NFON improved its adjusted EBITDA by more than €9m year-on-year in financial year 2023 to €8.4m.
It also grew revenues 1.9% to €93.7m, with its share of recurring revenue increasing to 93.7% of this total.
Free cash flow was positive for the first time since NFON’s stock exchange listing at €1.0 million.
NFON attributes this growth to acquiring new customers, activating additional seats and offering expanded products to existing customers.
The number of seats installed with customers was increased by 3.4% to a total of 655,967 in financial year 2023.
NFON initiated a transformation process in the first half of 2023, with re-staffing and reorganisation of the management levels.
Patrik Heider, CEO and CFO of NFON since the second quarter of 2023, said: “In 2023, we already achieved significant improvements in our results and initiated key strategic projects.
“It is now a matter of continuing to work on operational excellence at NFON in the transformation year 2024 in order to further boost our profitability on this basis and also speed up the growth rate again from 2025 onwards.”
For financial year 2024, NFON plans growth in recurring revenue of a mid- to upper-single-digit percentage. On this basis, the Management Board anticipates a share of recurring revenue of >90% of total revenue. Adjusted EBITDA is expected to be between €10m and €12m.