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WashTec AG: WashTec makes successful start to 2023
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EQS-News: WashTec AG / Key word(s): Quarterly / Interim Statement |
WashTec AG: WashTec makes successful start to 2023
Augsburg, May 4, 2023 – The WashTec Group made a successful start to 2023 and generated revenue of €109.2m in the first quarter, exceeding the prior-year figure by 8.1% (€101.0m). This is once again a new record for the first three months of a fiscal year. At constant exchange rates, the revenue growth in the first three months was 8.4%. Revenue increased compared to the prior-year quarter in both the Equipment and Service product segment and the Chemicals product segment. In addition to the price increases implemented over the course of the last year and at the beginning of this year, this was also due to higher numbers of machines sold. With regard to the customer mix, there was an increase in key account business but a slight decrease in direct sales business.
Mostly as a result of the revenue growth, Group EBIT increased significantly in the first three months of the year by 19.6% to €5.5m (prior year: €4.6m). The EBIT margin was 5.0%, up from 4.6% in the prior-year quarter. This is also a new record for a first quarter.
Despite the significantly higher capital expenditure – mainly in connection with the acquisition of the site occupied by the US subsidiary, accounting for USD 10.3m – free cash flow (cash inflow from operating activities less cash outflow from investing activities) improved significantly, due to the sharp rise in the cash inflow from operating activities, from €−3.6m in the prior year to €1.9m.
Orders received in the first quarter were down year on year, with demand currently somewhat slow in the market as a whole. Accordingly, the order backlog at the end of March was slightly down on a year earlier.
- Group revenue €109.2m (prior year: €101.0m)
- Group EBIT €5.5m (prior year: €4.6m); EBIT margin 5.0% (prior year: 4.6%)
- Free cash flow €1.9m (prior year: €−3.6m)
- Guidance for fiscal year 2023 confirmed
Augsburg, May 4, 2023 – The WashTec Group made a successful start to 2023 and generated revenue of €109.2m in the first quarter, exceeding the prior-year figure by 8.1% (€101.0m). This is once again a new record for the first three months of a fiscal year. At constant exchange rates, the revenue growth in the first three months was 8.4%. Revenue increased compared to the prior-year quarter in both the Equipment and Service product segment and the Chemicals product segment. In addition to the price increases implemented over the course of the last year and at the beginning of this year, this was also due to higher numbers of machines sold. With regard to the customer mix, there was an increase in key account business but a slight decrease in direct sales business.
Mostly as a result of the revenue growth, Group EBIT increased significantly in the first three months of the year by 19.6% to €5.5m (prior year: €4.6m). The EBIT margin was 5.0%, up from 4.6% in the prior-year quarter. This is also a new record for a first quarter.
Despite the significantly higher capital expenditure – mainly in connection with the acquisition of the site occupied by the US subsidiary, accounting for USD 10.3m – free cash flow (cash inflow from operating activities less cash outflow from investing activities) improved significantly, due to the sharp rise in the cash inflow from operating activities, from €−3.6m in the prior year to €1.9m.
Orders received in the first quarter were down year on year, with demand currently somewhat slow in the market as a whole. Accordingly, the order backlog at the end of March was slightly down on a year earlier.
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