XBP Europe Holdings, a pan-European integrator of bills, payments, and related solutions, reported a decrease in net revenue for the third quarter of 2024. The company's net revenue decreased by 5.6% to $35.4 million compared to $37.5 million in the same period last year. The decline was attributed to lower postage revenue, lower volumes, and client contract ends, partially offset by new business. The cost of revenue also decreased by 15.6%, reflecting completed projects and optimization efforts. Operating profit increased significantly to $2.509 million from $348 thousand year-over-year. Net loss from continuing operations was $1.226 million, slightly higher than the previous year's $1.219 million. The company's digital foundation supports fully outsourced solutions, with a focus on finance and accounting solutions and services. XBP...Show More

XBP Europe Holdings, a pan-European integrator of bills, payments, and related solutions, reported a decrease in net revenue for the third quarter of 2024. The company's net revenue decreased by 5.6% to $35.4 million compared to $37.5 million in the same period last year. The decline was attributed to lower postage revenue, lower volumes, and client contract ends, partially offset by new business. The cost of revenue also decreased by 15.6%, reflecting completed projects and optimization efforts. Operating profit increased significantly to $2.509 million from $348 thousand year-over-year. Net loss from continuing operations was $1.226 million, slightly higher than the previous year's $1.219 million. The company's digital foundation supports fully outsourced solutions, with a focus on finance and accounting solutions and services. XBP Europe has rolled out Work From Anywhere applications in response to the COVID-19 pandemic. As of September 30, 2024, the company had approximately 1,500 employees across 16 countries. Looking ahead, XBP Europe anticipates spending $1.5 to $2.5 million on capital expenditures over the next twelve months and will continue to evaluate additional capital needs. The company believes its current cash, cash equivalents, and cash flows from financing activities will meet working capital and capital expenditure requirements for at least the next twelve months.