FORTEC Elektronik Aktiengesellschaft: increases forecast for 2022/2023 following large business development in the third quarter – another record year in sight

EQS-News: FORTEC Elektronik Aktiengesellschaft / Key word(s): Preliminary Results/Change in Forecast
FORTEC Elektronik Aktiengesellschaft: increases forecast for 2022/2023 following large business development in the third quarter – another record year in sight
08.05.2023 / 12:12 CET/CEST
The issuer is solely responsible for the content of this announcement.

FORTEC Elektronik AG increases forecast for 2022/2023 following large business development in the third quarter – another record year in sight

• Group turnover in the first nine months of 2022/2023 of EUR 78.5 million is around 19 % higher than the previous year (previous year: EUR 66.0 million)
• Group operating EBIT of EUR 8.5 million (previous year: EUR 6.3 million) up by around 34 %
• EBIT margin has further improved to 10.8 % (previous year: 9.6 %) in the first nine months of 2022/2023
• Order book still high as of 31 March 2023, at EUR 92.4 million (previous year: EUR 85.3 million)
• Current forecast for the 2022/2023 financial year: Group turnover of EUR 97.0 million to EUR 110.0 million (previously: EUR 91.0 million to EUR 97.0 million) and a Group EBIT of EUR 10.0 million to EUR 11.0 million (previously: EUR 8.0 million to EUR 9.0 million) expected

Following the first preliminary figures, FORTEC Elektronik AG was able to continue the successful business development of the first half year and also finish the third quarter of the 2022/2023 financial year (01/01/2023 – 31/03/2023) with significant increases in turnover and earnings compared to the same quarter of the previous year.

The Management Board of FORTEC Elektronik AG therefore decided to update the forecast for the current financial year today. It has increased the forecast for Group turnover to EUR 97.0 million to EUR 110.0 million (previously: EUR 91.0 million to EUR 97.0 million) and the Group EBIT to EUR 10.0 million to EUR 11.0 million (previously: EUR 8.0 million to EUR 9.0 million).

With a Group turnover of EUR 78.5 million, the turnover in the first nine months of 2022/2023 was 19 % higher compared to the previous year (EUR 66.0 million). The increase mainly results from the dynamic data visualisation segment with high-margin industrial monitors and turnover achieved in the power supply segment with product for demanding applications. FORTEC Elektronik AG has therefore entered the final quarter of 2022/2023 with a tailwind.

A profitable product mix has resulted in a disproportionate increase in the earnings before interest and taxes (EBIT) of 34 % to EUR 8.5 million. compared to the previous year (EUR 6.3 million) and an increased EBIT margin of 10.8 % (previous year: 9.6 %), and has again confirmed that we are on track for success in the first nine months of 2022/2023.

The order book on 31 March 2023 was EUR 92.4 million compared to EUR 85.3 million in the previous year and therefore remained at a high level.

Sandra Maile, CEO of FORTEC Elektronik AG, comments: “We have once again delivered as a team despite all of the challenges. Our order book of EUR 92.4 million at the end of the third quarter remains at an unusually high level for us. Our turnover target of EUR 100 million is achievable, even organically.”

The announcement for the third quarter of 2022/2023 will be available on the company's website (https://www.fortecag.de/en/investor-relations/reports/) from 25th May. FORTEC Elektronik AG invites you to attend the earnings call on 25 May 2023 at 11.00. Please register for this by e-mail to aktie(at)fortecag.de.

Furthermore, you can register for our regular newsletter at https://www.fortecag.de/investor-relations/contakt/.

Sandra Maile

Chair of the Management Board

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

aktie(at)fortecag.de | www.fortecag.de

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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.

08.05.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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