EQS-News

WashTec AG: New revenue record and substantial 10.3% increase in EBIT with significant rise in free cash flow to €46.1m

EQS-News: WashTec AG / Key word(s): Annual Report WashTec AG: New revenue record and substantial 10.3% increase in EBIT with significant rise in free cash flow to €46.1m 27.03.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement.

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New revenue record and substantial 10.3% increase in EBIT with significant rise in free cash flow to €46.1m
 

• Revenue €489.5m, prior year: €482.2m
• EBIT €41.9m, prior year: €38.0m; EBIT margin 8.6%, prior year: 7.9%
• Free cash flow €46.1m, prior year: €16.2m
• Dividend proposal: €2.20

Augsburg, March 27, 2024 – The WashTec Group achieved a new revenue record of €489.5m in fiscal year 2023, an increase of €7.3m or 1.5% on the prior year (€482.2m). At constant exchange rates, the growth in revenue was 3.4%. The year-on-year revenue growth was mainly due to the very positive performance in the chemicals business, where new customers were acquired.

Largely due to the implemented price increases and active cost management, EBIT rose by 10.3% to €41.9m (prior year: €38.0m). The EBIT margin improved to 8.6% (prior year: 7.9%).

Fourth-quarter revenue, at €132.8m, was 7.6% down on the record prior-year quarter (€143.7m). Despite the lower revenue, the EBIT of €15.0m was on the same high level as in the prior year (€15.4m). The EBIT margin increased to 11.3% (prior year: 10.7%).

Free cash flow increased significantly to €46.1m (prior year: €16.2m) despite the €9.5m acquisition of the site occupied by the American subsidiary. A notable positive factor comprised the measures initiated at the beginning of the year to reduce the amount of capital tied up in inventories.

Equity went down from €88.1m to €85.8m. The equity ratio increased to 31.6% (prior year: 31.0%) because of the lower balance sheet total compared to the prior year, primarily due to the reduction in working capital.

“Fiscal 2023 was not an easy year. Nevertheless, we have steered our company well through these challenging times and worked intensively on our future direction. By adjusting our strategy, we have laid the groundwork for our company to return to a double-digit EBIT margin in the coming years, and our consistent focus on maximizing customer benefit will lead to increasing earnings contributions,” said Andreas Pabst, CFO of WashTec AG.