Latin America continues to be the region that contributes most of Prosegur's sales

Results for the first half of 2023

This region represents 63% of the company's total income, with 620 million euros in the first half.

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Prosegur Cash has announced its results for the first half of 2023, highlighting solid performance and continued growth in all its business areas and geographies. 

 

During the first half of 2023, Prosegur Cash has recorded a total turnover of 979 million euros, which represents an increase of 10,9% compared to the same period of the previous year. This growth has been driven by outstanding organic performance, which has seen an improvement of 33%, reflecting the company's solid position in the market. 

 

The company's EBITA has shown a positive growth of 7,1%, reaching 129 million euros in the first half, which represents a margin on sales of 13,2%=. Prosegur Cash continues to improve its margins quarter by quarter, both in absolute and relative terms, with a flat EBITA margin of 13,7% in the second quarter, despite the impact of the currency and the seasonality of the Forex business. 

 

Outstanding record of new products  

 

Once again, new products have played a fundamental role in Prosegur Cash's growth strategy, already representing 29,1% of total sales in the first half of 2023, which represents an increase in penetration of 570 basis points. . During this period, sales of new products reached €150 million, marking a record quarter and showing an increase of 38% compared to the same period of the previous year. 

 

Cash automation solutions Cash Today, the Corban correspondent banking service and the currency exchange business foreign exchange Forex have been the main drivers of the growth of new products, which has occurred across the board in all the geographies in which the company operates. 

 

The approval of the merger in Australia represents a fundamental milestone in the development of the company and the industry

 

Activity by geography 

 

Regarding activity by geography, Latin America continues to be the region that contributes most of the group's sales, representing 63% of total revenues with 620 million euros in the first half. During this period, the region's organic growth accelerated, reaching 41,7% compared to the same period of the previous year, allowing a 3% increase in sales despite the negative impact of currencies in various countries. . In addition, the penetration of new products increased to 30% of total sales, registering a growth of 14%. 

 

En Europe, which represents 29% of total turnover, sales reached 286 million euros, 31% more. Of note is the organic growth of 12,4% and the exceptional performance of new products, which, excluding the incorporation of the Forex business, increased by 17,1%. 

 

The region of Pacific Asia, which represents 8% of total sales, experienced sales growth of 15,6 % during the first semester, supported by excellent organic growth of 20,8% and much higher than the negative impact of currencies of -6,0%. New products in the region continued to show solid growth of 40%, driven primarily by strong Forex performance. 

 

Notable Milestones: Merger and ESG Recognition 

 

In addition to the financial results, Prosegur Cash has achieved important milestones during the first half of 2023. The approval of the merger between Prosegur Australia and Armaguard by the regulator has been a fundamental step in the process of creating a project that guarantees supply sustainable cash in Australia. 

 

On the other hand, S&P Global Ratings has recognized Prosegur Cash for its leadership in environmental matters, social and corporate governance (ESG). Prosegur Cash obtained an evaluation of 64/100 in its ESG commitment, becoming together with Prosegur the first private security companies to obtain and publish this evaluation last year. Both companies remain the only ones in the security services subsector to currently have a public ESG assessment. 

 

Prosegur Cash continues to demonstrate its ability to lead the cash management sector worldwide, driving transformation and offering innovative solutions to its clients. Thanks to continued investment, new product expansion and its focus on sustainability, the company is in a strong position to continue growing and generating value over the long term.