Annual report 2022/23
Nørresundby, 30 November 2023Announcement no.
19/2023
Strong result for RTX in 2022/23Demand
increased strongly in 2022/23 and led to record high revenue second
year in a row. Contributing to this strong performance is the
normalization of past years’ industry-wide challenges with
component shortages and supply chain constraints. With continued
focus on the development of our key accounts and offerings, RTX
expects to continue the growth path in the coming years. However,
we expect a temporary setback in 2023/24 due to macro-economic
uncertainties and high inventory levels at our major customers.
Financial highlights for 2022/23
RTX is pleased with our performance in 2022/23.
Revenue increased by 18% and reached an all-time high of DKK 783
million with very strong demand for RTX products. Earnings improved
as well, EBITDA increased by 26% to DKK 108 million and EBIT
increased by 49% to DKK 68 million, aided by the growth in revenue.
Both revenue and earnings surpassed our expectations for the
year.
- Revenue reached
DKK 783 million, an increase of 18% from last year.
- EBITDA reached
DKK 108 million, an increase of 26% from last year.
- EBIT reached DKK
68 million, an increase of 49% from last year.
- EPS reached DKK
5.7 per share, up from 4.2 DKK per share.
CEO Peter Røpke in a comment to the annual
report:
“I am pleased that RTX has delivered one more
year (2022/23) with growth and record high revenue. Looking ahead,
I see short-term challenges from high inventory levels at our
largest customers caused by the past year’s problems in the global
electronic industry. However, I still experience strong commitment
to RTX and our offerings when I speak to our key customers.
Therefore, I believe that RTX has an opportunity for further growth
beyond 2023/24. Our business model and strategy for generating
recurring revenue from the partnerships with our customers, who are
global leaders in their respective industries, form a strong
foundation for the realization of our ambitions for the coming
years.”
Strong demand and improved supply chain
RTX experienced strong demand for our products
and services in 2022/23. The global supply chain challenges were
normalizing during the year, and we experienced shorter lead times
of components and material in the end of the year compared to what
we have experienced in the previous years. This improvement in
combination with the strong demand was the basis for RTX exceeding
the original revenue expectations for the year.
Demand in ProAudio for our product-based
business was high and explains the good performance in the segment.
RTX is no longer doing stand-alone hourly-based engineering
services in this segment as outlined in the strategy some years
ago. The Enterprise segment was growing as well, with growth coming
from RTX’s large framework agreement customers – both long-standing
and newer framework agreement customers.
Healthcare segment demand and revenue also
increased in 2022/23 where we, together with our customer, are in a
transitioning from old products to a new product generation. The
normalized supply chain has led to a high stock level of products
at our customers. This situation in com- bination with the
macro-economic situation have led to a high level of uncertainty
when it comes to near-term demand for products from our
customers.
For that reason, we expect revenue in 2023/24 to
be backloaded in the fiscal year and demand not to be on the same
level as in 2022/23.
Growth Strategy
We are satisfied with the growth in both revenue
and earnings in 2022/23. We have seen the gross margin stabilize as
the global electronic component market has improved during the year
both in terms of lead times and partly in terms of cost. In the
second part of the year, it has not been necessary to buy expensive
components on the spot market as in the previous year.
An important focus area for RTX in the coming
years will be to continue ensuring right component costs as the
supply-demand balance in the component markets becomes more
normal.
The past years’ instability in global electronic
supply, where lead times rapidly changed first up to 18 months and
then back to a normal level of 3 months, has now led to a situation
where inventory levels of products at our large customers are at a
high level. We expect, as mentioned before, that order intake from
these customers will be moderate in the coming months until
inventory levels at our customers have normalized.
However, RTX expects, based on dialogue with our
customers and the amount of new product initiatives, that this
situation will be temporary, and we still believe in our long-term
ambition.
Looking ahead to 2023/24 and
beyond For 2023/24 we expect revenue to be impacted by
high inventory levels at our customers, combined with the
macroeconomic and geopolitical uncertainty. The past years’
instability in global electronic supply, where lead times rapidly
changed, first up to 18 months and then back to a normal level of 3
months, has now led to a situation where our large customers have
high product inventory levels. We expect that order intake from
these customers will be moderate in the coming months, until
inventory levels at our customers have normalized.
For that reason, we expect 2023/24 revenue to be
backloaded in the fiscal year and demand not to be at the same
level as in 2022/23. Based on the above assumptions, the outlook
for 2023/24 is a revenue of DKK 580-630 million, and EBITDA of DKK
45-60 million and EBIT of DKK 5-20 million.
Based on dialogue with our customers regarding
their medium- and long-term demand, along with our development
pipeline of new product initiatives, RTX expects that the slower
demand forecasted for 2023/24 is a temporary supply chain
adjustment until high inventories at our customers have
normalized.
RTX A/S
PETER
THOSTRUP PETER
RØPKEChair
President & CEO
Investor and analysts
meetingRTX Management is available for meetings with
investors and analysts in relation to the Annual Report. Meetings
can be booked via Danske Bank per e-mail to lomo@danskebank.dk.
Enquiries and further
information: The Annual Report 2022/23 can be found via:
https://www.rtx.dk/en/investors/downloads/financial-reports/
CEO Peter Røpke, tel +45 96 32 23 00
RTX’s homepage: www.rtx.dk
- RTX CA No 19-2023 - 30.11.23 - Annual report 2022-23
- RTX_Annual Report 2022-23
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