LACROIX

First-half 2023 : Sustained revenue growth (+14.6%).

28/09/2023

First-half 2023 :

Sustained revenue growth (+14.6%)

Resilient profitability in an inflationary environment:
Operating income up 11.2%
Strong growth in net income: +44.1%

Confirmation of annual targets despite more uncertain
conditions in North America

Leadership 2025 plan remains on course

In millions euros	H1 2023	H1 2022	Change
Revenue	387,8	338,4	+14,6%
Current EBITDA	20,7	19,3	+7,1%
As % of revenue	5,3%	5,7%	-38 pb
Current operating income	8,8	8,3	+6,0%
As %of revenue	2,3%	2,4%	- 18 pb
Operating income	8,1	7,3	+11,2%
Financial results	(3,7)	(3,0)
Income taxes	0,2	(0,7)
Consolidated net income	4,6	3,5	+29,2%
Net income, Group share	5,6	3,9	+44,1%

Strong half-year sales growth

In the first half of 2023, LACROIX recorded a revenue of 387.8 million euros (M€), up 14.6%. This sustained increase, achieved entirely through organic growth, is the result of strong sales momentum and a normalization of supply conditions for electronic components, combined with a favorable base effect in the first quarter of 2023.

At constant exchange rates, Group sales growth came to 14.2% for the first six months of the year.

Occasional slowdown in operating profitability linked to business mix

Over the period, LACROIX's recurring EBITDA¹ came to €20.7 million, compared with €19.3 million a year earlier, representing a recurring EBITDA margin of 5.3% (-38 basis points compared with the first half of 2022). This decline in operating profitability reflects the change in the business mix, with the Electronics division making a strong contribution to the increase in half-year sales.