DGAP-News Endor AG publishes nine-month figures 2021 and expects dynamic development in Q4
DGAP-News: Endor AG / Key word(s): Quarter Results
Endor AG publishes nine-month figures 2021 and expects dynamic development in Q4
Landshut, November 30, 2021 - Endor AG's business development in the first nine months was characterized on the one hand by a continued good demand situation as measured by order numbers and on the other hand by supply bottlenecks and the ongoing disruptions in the global logistics chains. While updating the product portfolio, there were delays in the research and development and production of the new range. As a result, the wheel bases of the CSL and Clubsport series as well as numerous steering wheels were not available, particularly in Q2 and Q3.
The supply bottlenecks and logistics problems, particularly in China, which already had a significant negative impact in the first half of the year, also prevented sales from developing in line with the very good demand in the first nine months. Group sales in the first nine months amounted to 51.4 million euros (previous year: 61.0 million euros).
Thomas Jackermeier, CEO of Endor AG: "We are not satisfied with the development in the first nine months. We regret the delays in new product development, as a result of which we will now also revise the processes accordingly in order to avoid delivery bottlenecks in the future. However, we are also looking forward to the year-end spurt and see a significant improvement in the situation in the fourth quarter. We recorded record sales in October and were able to generate record order intake over the Black Friday weekend."
Overall, the Endor Group posted EBIT of €0.4 million in the first nine months, down from €16.8 million a year earlier. The decline in earnings is due on the one hand to lower revenue recognition and on the other hand to the necessary structural adjustments to handle the steadily increasing demand. For example, the entire IT infrastructure is being renewed, personnel acquired and major investments made in R&D and marketing. Thomas Jackermeier, CEO of Endor AG: "We are aligning the company so that we can handle sales of 200 to 250 million euros in the future without further adjustments."
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