Solid market alignment, a significant increase in new and recurring revenue, and strategic cost control contribute to a positive 2024 outlook, with EBITDA breakeven now expected earlier than previously guided
NEW YORK, Feb. 7, 2024 /PRNewswire-PRWeb/ -- FADEL®, innovator of brand compliance and rights and royalty management software, has announced its pre-close 2023 fiscal year trading update based on unaudited management accounts, with year-on-year revenue up 10% and recurring revenue up 31%. Further, prudent management of costs should ensure FADEL reaches EBITDA breakeven earlier than previously forecast.
2023 brought big wins for FADEL in the consumer goods industry, with powerhouse net-new clients including PepsiCo, Kimberly-Clark, Sanofi, and Philip Morris. At the same time, FADEL expanded their footprint in existing blue-chip customers, including Hasbro, Abrams Books, Media Participations, Hachette Livre, and Macmillan Learning, with additional product licenses, upgrades, subscription support, and professional services. These successes further solidify FADEL's position as an industry leader, providing a strong platform for future opportunities.
"Since our 2023 IPO on the London Stock Exchange (#FADL), we have successfully executed against our strategic objectives through investing in technical innovation and growing our sales and demand generation teams," commented Founder and CEO Tarek Fadel. "The launch of Brand Vision in 2023 alongside strategic enhancements to PictureDesk, Content Tracking, and IPM Suite, have all consolidated our position as a leader in the digital content services and intellectual property licensing software market."
Cross-industry trends of strategic investment in digital transformation initiatives, increasing needs surrounding digital marketing, and pressures to maintain brand compliance in an ever-evolving omnichannel environment are creating a growing total addressable market, increasing the demand for FADEL's product portfolio. FADEL's significant incline in recurring revenue, encouraging pipeline, and upcoming professional services engagements, underpin confidence in revenue growth plans for 2024. Further, a diligent cost management strategy should position the company to achieve EBITDA breakeven prior to originally planned.
FADEL®, innovator of brand compliance, rights management, and royalty billing software, has worked with some of the biggest names in media, life sciences, fast-moving consumer goods, publishing, high-tech, and advertising. By automating talent and content rights management across videos, photos, ads, music, products, and brands, and streamlining the processing of licensing royalties, FADEL's cloud-based solutions have empowered businesses to significantly maximize revenues and increase process efficiencies. Founded in 2003, FADEL is headquartered in New York City, and also operates offices in Los Angeles, London, Paris, and Lebanon. For more information, visit fadel.com.