EQS-News

STRATEC REPORTS RESULTS FOR 2023 FINANCIAL YEAR - Seite 2

bps = basis points
cc = at constant-currency

¹ For comparison purposes, adjusted figures for 2023 have been adjusted to exclude amortization from purchase price allocations in the context of acquisitions, as well as for other one-off items (consulting and reorganization expenses in connection with M&A activities and one-off personnel expenses). In the previous year, earnings figures were additionally adjusted to exclude a provision for expected back payments of tax (including interest payments).
 

BUSINESS PERFORMANCE
STRATEC generated consolidated sales of € 261.9 million in the 2023 financial year (previous year: € 274.6 million). On a constant-currency basis, this corresponds to a reduction of 3.8%. Natech Plastics, Inc., which was consolidated for the first time as of July 1, 2023, contributed 270 basis points to sales. This subdued overall sales performance is particularly due to additional laboratory capacities created during the COVID-19 pandemic and thus to the low level of dynamism currently apparent for molecular diagnostics instrumentation solutions. Sales were also adversely affected by high volumes of stocks at customers and development-related delays in a new veterinary diagnostics system generation. Positive developments in other areas, such as immunohematology, and new product launches were insufficient to fully offset these reductions. In view of these factors, constant-currency sales with Systems fell by 18.5% in the 2023 financial year. Given the sharp expansion in recent years in the installed base of systems in the market, by contrast, sales with Service Parts and Consumables rose by 9.6% at constant currency. Due to an ongoing high volume of development activities, sales with Development and Services also showed significant growth of 14.8% on a constant-currency basis.

CONSOLIDATED SALES BY OPERATING DIVISION

€ 000s	FY 2023	FY 2022	Change	Constant- currency change
Systems	113,839	140,845	-19.2%	-18.5%
Service Parts and Consumables	96,169	88,763	+8.3%	+9.6%
Development and Services	49,698	43,537	+14.2%	+14.8%
Other Activities	2,205	1,480	+49.0%	+49.0%
Consolidated sales	261,911	274,625	-4.6%	-3.8%

Adjusted EBIT stood at € 27.1 million in the 2023 financial year, as against € 45.1 million in the previous year. As a result, the adjusted EBIT margin decreased from 16.4% in the previous year to 10.3% and was within the most recently published guidance corridor. Among other factors, the year-on-year reduction in profitability is due to negative scale and product mix effects. Moreover, increases in input costs could only be passed on to customers at a later point in time.