A more focused and profitable Phoenix Mecano

Phoenix Mecano Management AG / Key word(s): Preliminary Results A more focused and profitable Phoenix Mecano 15-Feb-2024 / 07:00 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Ad hoc announcement pursuant to Art. 53 LR

In financial year 2023, Phoenix Mecano was able to sustain its sales despite divestments and boost its profitability in continuing operations. The DewertOkin Technology Group achieved a turnaround.

Kloten/Stein am Rhein, 15 February 2024. Based on provisional and unaudited results, the Phoenix Mecano Group achieved consolidated gross sales of EUR 783.1 million in financial year 2023. This was down 1.2% on the previous year's total of EUR 792.9 million. Sales therefore held steady despite the disposal of the Rugged Computing business area. In organic and local-currency terms, the Group grew by 5.8%. 

Net sales fell from EUR 784.4 million to EUR 775.5 million (down 1.1%). Incoming orders shrank by 2.8% from EUR 804.1 million to EUR 781.5 million. Organically, they expanded by 7.4%. The book-to-bill ratio was 99.8%, compared with 101.4% the previous year. 

Operating result and result for the period under review

The unaudited operating cash flow (EBITDA) rose by 9% to around EUR 85 million (previous year: EUR 78.0 million). The provisional operating result (EBIT) increased significantly again to around EUR 62 million (up 16%). Excluding special items, the operating result was up by 10% to around EUR 59 million. The (as yet unaudited) figures indicate that the result of the period rose by 16% to around EUR 45.5 million. Phoenix Mecano ended the year with a positive net cash position.

Phoenix Mecano Group CEO Rochus Kobler said: “After a year of sales growth in continuing operations and increased margins and cash flows, Phoenix Mecano is in its best shape for many years. The clear improvement in margin confirms that focusing on our core business was the right strategy. We are on track to achieve our medium-term targets.”