DGAP-News

adesso sees ongoing strong organic growth in the first half of 2020 despite pandemic and records an increase in operating earnings

DGAP-News: adesso SE / Key word(s): Half Year Results adesso sees ongoing strong organic growth in the first half of 2020 despite pandemic and records an increase in operating earnings 31.08.2020 / 07:32 The issuer is solely responsible for the content of this announcement. adesso sees ongoing strong organic growth in the first half of 2020 despite pandemic and records an increase in operating earnings

- Sales up 15 % to EUR 246.1 million

- EBITDA increases disproportionately by 20 % to EUR 21.6 million (previous year: EUR 18.0 million)

- Second half of the year expected to be stronger due to licensing revenues and a higher number of working days

- Overall annual forecast confirmed

With the presentation of its half-year report, adesso SE has confirmed the growth-oriented sales and earnings forecast for 2020 despite the COVID-19 pandemic. The adesso Group increased sales in the first half of 2020 as compared to the previous year almost entirely organically by 15 % to reach a new half-year high of EUR 246.1 million. In contrast to the same period of the previous year, growth was primarily achieved in the IT services segment. The weaker capacity utilisation in some industries in the second quarter due to the COVID 19 pandemic was compensated for by factors such as temporary short-time work and cost savings. Overall, adesso's business model proved to be comparatively resilient in the first half of 2020, with the result that sales growth is expected to continue in the second half of the year. EBITDA is expected to increase compared to the first half of the year due to the higher number of working days as well as licensing and SaaS revenues. The forecast for the year as a whole is confirmed on this basis.

The adesso Group increased sales in the first half of 2020 by 15 % year on year to EUR 246.1 million. Of that growth, 14 percentage points were achieved organically. This enabled adesso to once again easily exceed its target of outperforming overall market growth organically by at least a factor of two. All established adesso subsidiaries have recorded year-on-year increases in sales. The companies in Spain and Turkey in particular were able to further improve their revenues very significantly in percentage terms compared to the previous year. The adesso national subsidiary in Germany recorded the largest increase in sales in absolute terms. Here, adesso has profited from a sharp rise in the number of employees in the last two years and a high volume of new projects secured across many core sectors. Growth in sales was particularly noticeable in the healthcare, manufacturing industry and public administration sectors.