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Invibes Advertising : 2021 annual results: strong growth in profitability as business doubles.

·5-min read

Press release

2021 annual results: strong growth in profitability as business doubles

London, March 22, 2022 Invibes Advertising, an advanced technology company specialising in digital advertising, , is reporting strong growth in its annual results for 2021 in a context of a doubling of activity.

The annual financial report is available on the Company's website:

Consolidated data
Audited, in K€.


2020 *



23 201

11 530


Purchases and external charges

(13 595)

(6 781)


Staff costs

(8 159)

(4 513)



1 422


+1 186K€

Depreciation and provisions



+18 %

Operating profit



+1 042 K€

Financial result




Extraordinary result








Net result



+1 245 K€

* 2020 data presented according to the new valuation method under IFRS

Organic revenues double to €23.2m

On 17 January, Invibes Advertising announced a doubling of its revenues, based entirely on an organic growth, compared to 2020. Generating €23.2m, exceeding the target of €22m that it had set for the financial year.

Over the period, the Group benefited from the sustained increase (+69%) of the existing countries (France, Spain, Switzerland and ML2Grow) demonstrating that, although in an advanced stage, these countries still had strong development potential.

The countries in the scale-up phase (Germany, United Kingdom, Italy, Belgium) also posted very strong growth in 2021 (x 5.2), just one year after their launch, again illustrating the strength of Invibes Advertising's international development model. This is based on its proven ability to roll out its activity rapidly and successfully in a new country so that it becomes a contributor to the business.

In this respect, the new countries recently opened (Netherlands, Nordic countries, South Africa and UAE), which are currently in the start-up phase, should in turn rapidly gain momentum to contribute to the Group's growth from 2022.

Sustained EBITDA growth in 2021

The strong international expansion recorded by the Group in 2021 was characterised by the continued structuring of teams to support this growth. In total, new recruitments in 2021 brought the total workforce, in full-time equivalence, to 124 in 2021 compared with 84 in 2020.

The Group's experience in successfully launching its business in more than 10 countries worldwide has resulted in a controlled and rigorous management of its cost structure over the period, enabling it to post a sustained increase in EBITDA to €1,422k in 2021 from €236k in 2020.

The breakdown of EBITDA by country maturity is as follows:

Consolidated data,
Audited, in K€.



Existing countries (1)


17 802

10 504


5 080

2 969

EBITDA margin

29 %

28 %

Scale-up (2)


5 379

1 026




EBITDA margin



New countries (start-ups) (3)







EBITDA margin



Group overheads (4)

(3 758)

(2 048)

Consolidated EBITDA

1 422


(1) France, Spain, Switzerland and ML2GROW
(2) Germany, UK, Italy, Belgium, and Invibes International
(3) Sweden, Norway, Denmark, South Africa, Netherlands, Dubai
(4) General expenses excluding CAPEX

After accounting for depreciation of €958k, Invibes Advertising posted an operating profit of €464k, compared with an operating loss of -€578k in 2020.

Including in 2021 a financial charge of -€354k, and a tax credit of €259k linked to the activation of deferred taxes, the net result is positive at €369k against a net loss of -€876k in 2020.

Ambition: to reach a turnover of €100 million by 2024

To continue its development, the Group can rely on a financial structure that includes a net cash position2 which has more than doubled over the period and amounts to €8.4m at the end of December 2021, compared to €3.9m at the end of 2020. This amount does not include the capital increase of €17m which was successfully completed by private placement last January.

With these strengthened financial resources, the Group has the means to pursue its ambitious roadmap, which is based on six strategic levers:

  • Acceleration of existing countries.

  • Expanding to new countries.

  • Strengthening its technology platform.

  • Deployment of technology services for its strategic clients.

  • The launch of a 100% self-service platform dedicated to SMEs.

  • The development of its subsidiary ML2Grow, which specialises in services to companies for Big Data and artificial intelligence projects.

This offensive strategy should enable Invibes Advertising to reach a turnover of €100m by 2024, representing a weighted average annual growth rate (CAGR) between 2020 and 2024 of around +72%. While a significant proportion of this growth will be achieved through organic growth, it could also include a proportion through external growth.

Next publication: Q1 2022 turnover, on 20 April 2022, after the close of trading

About Invibes Advertising

Invibes Advertising is an advanced technology company specialising in digital advertising. Its innovative solutions are based on an in-feed format, integrated into media content.

Invibes is inspired by social media advertising and develops its own technology to help brands better communicate with consumers. Its technology is optimised for delivery on a closed network of media groups, including Bertelsmann, Hearst, Unify, Groupe Marie Claire, Axel Springer, and many others. Clients include major brands such as Mercedes, Samsung, Levi’s, and IBM.

Founded in 2011, Invibes Advertising is a listed company on Euronext Growth Paris (Ticker: ALINV - ISIN: BE0974299316). Visit for more information.

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Financial & Corporate Contacts:

Audry Mela, VP Investor Relations

Nicolas Pollet, co-CEO

Kris Vlaemynck, co-CEO

1 EBITDA = current operating income before depreciation and provisions
2 Cash and cash equivalents - non-current financial liabilities


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