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WashTec AG: 5.3% revenue growth in first nine months with significant 19.0% increase in EBIT
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- Revenue growth: WashTec AG achieved a 5.3% increase in revenue in the first nine months, reaching €356.7m.
- EBIT increase: The company also saw a significant 19.0% increase in EBIT, reaching €26.9m in the first nine months.
- Free cash flow: WashTec AG's free cash flow increased to €26.8m in the first nine months, compared to €7.6m in the prior year.
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EQS-News: WashTec AG / Key word(s): 9 Month figures |
WashTec AG: 5.3% revenue growth in first nine months with significant 19.0% increase in EBIT
Augsburg, November 2, 2023 – The WashTec Group generated revenue of €356.7m in the nine months to September 30, 2023, a new record and a significant increase of €18.1m or 5.3% on the prior year (€338.6m). In addition to the implemented price increases, this reflected growth in the key accounts business and especially chemicals. At constant exchange rates, the year-on-year revenue growth was 7.2%. A new record was also set for a third quarter with revenue of €120.4m (prior year: €118.6m).
As a result of the revenue growth and active cost management, Group EBIT in the first nine months was €26.9m, significantly higher than in the prior year (€22.6m). The EBIT margin improved to 7.5% (prior year: 6.7%). WashTec achieved a significant 18.6% increase in EBIT to €11.5m in the third quarter (prior year: €9.7m) due to the successful implementation of the efficiency program in the North America region. The EBIT margin increased to 9.6% (prior year: 8.2%), which is higher than both the prior-year quarter and the first two quarters of 2023.
Orders received in the first nine months were significantly down year on year due to the drop in demand in the market as a whole. Due to the lower orders received, the order backlog was significantly smaller at the end of September 2023 than a year earlier. It should be noted that the order backlog in the prior year was significantly inflated by a number of orders that had been brought forward. The order backlog is at a high level overall compared to the long-term average.
- Group revenue €356.7m in first nine months (prior year: €338.6m) and €120.4m in third quarter (prior year: €118.6m)
- Group EBIT €26.9m in first nine months (prior year: €22.6m) and €11.5m in third quarter (prior year: €9.7m)
- Free cash flow of €26.8m in first nine months (prior year: €7.6m)
- Guidance for fiscal year 2023 confirmed
Augsburg, November 2, 2023 – The WashTec Group generated revenue of €356.7m in the nine months to September 30, 2023, a new record and a significant increase of €18.1m or 5.3% on the prior year (€338.6m). In addition to the implemented price increases, this reflected growth in the key accounts business and especially chemicals. At constant exchange rates, the year-on-year revenue growth was 7.2%. A new record was also set for a third quarter with revenue of €120.4m (prior year: €118.6m).
As a result of the revenue growth and active cost management, Group EBIT in the first nine months was €26.9m, significantly higher than in the prior year (€22.6m). The EBIT margin improved to 7.5% (prior year: 6.7%). WashTec achieved a significant 18.6% increase in EBIT to €11.5m in the third quarter (prior year: €9.7m) due to the successful implementation of the efficiency program in the North America region. The EBIT margin increased to 9.6% (prior year: 8.2%), which is higher than both the prior-year quarter and the first two quarters of 2023.
Orders received in the first nine months were significantly down year on year due to the drop in demand in the market as a whole. Due to the lower orders received, the order backlog was significantly smaller at the end of September 2023 than a year earlier. It should be noted that the order backlog in the prior year was significantly inflated by a number of orders that had been brought forward. The order backlog is at a high level overall compared to the long-term average.
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