DGAP-News

STEMMER IMAGING shows double-digit inflation-adjusted growth with significantly increased EBITDA margin of 15.6% and confirms full-year guidance - Seite 2

STEMMER IMAGING completed a successful first half of 2022, improving its key profitability figures for the tenth quarter in a row.

Order intake in the first half of 2022 increased by 7.1% year-on-year to EUR 88.7 million (H1 2021: EUR 82.8 million). In the second quarter of 2022, order intake increased by 4.4% quarter-on-quarter to EUR 45.3 million (Q1 2022: EUR 43.4 million). The delay in the delivery of a major order with a total value of more than EUR 12.0 million mentioned in the Q1 reporting was made up for by a higher delivery volume in the second quarter. STEMMER IMAGING expects full delivery of this order and thus an increase in delivery volume in the second half of the year. The book-to-bill ratio for both the first half and the second quarter was 1.2.

In the first six months of 2022, revenue increased by 13.8% to EUR 72.4 million (H1 2021: EUR 63.6 million). Revenue in the second quarter increased by 12.6% to EUR 36.5 million (Q2 2021: EUR 32.4 million). The inflation effect on revenues is estimated at approx. 2-3% for the first half of 2022. Accordingly, the inflation-adjusted organic growth was in the double-digit target range.

For the first six months of 2022, the VDMA industry association reports market growth in machine vision of 12% in Germany and 12% in Europe. According to the VMDA, order intake rose by 14% in Germany and by 6% in Europe.

In the first half of 2022, Germany, France, the Netherlands and the Scandinavian countries in particular recorded above-average growth. STEMMER IMAGING was able to further expand its market position in the artificial vision area of sports and entertainment, among others, and benefited disproportionately in the second quarter from the catch-up effects of the aforementioned major order. In the industrial applications segment, especially the market for raw materials and recycling recorded strong growth in the second quarter.

The gross profit margin continued to benefit from a shift in the revenue structure towards higher-margin business with value-added services. However, against the backdrop of a changed regional mix and exchange rate effects in USD, the gross margin of 37.4% in Q2 2022 was slightly below the prior-year period (Q2 2021: 38.8%). Increased material costs due to purchases on the spot market did not yet have a significant impact on the gross margin in the first half of the year.