by
VOGO.

Again, momentum was particularly strong in the second half, with revenues up
83% vs. H1 to EUR1.34m.

(1) Refer to the press release dated June 30, 2020 available on the Company's
website.

Successful entry into the Healthcare market: first royalties on EasyCov
salivary test

In spring 2020, VOGO joined the consortium formed by biotech firm SKILLCELL, a
subsidiary of ALCEN Group, and CNRS research lab SYS2DIAG (CNRS/ALCEN), to
develop and industrialise EasyCov, a saliva test used to detect SARS-COV-2(2).
For its technological contribution, VOGO received its first revenues as
expected in the form of royalties indexed to the number of tests sold and
carried out. These royalties totalled more than EUR248K over the year and
should rise sharply in 2021, favoured by positive validations issued by
healthcare authorities which are expected to drive an acceleration of sales in
France and around the world(3).

Accelerated geographical expansion and increased contribution of indirect sales
networks

Finally, diversification of geographical positions accelerated over the year.
International sales accounted for more than 58% of revenues over the full year
compared to 36% in 2019. Due to the impact of restrictions and health
conditions in the United States, which limited development in this area,
business concentrated in the EMEA region, which including France boasted nearly
EUR4.98m of revenues, or 89% of Group total revenues. However, the outlook for
the Americas still looks very promising, as first signs of an end to the crisis
in this strategic area are emerging.

Over the full year, more than 50% of revenues were generated through indirect
sales partners compared with 21% in 2019. This trend, benefiting directly from
the consolidation of the VOKKERO networks, is a solid asset that expands the
Group's potential for commercial development.

2021 outlook: confidence that momentum will continue in the second half

VOGO is confident going into 2021, building on its transformation in 2020,
expected to impact positively revenues in the coming months. The recovery in
business momentum seen in H2 should continue despite the persistently uncertain
health environment.

In Sports, the Group will continue to rely on its offers targeted to
professionals and the gradual roll- out of its new disruptive solutions for
fans. In 2021, initial revenues from the joint venture created with ABEO -
dedicated to the roll-out of VOGOSCOPE (multicamera turnkey solution and Live &
Replay broadcasting for amateur Sports, training centres, etc.) - are also
expected(4) to start rolling in.

The outlook for Industry is also looking promising, driven by new remote
supervision solutions that are perfectly tailored to the needs of strategic
sectors such as nuclear and infrastructure.

Finally, in Healthcare, VOGO is aiming at robust growth with projected
increasing sales of the EasyCov test. The positive opinions issued by the
French healthcare authority in November 2020 (initial results on use and
reimbursement recommendation)(5) and January 2021 (positive new assessment with
the lifting of the obligation to check positive tests with a RT PCR test)(6)
pave the way for accelerated deployment of the test and associated royalties in
France and internationally.

(2) Refer to the press release dated April 14, 2020 available on the Company's
website.
(3) Refer to the press release dated January 25, 2021 available on the
Company's website.
(4) Refer to the press release dated December 2, 2020 available on the
Company's website.
(5) Refer to the press release dated December 1, 2020 available on the
Company's website.

In the light of all these factors and a solid cash position of EUR9.7m (vs.
EUR6.5m on 31 December 2019) including the proceeds of the capital increase
carried out in December 2020(7) and excluding EUR1.6m expected from BPI, VOGO
has reiterated its confidence that it will successfully emerge from this crisis
to fully capture the expected recovery of its markets across the world.

About VOGO

In the Sports sector, VOGO is a leading international player with its
audiovisual live & replay solutions for fans and professionals alike, through
its two flagship brands: VOGOSPORT and VOKKERO... For professionals, VOGO
offers analysis and decision-making tools (referee assistance, medical
diagnostics, coaching). VOGO's disruptive solution for fans transforms the
stadium experience by providing multi-camera content on demand for tablets and
smartphones, no matter how many people are connected. VOGO also operates in the
Industry and Healthcare sectors. All of the Group's technologies are
patent-protected. VOGO operates in France (Montpellier, Paris and Grenoble) and
in North America, with an office in New York. It operates indirectly in other
countries through its network of 35 distributors. The Group has been listed on
the Euronext Growth stock market since November 2018 (ISIN code: FR0011532225 -
ALVGO). It has also been listed on European Tech40 since 2020.

For more information: www.vogo-group.com

vogo-group.com

VOGO Twitter

VOGO Facebook

Contacts

VOGO
Christelle Albinet
Tel : +33(4) 67 50 03 98
Email : c.albinet@vogo.fr

ACTIFIN - Relations presse
Jennifer Jullia
Tel : +33(1) 56 88 11 19
Email : jjullia@actifin.fr

ACTIFIN - Communication financière
Nicolas Lin/Stéphane Ruiz
Tel : +33(1) 56 88 11 11
Email : nlin@actifin.fr

(6) Refer to the press release dated January 25, 2021 available on the
Company's website.
(7) Refer to the press release dated December 11, 2020 available on the
Company's website.

VOGO's latest news

10/04/2024 19:14

VOGO (EPA:ALVGO) - VOGO: 2020 revenues: €5.6m. A year of growth driven by the consolidation of VOKKERO.

Transparency directive : regulatory news

VOGO's latest news

Other stories