LACROIX

First-quarter 2024 revenue of €186.3 million (-4.4%), marked by a high comparative base for Electronics and continued strong momentum for City and Environment divisions. - Seite 2

In EMEA, where this base effect is particularly significant (+32.7% growth in Q1 2023), business in the Automotive and HBAS (Home & Building Automation Systems) sectors declined in Q1 2024. The Industry sector is at break-even, buoyed by the ramp-up of several new programs (notably in the Symbiose plant), while the Avionics sector continues to enjoy very strong growth.

Across the Atlantic, sales at LACROIX Electronics North America were virtually stable over the period
(-1.3% cc), in line with the Group's expectations for the subsidiary in the process of recovery.

City

With a revenue of €26.0m in the first quarter of 2024, the City activity is once again posting strong growth (+11.5%). It continues to be driven by the remarkable performance of the Street Lighting segment (>20%), in line with the trend for fiscal 2022 and 2023 (+27.1% and +15.1% respectively).

It should be noted that the sale of the Road Signs segment to AIAC (American Industrial Acquisition Corporation) takes effect on April 30, 2024, at which time it will be removed from the Group's scope of consolidation.

Environment

The division continued its very positive momentum in the first quarter of 2024. Following annual growth of 9.1% and 8.1% over the last two years, the business posted a 15.4% increase in the first quarter, with a total revenue of €21.8 million. The performance of the Environment activity, which is benefiting from favorable structural trends across all segments, was driven over the period by the Water segment in France and internationally, as well as by the Smart Grids segment.

Annual targets confirmed: growth and improved operating profitability

After a start to the year in line with Group expectations, the second quarter of 2024 should once again be marked by contrasting trends. On the one hand, momentum looks set to be very positive in the City and Environment activities; on the other, the Electronics activity will continue to be impacted by an unfavorable base effect, albeit less pronounced than in the first quarter, as well as ongoing slow trends in the automotive and HBAS sectors. Thereafter, in the second half of 2024, LACROIX expects a more favorable business trend.