Revenue down 6%, recurring revenue up 21% in first quarter of 2024

Other key points

• Revenue for the full year is expected to grow, fully driven by the second half of the year.
• Capital Markets Day will be held on November 7, 2024.

In the first quarter of 2024, revenue was down 6% compared to the first quarter of 2023. There was a 22% increase in revenue in the first quarter of last year. Nearly half of this growth was driven by catching up with delivery backlogs, leading to increased product deliveries to customers.

In the key markets Healthcare and Security Management, revenue grew in the first quarter of 2024. Revenue in the key markets Livestock Management and Retail was down. During the last quarter of 2023, a moderation in product demand was seen in these two key markets due to customers and partners reaching full capacity in combination with softening market conditions. As expected, this trend continued into the first months of the current year. Recurring revenue grew by 21% driven by growth in all key markets.

Outlook

For the full year 2024, unforeseen circumstances notwithstanding, we anticipate further revenue growth, whereby we expect that this growth will take place in the second half of the year.

Capital Markets Day

A Capital Markets Day will be held on November 7, 2024 at the Nedap Campus in Groenlo. At this event an update of the Step Up! strategy will be presented.

Read the full press release here: Press release Trading update Q1 2024