The Board of Directors of MailUp approved the consolidated half-year report as of 30 June 2019

  • Consolidated REVENUES of EUR 29.31M, +63% versus 30 June 2018
  • Consolidated foreign REVENUES of EUR 13.38M, +71% versus 30 June 2018
  • Consolidated EBITDA of EUR 2.14M, +15% versus 30 June 2018
  • Consolidated NET EARNINGS of EUR 0.41M, -20% versus 30 June 2018
  • Consolidated NET CASH POSITION of EUR 4.4M, versus EUR 6.4M as of 31 December 2018

MailUp S.p.A. (the “Company” or “MailUp“), a company admitted to trading on the multilateral trading facility AIM Italia / Alternative Investment Market and operating in the cloud marketing technology field, has announced today that the Board of Directors passed a resolution to approve the consolidated report for the six-month period ended on 30 June 2019, prepared in compliance to international accounting standards (IAS/IFRS).

Here follow the half-year Group results as of 30 June 2019:

Here follow the half-year Group results by business unit as of 30 June 2019:


The Board of Directors is satisfied for the positive half-year results. especially in light of the highly competitive market landscape and complex overall economic situation.

The half-year P&L posts total revenues in excess of EUR 29M, showing an increase for EUR 11+M or +63% versus the same period of 2018. As per the results by business line, the SMS line – dynamic, volatile and highly price-oriented by nature – posted the biggest top-line growth in excess of 8.9M (+74%) versus 1H 2018 at over EUR 20M consolidated sales, particularly because of Agile Telecom’s volume growth. The Email line, steadier and consolidated by nature within the Group, showed a +15% increase, with revenues in excess of EUR 6M, thanks to the excellent performance of BEE editor, which posted a substantial, increasing growth to EUR 1+M 1H 2019 revenues (+147% vs EUR 426k in 1H 2018), measuring the rapidly increasing recognition of the product by marketers globally. Positive if subdued is the trend for Professional Services, on-demand consulting for customisation and training on the Group platforms, which increased by 45+%. The Predictive Marketing line also posted excellent results, thanks to the performance of the newly acquired Datatrics B.V. (December 2018) and the newly incorporated domestic subsidiary Datatrics S.r.l., for which no comparative data are available for 1H 2018 as they are first consolidated at P&L level in 2019. Foreign revenues amounted to ca. EUR 13.38M, showing a substantial growth trend on 1H 2018 both in absolute (+71%) and relative terms (46% incidence versus 44%).

Consolidated EBITDA amounted to EUR 2.14+M, growing by +15% versus 1H 2018 (EUR 1.87M). The positive net variation of EUR 278,443 is mainly due to the following factors: (i) the positive impact of EUR 333,497 from first-time adoption of the new IFRS 16 on lease accounting without comparative data restatement, starting from 1 January, 2019; (ii) the negative impact of EUR 670,906 from contingent liabilities, i.e. extra expenses for 2018, on certain supplies for Agile Telecom, which will be discontinued during 2H 2019; (iii) the negative effect of Datatrics start-up margins.

Net of depreciation, amortisation and net financial expenses; Earnings Before Taxes amount to EUR 786k, decreasing on 1H 2018 by EUR 230k, with depreciations growing by EUR 476k (+55% versus 1H 2018), related to IFRS 16 first-time adoption which caused EUR 324,738 greater amortisations, EUR 15,983 greater financial expenditures and an overall consolidated effect of EUR 7,224 greater costs in 1H 2019.

Net Earnings for 1H 2019, after estimated current and deferred taxes, amount to EUR 411k, decreasing by -20% versus the same period of 2018 (EUR 513k).

The consolidated Net Financial Position as of 30 June 2019 is negative (for net cash) and amounts to EUR 4.4M, decreasing versus the previously recorded (net cash) amounts of EUR 6.4M as of 31 December 2018. The variation is positively influenced by the operating cash flow, but it is counterbalanced by the bigger debt figure from IFRS 16 first-time adoption, for an amount of EUR 2.4M, as well as cash outs for the last earn-out tranche on Agile Telecom (EUR 600k paid in June 2019) and second tranche on Datatrics’s purchase price (EUR 374k paid in April 2019).

Significant events after the reporting period

On 10 July 2019, MAIL share price hit a new historic high at EUR 4.49 per share; at such price level, the company’s market cap exceeded EUR 67M.

On 30 July 2019, MailUp’s Board of Directors acknowledged that the wholly owned subsidiary MailUp Inc. started a process to internalise business development, though the addition to its organisation of a specific professional role as Chief Growth Officer, also in consideration of (i) potential synergies with other Group’s platforms, and (ii) consolidated business plan targets. The role will be in charge of the strategy and business development of the five Business Units of MailUp Group. In detail, the Chief Growth Officer will be in charge of the Group corporate development and will take care of enhancing the synergy among MailUp Group’s platforms, determining development opportunities and growth. Following a scouting process, the candidate has been determined to be Mr. Armando Biondi, previously Independent Director of the Company, who accepted the above-mentioned role of Chief Growth Officer. For any further detail, please refer to the press release which was issued on the corresponding date.

By the end of 2019, the Company’s Milan headquarter will be moved to the new address of Via Pola, 9 – Milano. The project includes a new 1,150 sqm single-floor space with ca. 90 freely allocated workstations, and is part of a wider project named “MailUp People Strategy” aiming at introducing Smart Working as a distributed working model and improving people’s professional life quality.

BDO S.p.A., appointed audit firm, performed a limited review of on the half-year consolidated report for the six months period ended on 30 June 2019 and issued today a unqualified opinion.

Matteo Monfredini, Chairman and founder of MailUp Group, stated: “We are satisfied with these results, which corroborate the soundness and potential of the investments made so far, notwithstanding a complex and highly competitive market landscape. Overall growth for all business units, particularly BEE and Datatrics, which nearly matched FY 2018 sales levels, confirm our vision of a Group based on a business mix of innovative, complementary and synergic activities.”

Nazzareno Gorni, CEO and founder of MailUp Group, stated: “The business development deploys according to our plans, with BEE successfully competing on a global scale and Datatrics achieving important milestones within the plan that was set at the time of the acquisition. Margins slowed down mainly because of an unforeseen, non-repeatable event concerning Agile Telecom, which we do not expect to bear any consequence in the coming years. After the closing of 1H 2019, the Group’s operational enhancement proceeds, with the introduction of new relevant User Experience skills in order to improve our products’ usability, and the Chief Growth Officer appointment, bringing on

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