ICAPE Group Announces Its 2023 Nine-month Revenue and Gross Margin
25 Octobre 2023 - 6:48PM
Business Wire
Regulatory News:
ICAPE Group (ISIN code: FR001400A3Q3 - Ticker: ALICA), a global
technology distributor of printed circuit boards ("PCB"), today
announced its revenue for the first 9 months of 2023.
Yann DUIGOU, CEO of ICAPE Group, stated: "Our performance
shows an increase in gross margin despite a business impacted by
multiple exogenous factors. This success fully highlights the
relevance of the Company's business model, which is based on the
optimization of our organization’s costs and on the gradual
activation of existing synergies with our recent acquisitions. We
remain confident in our ability to generate revenue of around €500
million by 2026, despite this difficult economic climate, in
particular through our external growth strategy, which proved its
worth for over 2 years now. We thus confirm our profitability
targets for 2026, and intend to pursue our acquisitions, thus
confirming our pipeline of potential targets in advanced
discussions.”
In €m (IFRS standards)
9 months 20221
9 months 2023
M&A contribution
Var.
Var. on a like-for-like
basis
Revenue
162.8
136.2
4.5
-16.3%
-19.1%
% growth
-16.3%
Gross Margin
33.9
36.2
1.8
+6.7%
+1.3%
% revenue
20.9%
26.6%
41.2%
+5.7 pts
As of September 30, 2023, Group revenue stood at €136.2 million,
down 16.3% compared with the performance achieved over the same
period in 2022, restated for non-strategic activities being
divested. As already mentioned in previous Group releases, this
trend is due to several exogenous factors impacting the entire PCB
distribution sector, notably persistent inflation, the continuing
war in Ukraine, the slowdown in global demand, and persistently
high inventory levels amongst the Group's main customers.
With purchasing costs of around €100.0 million as of September
30, 2023, down 22.4% compared to the figures as of September 30,
2022, ICAPE Group is pursuing its cost optimization policy, to
which the synergies generated by its recent acquisitions are
contributing. Taking this improvement into account, the Group's
gross margin rose by +6.7% over the period to €36.2 million.
Pursuing the Group's growth trajectory to 2026
As explained on the occasion of its 2023 half-year results
release, the Company is maintaining all its commercial and
financial indicators for 2026 in this adverse context, with the
exception of the gross margin one. This one will no longer be the
subject of specific communication from 2024 onwards. This decision
was taken in order not to disrupt the commercial relations
established by the Group with its existing and future partners.
ICAPE Group aims to achieve:
- A revenue of around €500 million by 2026;
- an average annual organic growth rate of 10% between 2023 and
2026;
- around €120 million in additional revenue through external
growth by 2026;
- an EBIT margin of around 9.5% by 2026.
About ICAPE Group
Founded in 1999, ICAPE Group acts as a key technological expert
in the PCB supply chain. With a global network of 36 subsidiaries
and a major presence in China, where most of the world’s PCB
production is done, the Group is a one-stop-shop provider for the
products and services which are essentials for customers. As of
December 31, 2022, ICAPE Group recorded a consolidated revenue of
nearly €220 million.
For more information: icape-group.com
1 Restated for DIVSYS US and subsidiary IRUS
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version on businesswire.com: https://www.businesswire.com/news/home/20231025757356/en/
ICAPE Group CFO Arnaud Le Coguic Tel: +33 1 58 18
39 10 investor@icape.fr
Investor Relations NewCap Nicolas Fossiez
Louis-Victor Delouvrier Tel: +33 1 44 71 94 98 icape@newcap.eu
Media relations NewCap Arthur Rouillé Antoine
Pacquier Tel: +33 01 44 71 94 94 icape@newcap.eu
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