FORTEC Elektronik AG slows down slightly in the first half

• Group turnover provisionally estimated at EUR 47 million - around 5 % down on the previous year’s level (previous year: EUR 49.4 million)
• Group operating EBIT of EUR 4.5 million (previous year: EUR 4.6 million) almost at the previous year’s level
• Order book as of 31 December 2023 has normalised at EUR 68.0 million (previous year: EUR 95 million)

As shown by the preliminary figures, FORTEC Elektronik AG was again able to achieve a positive result despite a difficult market environment in the first half of the current 2023/2024 financial year (01/07/2023 - 31/12/2023) even though overall economic developments showed.

In the first half of the 2023/2024 financial year, the FORTEC Group achieved group turnover of EUR 47 million (previous year: EUR 49.4 million) and was therefore around 5 % below the previous year's turnover. Earnings before interest and taxes (EBIT) is one of the most important indicators of success and was almost at the same value as the previous year, at EUR 4.5 million. The EBIT margin based on this increased slightly to 9.6 % compared to the previous year’s value of 9.4 %.

The order book of EUR 68 million has normalised compared to the previous year, as expected due to better delivery capability but is still higher than the pre-Covid level and confirms the FORTEC Group’s growth.  

Sandra Maile, CEO of FORTEC Elektronik AG, comments: “After a strong first quarter, the market clearly lost some of its dynamism in the second quarter. We already took proactive operational measures in October and these have started to bear fruit since the start of January. Some large customers also pushed their deliveries from the end of 2023 to the start of 2024 or only planned them for 2024. The second quarter is traditionally weaker due to company closured between Christmas and new year and this resulted in reduced invoicing. Furthermore, due to the bank holidays, we only had 3 working weeks in 2023 compared to 3.5 working weeks in 2022. Due to the positive turnover in January, we remain confident that we will achieve our overall forecast for the entire year”.

The half-year report will be available on the Group website at https://www.fortecag.de/en/investor-relations/reports/ from 27 March 2024.

Sandra Maile

Chair of the Management Board

FORTEC Elektronik AG | Augsburger Str. 2b | 82110 Germering | Germany
Phone: +49 89 894450 232

aktie@fortecag.de | www.fortecag.de

FORTEC Elektronik AG (ISIN Share: DE0005774103, WKN: 577410), based in Germering, Germany, was founded in 1984 as an international distributor of standard solutions in the field of power supplies, embedded systems and displays. In addition, the FORTEC Group today offers customer-specific developments and complete system developments. Since April 2020, FORTEC Elektronik AG has been the holding company responsible for management of the affiliated companies, group strategy and essential parts of the administration. FORTEC Elektronik AG has subsidiaries in Germany, Switzerland, the UK and the USA.

For better legibility, the generic masculine form is used in the text. Of course, all genders are referred to equally without any intent to discriminate.