DGAP-News paragon Exceeds Revenue Forecast for 2020 and Wants to Surpass Pre-Pandemic Levels in the Current Year
DGAP-News: paragon GmbH & Co. KGaA / Key word(s): Preliminary Results/Change in Forecast
paragon Exceeds Revenue Forecast for 2020 and Wants to Surpass Pre-Pandemic Levels in the Current Year
- Strong performance in the second half of the year compensates for coronavirus-related revenue shortfalls - best half-year in the company's history
- Decline in revenues of only 6% to € 127.2 million (prior year: € 135.9 million) - forecast of € 110-120 million clearly exceeded
- Earnings significantly increased - paragon Automotive preliminary EBITDA margin for the 2020 fiscal year of 10.8% (prior year: 6.7%) despite coronavirus-related plant closures
- Forecast for 2021 raised after a good start to the year: Revenues from automotive customers around € 145 million and EBITDA margin of 12-15% - free cash flow in double-digit millions expected
Delbrück, Germany, March 30, 2021 - paragon [ISIN DE0005558696] has exceeded its own expectations and left the impact of the coronavirus pandemic behind. According to preliminary, unaudited numbers, the Tier 1 supplier and technology partner of the automotive industry achieved revenues significantly exceeding the indicated corridor of € 110-120 million in its core automotive business in the 2020 fiscal year. The earnings forecast was clearly achieved. The driving force behind this was the very positive development in the Sensors and Digital Assistance business units. The company is already planning to exceed the revenue result achieved in 2019 in the current fiscal year thanks to the constant high rate of customer call-offs.
"The paragon business model passed the stress test of the pandemic. It became clear in 2020, if not before, that our positioning makes us absolutely crisis-resistant. We are on the right track in terms of revenue, earnings and cash flow. Building on this, in 2021 we will be able to surpass the pre-coronavirus levels of 2019," says Klaus Dieter Frers, founder and CEO of paragon.