Cicor records solid growth in the first quarter and further strengthens its position in the core markets

Cicor Technologies Ltd / Key word(s): Quarter Results Cicor records solid growth in the first quarter and further strengthens its position in the core markets 16-Apr-2024 / 07:00 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Bronschhofen, April 16, 2024 – The Cicor Group (SIX Swiss Exchange: CICN) continued to grow in the first three months of the year. Quarterly sales increased by 11.8% to CHF 107.3 million compared to the first quarter of the previous year (Q1/2023: CHF 96.0 million).

Despite the current economic weakness, the Cicor Group achieved slight organic sales growth of 0.3% and a book-to-bill ratio of 1.0 before acquisitions. The main contribution to growth came from STS Defence (STS), which has been consolidated since January 24, 2024. Due to the aperiodic order intake in the aerospace & defence market – important projects had been won in the months prior to the integration – STS has only recorded a small number of new orders since the acquisition. As a result, new orders in the first quarter of 2024 amounted to CHF 97.4 million (Q1/2023: CHF 95.0 million), corresponding to a book-to-bill ratio of 0.9. Cicor thus continues to have a very high order backlog, which is almost equivalent to one year's sales.

Effective March 31, 2024, Cicor became the European market leader in the production of high-end electronics for the aerospace and defence sector and achieved market leadership in the UK through the acquisition of the three production sites of TT Electronics in the UK and China and the previously acquired companies Axis Electronics (integration 2021) and STS Defence (integration 2024). With these acquisitions and the integration of Evolution Medtec in February 2024, Cicor has taken another step forward in implementing its strategy to become the European market leader in the core markets of medical, industrial and aerospace & defence.