Revenue, adjusted EBIT and free cash flow increase
EQS-News: EDAG Engineering Group AG
/ Key word(s): Quarter Results/Development of Sales
Press release
Arbon, 08. May 2024. EDAG, leading independent engineering services provider to the global mobility industry and technology developer for industrial solutions, confirms its growth course with a solid increase in revenue. At 217.5 million euros, Group sales revenue was 2.9% above the previous year's level of 211.4 million euros. The Vehicle Engineering and Production Solutions segments contributed to sales growth in the first quarter with +2.9% and +24% respectively. The Electrics/Electronics segment was unable to continue the strong growth of recent quarters, recording a decline in turnover of 3.4%. Adjusted Group EBIT amounted to 13.4 million euros (previous year: 13.0 million euros). The adjusted EBIT margin was stable at 6.1% at the previous year's level. The earnings performance in the first quarter is therefore in line with expectations for the full year 2024. Free cash flow increased from EUR 7.3 million to EUR 26.3 million in the first quarter. "This is an excellent result that underlines the strong operating performance under challenging conditions," emphasizes Holger Merz, CFO of the EDAG Group. As of March 31, 2024, the company had 9,061 employees worldwide (previous year: 8,529 em-ployees). The EDAG Group expects further growth and stable earnings development for the 2024 financial year. In addition to the opportunities, the forecast is also associated with risks that arise primarily from changes in market developments for our customers and, as a result, for us. Geopolitical uncertainties, the development of energy prices and wage costs as well as the availability of sufficiently qualified personnel also have an influence on this. Revenue is expected to grow by around 4 percent to around 6 percent.
About the EDAG Group The EDAG Group is a globally leading, independent engineering services provider that combines excellent engineering with the latest technology trends. With a global network of some 70 branches, the EDAG Group realizes projects in the Vehicle Engineering, Electrics/Electronics and Production Solutions segments. Drawing on more than 50 years of engineering experience, EDAG's proprietary 360-degree development approach has become a hallmark of quality in the holistic development of vehicles and smart factories. The company's interdisciplinary expertise in the areas of software and digitization provides it with crucial skills to actively shape dynamic transformation processes as an innovative partner. With an interdisciplinary team of around 8,900 experts, the EDAG Group develops unique mobility and industrial solutions for customers that include the world's leading automotive and non-automotive companies. The company is listed on the stock exchange since 2015 and generated revenues of € 844 million in 2023. For more information, see the EDAG Group website: www.edag.com
Contacts: Public Relations Felix Schuster
Investor Relations Christian Schütze
Forward-looking statements This release contains forward-looking statements. These statements are based on current estimates and projections of the EDAG Executive Board and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not be accurate. Many factors could cause the actual results, performance or achievements of EDAG to be materially different from those that may be expressed or implied by such statements. EDAG does not assume any obligation to update the forward-looking statements contained in this release.
08.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | EDAG Engineering Group AG |
Schlossgasse 2 | |
9320 Arbon | |
Switzerland | |
Phone: | +41 71 54433-0 |
E-mail: | ir@edag-group.ag |
Internet: | www.edag.com |
ISIN: | CH0303692047 |
WKN: | A143NB |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart |
EQS News ID: | 1896679 |
End of News | EQS News Service |
|
1896679 08.05.2024 CET/CEST