creditshelf Aktiengesellschaft: SME financier creditshelf continues strong growth in 2019
DGAP-News: creditshelf Aktiengesellschaft
/ Key word(s): Annual Results
SME financier creditshelf continues strong growth in 2019
Frankfurt am Main, Germany, March 23, 2020 - creditshelf Aktiengesellschaft again reports strong growth in fiscal year 2019. Driven by a continued expansion of its sales network, the digital SME financier was able to increase its revenue by around 92 percent to EUR 4,564.5 thousand over the previous year (EUR 2,379.0 thousand). For the first time, the increasingly successful cooperation with Commerzbank contributed to this positive development.
creditshelf's CEO Dr. Tim Thabe is very satisfied with the development in the past fiscal year: "Particulalry the seasonally strong final quarter has confirmed that it is becoming more and more natural for many SMEs to put their trust on digital platforms when it comes to financing solutions. At creditshelf, this trend is reflected in the strong growth in arranged loan volumes. Partnerships such as the increasingly successful cooperation with Commerzbank, for example, will play a growing role in the future."
On the investor side, creditshelf was able to lay important foundations for a further diversification of the institutional investor base through its strategic cooperation with BNP Paribas Asset Management and the anchor investment of the European Investment Fund (EIF) in the creditshelf fund to be launched.
The arranged loan volume via the creditshelf platform rose from EUR 50.7 million in 2018 to a total of EUR 88.5 million in the year under review. Accordingly, creditshelf recorded an increase in revenue from borrower fees, which rose to EUR 2,765.6 thousand (previous year: EUR 1,481.5 thousand). Revenues from investor fees increased to EUR 1,776.6 thousand (previous year: EUR 897.5 thousand) in fiscal year 2019. Overall, creditshelf thus achieved a 92 percent growth in group revenues to EUR 4,564.5 thousand (previous year: EUR 2,379.0 thousand). The final quarter of 2019 was the most successful quarter in creditshelf's history, with revenues of EUR 2,104.2 thousand, including EUR 1,255.6 thousand in December alone. Earnings before interest and taxes (EBIT) improved to minus EUR 4,954.3 thousand (previous year: minus EUR 5,370.9 thousand) driven by positive business development in the 2019 fiscal year.
A material item of expense in the 2019 fiscal year were increased personnel expenses of EUR 4,432.2 thousand (previous year: EUR 3,808.2 thousand), which were mainly driven by the planned expansion of staff capacity, particularly in sales and IT, and the successful strengthening of second level management. Marketing expenses increased to EUR 2,236.6 thousand (previous year: EUR 1,122.6 thousand) in fiscal year 2019 caused by additional, selected measures for digital performance and customer marketing. Furthermore, creditshelf in 2019 again invested in the development of its data-driven risk analysis and robustness of its platform. The acquisition of valendo GmbH, which was completed in the reporting period, particularly led to significant progress in further technological development of the platform.
For the current financial year, creditshelf's Management Board envisages growth to continue. In 2020, Management expects an increase in group revenue to between EUR 7.0 million and EUR 8.5 million. Driven by investments in further growth, particularly in personnel and software development, the Management Board expects negative EBIT in the corridor of EUR 4.0 million to EUR 5.5 million for the 2020 financial year.
At this point in time, the impact of the Corona virus pandemic on German SMEs is not reliably assessable. The current situation entails risks, but also offers opportunities for example with respect to the overdue digitization of the financial industry in Germany. creditshelf is positioned accordingly. The company has converted all employees to flexible working hours and home office at short notice - without affecting its digital business model.
creditshelf is in close contact with its customers. "In these very challenging times for our customers and the entire German SME sector, we are offering our services as a reliable partner," says creditshelf board member Dr. Daniel Bartsch. "It is now crucial that the funds reach the companies very promptly and pragmatically. We support them with short-term, flexible solutions".
The full 2019 annual report can be downloaded as from today from the company's investor relations website at ir.creditshelf.com.
creditshelf is a pioneer in the field of digital SME finance in Germany that arranges loans via its easy-to-use online platform, www.creditshelf.com. The company, which was founded in 2014 and is based in Frankfurt am Main, sees itself as a market and technology leader in the fast-growing digital SME finance business in Germany. As a provider of SME finance, creditshelf has developed its platform to meet the financing needs of German SME borrowers through loans from investors interested in this asset class. By offering to arrange corporate loans in this way, creditshelf enables small and medium-sized companies to access highly attractive alternative finance options. At the same time, creditshelf offers professional investors looking for attractive investment opportunities access to SME finance. The company's core competencies include the selection of suitable credit projects, credit quality analysis for potential borrowers, credit scoring, and risk-adequate pricing. creditshelf receives fees for its services from both the SME borrowers and the investors.
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