DGAP-News
paragon AG: paragon remains on growth trajectory
DGAP-News: paragon AG / Key word(s): Quarter Results
paragon AG: paragon remains on growth trajectory
19.11.2014 / 09:58
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paragon remains on growth trajectory
- Consolidated revenue for paragon AG up by 7.2 percent after nine months
- Operating earnings substantially higher year on year
- Capital investment up to EUR4.5 million, three times the level of Q3
2013
- Electromobility: sustained heavy demand for large batteries
Delbrück, November 19, 2014: The revenue and earnings reported by paragon
AG for the first nine months of 2014 are still on track on the back of the
continuously satisfactory performance of its current business. Consolidated
revenue for the first three quarters of the year grew by 7.2 percent to
EUR56.0 million (Q1-Q3 2013: EUR52.2 million), consolidated revenue for the
third quarter at EUR18.2 million exceeded the previous year's figure of
EUR16.2 million by 10.0 percent. Although earnings before interest and tax
(EBIT) declined from EUR3.6 million to EUR2.0 million owing to the
substantial additional year-on-year expenditure of EUR2.6 million incurred
by the expansion of the Company's new business segments, adjusted EBIT
jumped by 25.9 percent to EUR4.6 million. For the year as a whole the
Managing Board still expects the Company to achieve its forecast revenue
growth of 8 percent and an adjusted EBIT margin of around 10 percent.
Klaus Dieter Frers, CEO of paragon AG: "We have issued our corporate bond
to facilitate significant growth investments and it has always been clear
that these will have a temporary impact on our earnings situation. We
deliberately accept this development, especially as it becomes increasingly
clear that customer demand particularly in the Electromobility business
segment over the medium to long term will far outstrip our previous
expectations. Due to delays caused by our end customer large amounts of
revenue from our battery packs will be recognized only in the financial
year 2015; however, we will still meet our forecasts for the current
financial year."
Significant investment for the future
The Company's operating performance in the first nine months of 2014 was
strongly influenced by the encouraging level of existing business involving
products for premium manufacturers. Revenue in the Acoustics business
segment alone jumped by 24 percent. In the Sensors business segment the air
quality improver is becoming a growing success story, and paragon's
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