EQS-News

EDAG Engineering Group AG: Solid revenue growth and margin improvement after nine months

EQS-News: EDAG Engineering Group AG / Key word(s): 9 Month figures/Quarter Results EDAG Engineering Group AG: Solid revenue growth and margin improvement after nine months 09.11.2023 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. EDAG Engineering Group AG: Solid revenue growth and margin improvement after nine months

 

• Revenue growth of 6.5% to EUR 628.2 million
• EBIT grows by 12.3% to EUR 42.5 million
• Earnings after taxes also up on the previous year at EUR 23.6 million

 

Arbon, 9. November 2023 EDAG, leading independent development partner for the mobility industry and technology developer for industrial solutions, published its report on the first three quarters of the 2023 financial year today. In a challenging macroeconomic environment, both solid revenue growth and an improvement in the margin were recorded after nine months.

 

At Group level, revenue of 628.2 million euros was 6.5 per cent above the previous year's level of 589.7 million euros. This growth was primarily driven by developments in the Electrics/Electronics segment, which increased revenue by 16.7 per cent. Vehicle Engineering was able to increase revenue by 3.2 per cent, while Production Solutions remained at the previous year's level.

 

Group EBIT increased to 42.5 million euros compared to the previous year's figure of 37.9 million euros. Adjusted Group EBIT totalled 41.1 million euros (previous year: 37.5 million euros). The EBIT margin was 6.8 per cent (previous year: 6.4 per cent); the adjusted EBIT margin was 6.5 per cent (previous year: 6.4 per cent).

The increase in the margin is due in particular to the strong third quarter, in which the EBIT margin rose to 8.5 per cent (previous year: 6.2 per cent).

 

The growth in the reporting period led to an increase in working capital in line with expectations. This resulted in a negative free cash flow of 27.7 million euros (previous year: -11.5 million euros). As at 30 September, EDAG employed 8,712 people worldwide (previous year: 8,246 employees).