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EQS-News: WashTec AG
/ Key word(s): Half Year Report
WashTec AG: EBIT up 7.8% despite lower revenue
Augsburg, August 5, 2024 – The WashTec Group generated revenue of €220.2m in the half-year ended June 30, 2024, down €16.0m or 6.8% on the prior year (€236.2m). Currency effects had no material influence on revenue in the first six months. In the second quarter, revenue fell by 6.1% to €119.4m (prior year: €127.1m), primarily due to the weak key account business in North America. Mainly due to the growth in gross profit, the Group’s EBIT for the first six months rose by 7.8% to €16.6m (prior year: €15.4m). The EBIT margin improved in the first half-year to 7.6% (prior year: 6.5%). In the second quarter, the EBIT of €11.5m and the EBIT margin of 9.7% were also higher than in the prior year (EBIT: €9.9m; EBIT margin: 7.8%). Free cash flow improved significantly in the first half-year to €20.1m (prior year: €6.5m) due to lower capital expenditure and a refund of capital gains tax prepayments. Demand in the market as a whole improved in the second quarter compared to the same period last year and orders received were again above the prior-year period. In total over the first six months, however, orders received were down on the prior year due to the weak first quarter. Due to the second-quarter improvement in orders received, the order backlog at the end of June was at the same high level as a year earlier. The WashTec Group confirms the guidance for fiscal year 2024 and expects revenue on a similar level to the prior year and an increase in EBIT in the mid single-digit percentage range. “The second quarter was positive for WashTec – we can be satisfied with a renewed increase in orders received and a 16.2% rise in EBIT. At the same time, we have made use of the past few months to work intensively on our strategy and will be making adjustments in the second half of the year. Overall, we are reaffirming our established strategic direction with a focus on total customer care and regionally on North America and Europe, and we will continue to hold this course. WashTec is well on track,” said Michael Drolshagen, CEO of WashTec AG. The full report on the first half-year 2024 and further information about WashTec can be found on the WashTec: Investor Relations Website. About WashTec: The WashTec Group, based in Augsburg, Germany, is the leading provider of innovative carwash solutions. WashTec employs around 1,700 people worldwide and has subsidiaries in the markets of Europe, North America and Asia/Pacific. In addition, WashTec is on the map in some 80 countries through independent dealers. Key figures:
bp: basis point (1/100th of a percentage point)
1 Basis: average of 13,382,324 shares; basic = diluted 2 Trade receivables + inventories − trade payables − prepayments on orders Contact: WashTec AG Argonstrasse 7 86153 Augsburg Tel.: +49 (0)821 - 5584 - 0 Fax: +49 (0)821 - 5584 - 1135
05.08.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
| Language: | English |
| Company: | WashTec AG |
| Argonstraße 7 | |
| 86153 Augsburg | |
| Germany | |
| Phone: | +49 (0)821 55 84-0 |
| Fax: | +49 (0)821 55 84-1135 |
| E-mail: | washtec@washtec.de |
| Internet: | www.washtec.de |
| ISIN: | DE0007507501 |
| WKN: | 750750 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1960405 |
| End of News | EQS News Service |
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1960405 05.08.2024 CET/CEST
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