LACROIX Group

Annual results 2019-2020. Proven resilience in the face of the crisis. On course to making the most of recovery. - Seite 2

After a start to the financial year driven by still robust activity with a first quarter up 7.6%, the growth momentum was logically stopped by the first national lockdown, impacting the end of the second quarter    (-7.5% over the period from January to March) and especially the third quarter (-36.1% for the period from April to June).

With the gradual lifting of restrictive health measures, business has steadily recovered, demonstrating the resilience of the Group, which has made a rapid return to growth with increases of 1.8% and 2.2% respectively in the fourth and fifth quarters (compared to the previous year).

For the full 2019-2020 financial year (15 months, from 1 October 2019 to 31 December 2020), LACROIX recorded revenue of €566.3 million, up 17.6% on a reported basis. On a pro forma basis (12 months, from 1 January to 31 December 2020), the latter came to €441.0 million, down 8.4%, entirely in line with the target announced in spring 2020 (an expected fall of around 10%).

The upturn underway is all the more encouraging as it is driven by all the Group's activities:

• The Electronics Activity posted revenues of €355.2 million over 15 months, up 11.8% on a reported basis. On a 12-month pro forma basis, it fell by 13.3%, compared with a fall of 17.0% at the end of June 2020 (of which 43% in the third quarter alone), partially offset by a return to balance in the fourth and fifth quarters. The rebound was driven in particular by the automotive sector, while demand from the aeronautics sector, whose contribution to the division's activity did not exceed 8% before the crisis, remains strongly contracted for the time being.
   
• Boosted by new uses, the City Activity held up well with revenues on a 12-month pro forma basis down by a limited 6.2% and a return to growth from the fourth quarter (+0.4%), confirmed in the fifth quarter (+7.3%). Over 15 months, revenue for the activity was €125.3 million, up 19.8% on a reported basis.
   
• The Environment Activity also held up remarkably well with growth of 14.1% on a 12-month pro forma basis, driven by maintained sales momentum and the sound contribution of SAE IT Systems in the field of the Smart Grid (acquisition carried out in February 2019). On a reported basis, the 15-month revenues were up 44.9% to €85.8 million.

Vincent Bedouin, Chairman and CEO of LACROIX, “While the health crisis has logically penalised us, forcing us to postpone achieving the objectives of our Ambition 2020 strategic plan, we are nonetheless very satisfied with the resilience demonstrated by all our activities, which have made a rapid turnaround. Our ability to ensure business continuity with our customers and the successful integration of our latest acquisitions have enabled us to cope with this unprecedented context. While the current situation still calls for caution, we are now ready to prepare for tomorrow’s growth and set new ambitions.”