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WashTec AG: Successful first half-year 2023
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- WashTec AG reported a successful first half-year in 2023 with a group revenue of €236.2m, up 7.4% from the previous year.
- The company's group EBIT increased by 19.4% to €15.4m in the first half-year, and the EBIT margin improved to 6.5%.
- WashTec AG achieved a positive free cash flow of €6.5m in the first half-year, compared to a negative €2.5m in the previous year.
- The company confirmed its guidance for fiscal year 2023, targeting revenue on a similar level to the prior year with a significant increase in EBIT.
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EQS-News: WashTec AG / Key word(s): Half Year Report |
WashTec AG: Successful first half-year 2023
Augsburg, August 3, 2023 – The WashTec Group generated revenue of €236.2m in the six months ending June 30, 2023, once again setting a new record for a first half-year and marking a significant 7.4% increase in revenue compared to the prior year (€220.0m). At constant exchange rates, the revenue growth in the first six months was no less than 8.8%. A new record was also set for a second quarter with revenue of €127.1m (prior year: €119.0m). In addition to the price rises that had been implemented and strong growth in the key account business, the chemicals business also contributed significantly to the positive performance with the acquisition of new customers.
As a result of the revenue growth and proactive cost management, Group EBIT in the first half of the year was €15.4m, significantly higher than in the prior year (€12.9m). The EBIT margin in the first six months improved to 6.5% (prior year: 5.9%). In the second quarter, EBIT increased significantly by 19.3% to €9.9m (prior year: €8.3m), mainly due to extremely positive performance in the chemicals business. The EBIT margin increased to 7.8% (prior year: 7.0%), which is higher than both the prior-year quarter and Q1 2023.
Free cash flow improved to €6.5m in the first half of the year (prior year: €−2.5m) as a result of the improvements in earnings and in net operating working capital management. This positive outcome was achieved despite the €9.5m acquisition of the site occupied by the American subsidiary.
Orders received in the first six months were down by a double-digit percentage year on year due to the significant drop in demand in the market as a whole. However, the order backlog remained at a high level overall at the end of June 2023.
- Group revenue of €236.2m in first half year, up 7.4% on prior year (€220.0m); revenue of €127.1m in second quarter, up 6.8% on prior year (€119.0m)
- Group EBIT of €15.4m in first half year, up 19.4% on prior year (€12.9m); EBIT of €9.9m in second quarter, up 19.3% on prior year (€8.3m)
- Half-year free cash flow of €6.5m (prior year: €−2.5m)
- Guidance for fiscal year 2023 confirmed
Augsburg, August 3, 2023 – The WashTec Group generated revenue of €236.2m in the six months ending June 30, 2023, once again setting a new record for a first half-year and marking a significant 7.4% increase in revenue compared to the prior year (€220.0m). At constant exchange rates, the revenue growth in the first six months was no less than 8.8%. A new record was also set for a second quarter with revenue of €127.1m (prior year: €119.0m). In addition to the price rises that had been implemented and strong growth in the key account business, the chemicals business also contributed significantly to the positive performance with the acquisition of new customers.
As a result of the revenue growth and proactive cost management, Group EBIT in the first half of the year was €15.4m, significantly higher than in the prior year (€12.9m). The EBIT margin in the first six months improved to 6.5% (prior year: 5.9%). In the second quarter, EBIT increased significantly by 19.3% to €9.9m (prior year: €8.3m), mainly due to extremely positive performance in the chemicals business. The EBIT margin increased to 7.8% (prior year: 7.0%), which is higher than both the prior-year quarter and Q1 2023.
Free cash flow improved to €6.5m in the first half of the year (prior year: €−2.5m) as a result of the improvements in earnings and in net operating working capital management. This positive outcome was achieved despite the €9.5m acquisition of the site occupied by the American subsidiary.
Orders received in the first six months were down by a double-digit percentage year on year due to the significant drop in demand in the market as a whole. However, the order backlog remained at a high level overall at the end of June 2023.
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