announcement
Spanish consultancy LLYC has closed 2022 with strong growth in its business figures. The preview of results, pending the final audit report, includes total income of 88.9 million euros, a new record for the consultancy. This figure is 39% better than that received in 2021 (64.1 million euros). Operating income (minus re-invoicing of customer expenses) reached EUR 72.7 million, up 36% on the previous year (EUR 53.3 million). Meanwhile, recurring EBITDA (gross operating profit) rose 26% to 16 million euros. In this way, the firm has met the objectives set out in its strategic plan.
Pro forma growth of operating income in 2022 is 19%. The three operations (China, Apache and BESO) acquired in 2021 contributed €15.6 million and are now fully integrated into the LLYC group. Organic growth in operating income also accounted for 19% and was evenly distributed between Europe, Latin America, and the United States.
In terms of profitability, there is a good balance between the results contributed by the companies achieved in 2021 (format EBITDA growth of 11%) and the results of LLYC operations (organic growth in EBITDA of 15%). LLYC’s operations demonstrated its resilience this year even in countries facing political and economic instability: 30% of EBITDA comes from the US. The United States has been confirmed as a region with great potential for growth and profitability and already accounts for 7% of the Group’s results.
LLYC has practically doubled its size since 2020 in both total (+99%) and operating (+81%) revenue and EBITDA (+90%). These results have allowed the firm to invest in team development. 2022 ended with 1,131 professionals in the group, compared to 966 (+17%) in 2021. Last year, 15% of the workforce (167 LLYCERS) were promoted to positions of greater responsibility. The LLYC team consists of young professionals (671 people have participated in the “Challengers” program over the year) and senior specialists in management positions (49 incorporations for management functions, Management,
bet on innovation
LLYC continues to focus on the transformation of its proposition: 32% of operating revenue already comes from the Deep Digital Business business unit. In addition, the firm has invested 800,000 euros in R+D+i projects, mainly from its deep learning area and for further development, for example, of its own algorithms for assessing the sentiment of social conversations. With a new layer of data analysis and its impact on brand reputation or a new connection structure to work with multiple sources of information.
Deep Digital Business Services has not only experienced an increase in demand (98% increase in revenue), but has also confirmed high value to the group.
budget 2023
In a context marked by uncertainty, LLYC expects to maintain its results growth this year. The budget approved by the firm’s board of directors includes an increase in operating income of 10% to 80 million euros. The total would reach 96,000,000 euros, up 8%. Recurring EBITDA will increase by 10% to 17.6 million euros.
Operating revenue will remain balanced between the three business units: 35% of operating revenue will come from Europe, 31% from the Americas and 34% from the Deep Digital business. This budget reflects organic growth only. The company continues to evaluate investment opportunities to add to these figures for new acquisitions.
jose antonio lorenteFounding Partner and Chairman of LLYC: “Despite the uncertainty, 2022 has once again been a good year for the firm. Revenue and EBITDA are in line with the objectives we set in the budget, with another year of solid double-digit growth. We are executing on the strategic plan, delivering on the commitments we made when we joined BME Growth, through the efforts of our team of professionals and the trust our customers place in us. We invest in talent with excellent incorporation and promotion. We are a solid, healthy and profitable consultancy, but also increasingly diverse, plural and creative, which allows us to face the challenges of the future in the best possible way.
“2023 is a challenging year for LLYC. The present context compels us to be prudent yet ambitious in achieving the goals we have set for ourselves. We will keep on growing. We seek to move forward with a global approach in the integration of our commercial offer that allows us to create more and better opportunities for our customers. We have always liked the change of leadership. I am sure our continued commitment to innovation and creativity will help us continue to set the pace while anticipating things to come.” Alexander RomeroCEO Global Day LLYC.
