Harvest Technology plc - Full-Year Results

On 18 April 2024, Harvest Technology plc published the Annual Report and Financial Statements for the year ended 31 December 2023.

Performance Overview

Revenue decreased by 10.0% to €14.6 million (2022: €16.8 million) driven by the delays in the timing of several key contracts which were subsequently awarded in 2024. Meanwhile, revenues from maintenance, support and servicing, payment gateway services, as well as consulting services remained relatively unchanged.

On the expenditure side, total operating costs dropped by 2.9% to €13.0 million from €13.4 million in the previous year driven by lower cost of sales. The expenses for 2023 include a provision of €0.5 million in respect of a project that was not delivered due to issues with a subcontractor.

Operating profit declined by 59.9% to €0.84 million (2022: €2.09 million). Excluding depreciation and amortisation charges of €0.86 million, EBITDA contracted by 41.3% to €1.69 million, which translates into an EBITDA margin of 11.6% compared to 17.7% in 2022.

After accounting for minimal net finance costs, Harvest recorded a pre-tax profit of €0.82 million, 60% less than the €2.06 million in 2022. Adjusting for the €0.5 million provision relating to the undelivered project, the profit before tax would have been in line with the target of €1.4 million published in June 2023. Overall, Harvest posted a net profit of €0.59 million (2022: €1.34 million) which translates into a return on average equity of 4.25% (2022: 9.94%).

The Statement of Financial Position as at 31 December 2023 shows that total assets dropped by 2.8% (-€0.6 million) to €20.6 million whilst total liabilities fell by 14.0% (-€1.1 million) to €6.57 million. Overall, the company’s equity base expanded by 3.5% (+€0.5 million) to €14.1 million, resulting in a net asset value per share of €0.618.


The Directors of Harvest resolved to distribute a final net dividend of €0.005 per share to all shareholders as at the close of trading on 26 April 2024. Given that Harvest did not distribute any interim dividend, the total dividend attributable to FY2023 amounts to €0.005 per share which is 85.7% lower than the total dividend of €0.035 per share awarded in the previous year.


The Directors explained that 2023 marked the completion of the payment orchestration platform, Synthesis at Apcopay. The new cloud-enabled platform was launched in September 2023 and offers additional features for global clientele. Moreover, during the year, Apcopay processed over €1 billion in payments, an increase of 51% versus 2022. Additionally, Apcopay entered into a new collaboration with Cashmatic, distributing self-pay and automated cash machines to retail and hospitality customers. Meanwhile, PTL is focusing on expanding its service offering both locally and internationally. The Chairman explained that in 2024, Harvest will continue to position the businesses to develop new growth opportunities in an ever-changing technology landscape.