Lacroix Group

First semester 2019-2020. Activity remains stable and EBITDA resilient, despite the impact of the health crisis.

First semester 2019-2020
Activity remains stable and EBITDA resilient, despite the impact of the health crisis

LACROIX Group (LACR - FR0000066607), an international technological equipment manufacturer, presents its results for the first half of 2019-2020 (period from 1 October 2019 to 31 March 2020). These results have undergone a limited review by the statutory auditors.

	HY1 2018-2019	HY1 2019-2020
Revenue	239.0	238.7
EBITDA (1)	12.1	12.3
As % of revenue	5.1%	5.2%
Operating profit	8.1	6.3
As % of revenue	3.4%	2.6%
Operating profit	7.3	6.2
Net financial income	(0.2)	(0.5)
Taxes and duties	(1.8)	(2.4)
Net income - group share	5.2	2.9

(1)     EBITDA corresponds to recurring operating income plus depreciations on tangible and intangible fixed assets (including, where applicable, on those recognised under a business combination), and the IFRS 2 “share-based payment” (non-cash) expense

A solid growth trajectory interrupted in March

In respect of the first half-year 2019-2020 (1 October 2019 to 31 March 2020), LACROIX Group recorded turnover of €238.7 M, remaining stable compared to the same period in financial year 2018-2019. At constant scope, the business shows a downturn of 3.6%.

After an increase of 7.6% for the first quarter and a growth trajectory superior to 6% for January-February, fully in line with expectations, the health crisis has led to a significant and rapid downturn in business from March onwards.

This impact is reflected in the evolution of revenue for the second quarter, which is in decline by 7.5% in comparison to the same period 2018-2019. The Group therefore estimates business losses in relation to this exceptional crisis at about €17 m by the end of March.

Over the semester, LACROIX Electronics records turnover for €155.8 m, a drop of 4.3%. After growth at the start of the period, reflecting the resumption of activity in Poland and the return to normal operating conditions in Tunisia, the second quarter shows a drop in turnover of 12.9%, integrating total or partial site closures imposed by lockdown and lower order volumes, particularly in the avionics and automotive sectors.