LACROIX

First-half 2023 : Sustained revenue growth (+14.6%). - Seite 2

Electronics Activity

At €294.9 million over the period, the Electronics division posted sustained growth of +18.8%, despite the shortfall in earnings (in the order of €4-5 million) caused by the temporary shutdown of three sites following the cyber attack in May. The Industry, Automotive and Avionics sectors benefited from buoyant customer demand and the introduction of numerous new programs.

Recurring EBITDA for the Electronics division came to €13.6 million, compared with €11.9 million a year earlier. The margin rate, at 4.6% (vs. 4.8%), was impacted by higher energy costs and wage inflation not fully passed on to customers. The latter was amplified by the impact (-1.3 M€) at LACROIX Electronics North America of the strong appreciation of the Mexican peso.

City Activity

City revenue rose by 4.3% in the first half, to €53.66 million. It is still driven by the excellent performance of the Street Lighting business unit (+28% over the half-year), which is benefiting from increased energy-saving requirements, both in France and internationally, where execution of the Belgian contract to modernize the road infrastructure in Flanders continues.

After a loss of €0.9m in the first half of 2022, the current EBITDA margin of the City business has returned to breakeven. This is the result of the action plans put in place, combined, particularly in the Road Signs segment, with the gradual application of price revision formulas for multi-year contracts in a context of more normal raw material procurement prices.

Environment Activity

With a revenue of €39.3m, the Environment activity rose by 1.2% in the first half, thanks to an acceleration in the second quarter (+5.9%) driven by all segments, including Smart Grids and Smart Water in international markets.

Recurring EBITDA came in at €7.6 million, compared with €8.2 million a year earlier, underlining the investment in people and R&D to support business growth (capital expenditure), while maintaining a consistently high margin of 19.4% for the first half of 2023.

Group share of net income up 44.1%

After taking into account the increase in depreciation and amortization, in particular the + 0.4 M€ related to the construction of the Symbiose plant, LACROIX's operating income recurring came to 8.8 M€ for the period, representing a revenue of 2.3%, i.e. an almost stable margin rate (2.4% in the first half of 2022). Operating income rose by 11.2% to €8.1 million.