May 15, 2023
(press release)
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"The developments in the first few months of this year clearly show that we are on a sustained growth trajectory. We achieved the highest Q1 revenue in the Company's recent history. At the same time, we were able to offset the higher cost of materials through price increases, at least in part. In particular, we have systematically pushed ahead with specialisation in sophisticated and high-margin target markets of the packaging printing sector, and this is now starting to pay off", commented Chief Executive Officer Dr. Andreas Pleßke, adding: "Our strength lies in our ability to develop continuously and to adapt to changed underlying conditions with agility, speed and flexibility. Our strategic focus on innovative solutions for packaging printing is what makes us a modetechnology group.
Group revenue in the first quarter of 2023 rose by 17.9% to €281.0m. A positive performance across all segments contributed to this growth. The two segments of Sheetfed and Digital & Webfed recorded a particularly dynamic performance. Gross profit improved by 23.6% to €76.9m with a gross margin of 27.4% (previous year: 26.1%). The implementation of the individual measures of the P24x efficiency programme had a correspondingly positive effect here. Earnings before interest and taxes (EBIT) showed a marked improvement of €5.3m to €-3.2m. The EBIT margin reached -1.1% (previous year: -3.6%).
In particular, the more efficient handling of the challenges resulting from disruptions to global supply chains and an overall positive volume and mix effect (approx. €5.5m) were major factors in this positive performance. Specifically, the greater efficiency can be attributed to the fact that the rise in the cost of materials, in energy and personnel costs (around €6.5m) was almost offset by the price increases announced by the Company (approx. €6.0m). The P24x efficiency programme - which fulfilled its aim for 2023 with €92m in savings as at
Taking into account a net interest expense of €-3.3m, earnings before taxes (EBT) came to €-6.5m. After income taxes of €+0.8m, Group earnings in the first quarter of 2023 thus came to €-5.7m. This translates into earnings per share of €-0.34 (previous year: €-0.64). At
Revenue in the Digital & Webfed segment rose by 26.8% to €35.5m in the first quarter of 2023, driven by strong demand for the RotaJET roll digital printing system. At the same time, EBIT improved by €3.0m to €-3.1m. "Our RotaJET has met with a good response on all end markets. Customer demand is huge in both the beverage carton and book printing sectors. New business models are created in collaboration with our customers. Our customers in beverage carton printing are gaining additional flexibility through our technological solutions and are able to operate with greater success", explained Dr. Andreas Pleßke. The Sheetfed segment generated revenue growth of 23.5% to €157.3m and benefited from the high level of new orders at the end of the year. At €-0.7m, the loss at the EBIT level was substantially down on the previous year's figure of €-3.6m. In the Special segment, demand in the Banknote Solutions (banknote and security printing),
The challenging macroeconomic environment with high rates of inflation which raise key rates, together with a persistently high cost of materials, energy costs and rising personnel costs continued in the first three months, as expected, and will lead to a weakening of the macroeconomic momentum in the further course of the year. "The results for the first quarter underpin our outlook for the 2023 financial year. Despite the economic headwinds, we were able to grow in promising product segments thanks to our strong position. We demonstrated our capacity to respond quickly to market upheavals. Our P24x efficiency programme will continue to bear fruit. Implementation of the individual measures has nearly been completed. For 2023 we expect slightly positive effects from P24x." Thus the optimistic assessment of Chief Financial Officer Dr.
Specifically,
In the medium term,
The quarterly statement 1/2023 is available as a PDF file here.
[Link]Metamor[e] phosis: this is not only the motto and the theme of the images in this year's annual report summary of the
Growth in all segments led to an increase in Group revenue of 17.9% to €281m while EBIT improved by 62.4% to €-3.2m.
Favourable performance in all three segments - Digital & Webfed and Sheetfed with substantial growth
Positive development in the first quarter of 2023 underpins the outlook for 2023
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