Resilient Financial Performance and Continued Strategic Progress in 2019/20 despite COVID-19
Nørresundby, 24 November 2020
Announcement no. 39/2020
Annual Report 2019/20
(the period 1 October 2019 – 30 September 2020)
2019/20 developed quite differently than expected going into the financial year. The COVID-19 pandemic and the countermeasures against the pandemic around the world has resulted in global financial uncertainties which have also had an impact on RTX’s markets. However, RTX’s business model remains fundamentally strong, and with prudent cost management RTX managed to end the year with earnings within the original expectations despite lower than originally expected revenues.
FINANCIAL HIGHLIGHTS FOR 2019/20
RTX met the earnings guidance from the beginning of the year despite revenues being lower than originally expected due to COVID-19 and the
resulting global financial uncertainty. The revenue outlook was updated during the year (on 24 August 2020) and the updated revenue outlook has been met.
- Revenue reached DKK 556 million, a decrease of 1% from DKK 560 million.
- EBITDA reached DKK 108 million, an increase of 8% from DKK 100 million.
- EBIT reached DKK 84 million, a decrease of 4% from DKK 87 million.
- EPS reached DKK 7.5 per share, a decrease of 11% from DKK 8.4.
- Cash flow from operations (CFFO) reached DKK 71 million and RTX’s has a net cash position of DKK 195 million at year-end 2019/20.
Refer also to the section “Financial performance 2019/20” below.
CEO Peter Røpke in a comment to the annual report:
“The financial year has been quite different from what anybody could expect. However, I believe that
the robust earnings performance of RTX in the past year in the face of adverse conditions around the world is a testament to the resilience of our business model, to the dedication of our employees
and to our strong cooperation with customers who are global leaders in their respective industries.”
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BEING RESILIENT WHILE CONTINUING WITH GROWTH STRATEGY
Our target markets were impacted in different ways by COVID-19 and the resulting global uncertainty. Certain segments
were positively affected. Our Healthcare segment – with products for patient monitoring in intensive care units – achieved substantial growth. Also, growing this year were our headset products into
the Enterprise segment driven by increased distance working (home office). On the other hand, certain parts of our ProAudio customers and products focused on live events were negatively impacted by
the countermeasures against COVID-19 during the year.