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2022 annual results: a significant improvement

European digital services group SQLI today announces its annual results for 2022, which were approved by the Board of Directors at its meeting, chaired by Philippe Donche-Gay, on 9 March 2023. Audit procedures were conducted on the consolidated financial statements.

In €m - IFRS - audited data 2021 2022 Change
REVENUE 225.4 245.9 +9%
EBITDA1 15.2 22.8 +50%
  6.7% 9.3% +2,6 pts
  5.8% 8.7% +2.9 pts
OPERATING INCOME (EBIT) 11.7 16.2 +38%
  5.2% 6.6% +1.4 pt
NET INCOME 5.3 7.7 +43%


Revenue growth (+9%)

SQLI accelerated its growth in 2022 with a 9% increase in consolidated revenue, mainly organic, to €245.9m. The implemented measures boosted its business in France, which grew +9.7% (€130.7m). The Group’s international business (€115.2m), up 8.4%, generated nearly 47% of its income.

Increase in earnings from ordinary activities (+64%) and normalised net income (+100%)

Thanks to this solid business growth, combined with higher margins, current operating profitability improved to €21.5m (8.7%).

There was a significant increase in France, where its current operating profitability rose 3.5 points to 6.7%. With 11.0% profitability, international business was up 2.2 points.

Operating income (EBIT) increased 38% to €16.2m, despite €5.3m in net non-current expenses (including approximately €3.0m associated with the 2022 takeover bid and the long-term incentive plan).

Expenses related to the full refinancing accounted for €1.1m, the net cost of debt (€4.0m), and the tax expense (€3.4m).

The consolidated net profit was €7.7m compared with €5.3m in 2021. Restated for non-recurring expenses mainly related to the takeover bid and the refinancing, the normalised net profit would double to €11.9m.

Low net debt / equity ratio (4%)

SQLI generated €15.0m in free cash flow2. This flow includes the partial use of factoring reserves (€6.5m) to finance growth and takes into account non-recurring items (takeover bid, refinancing). SQLI therefore had gross cash of €22.2m at the end of 2022.

In February 2022, SQLI completed a full refinancing by issuing a seven-year bullet bond for €28m and fully repaid its €49m in financial debt (syndicated and State-guaranteed loan). The group also negotiated two additional lines of credit (CAPEX credit and 36-month RCF line) for a total of €30m, not used to date, to finance its development.

Net financial debt (excluding IFRS 16) totalled €5m for equity of €110.6m.


After a return to normal health conditions, the demand for digital experience services shows no signs of losing steam. Many companies in the B2B sectors still have plans to implement e-commerce and experience platforms and, in particular, marketplaces. In B2C, our large customers need to shift their systems towards more flexible architectures.

SQLI is taking steps to meet these needs with the effective integration of its international subsidiaries, reorganisation by area of expertise in France, and ongoing investment in its development centre in Morocco. Thanks to the financing secured in 2022, SQLI will also be able to make targeted acquisitions.

In this context, SQLI’s goal is to maintain its revenue growth and continuously improve its profitability in 2023.

[1] EBITDA = earnings before interest, tax, depreciation, and amortisation (excl. IFRS 16)
[2] Net cash flow = operations (€28.3m) - investment (€3.6m) + IFRS 16 impact (-€9.6m)