Axon Partners Group’s results for the financial year 2023 were presented on 29 April.
Despite a challenging year for the private equity industry, particularly in the technology sector, Axon continued to expand across all business lines. Revenues from the consulting and investment divisions increased by 13% to EUR 19 million (20% growth excluding one-off items in 2022), with a profit before tax of EUR 5.8 million. The balance sheet remains strong, in line with previous years, with cash of EUR 7.9 million, assets of EUR 30 million and no debt.
In line with our commitment, the Board of Directors has proposed a dividend distribution of EUR 0.63 per share to be paid next July.
The Consulting Division achieved a 13% increase in revenues and continues to expand its portfolio of large clients, particularly in cybersecurity, telecommunications and AI. The Division also met its revenue per consultant targets, reaching €244,000, which brings it closer to those of leading global strategy consultancies. At the same time, the team has made significant efforts to develop the Middle East market, with a strong presence in several countries.
The Investment Division continued to grow strongly, consolidating its four investment strategies: growth equity, crossover, climate tech and venture capital funds of funds. This resulted in a 33% increase in net AUM over 2022, reaching €600m. The performance of the funds under management continues to outperform the market average across all categories. Of particular note was the Axon IV fund (growth strategy), which closed 2023 in the global top decile according to Pitchbook data.
Following the consolidation of the equity strategies, the firm has launched a fifth strategy focused on equity debt for innovation companies, where a first fund has already been in operation since the beginning of 2024. This fund was awarded by public tender through the European Investment Bank (EIB) and financed by the ‘Andalucía FEDER Programme 2021-2027’. The debt strategy is highly complementary to the equity strategy, as it shares the origination processes and provides a wider range of opportunities for entrepreneurs, thereby expanding the potential universe of opportunities for the firm.
Furthermore, Axon established a presence in Milan in 2023 to support expansion in Italy, where the firm already has five investments.
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