08.08.2019 | Austria

S&T AG: On track after the first half of 2019

• Sales growth in H1 of 12% to EUR 473.8 million (PY: EUR 422.7 million)
• EBITDA increase in H1 by 21% to EUR 44.3 million (previous year: EUR 36.7 million)
• Order backlog increases in H1 by 24% from EUR 606.9 million to EUR 752.1 million

The technology group S & T AG (www.snt.at) is on track with its targets after the first six months of 2019: In the first half of 2019, revenue increased by around 12% from EUR 422.7 million to EUR 473.8 million and in the second quarter of 2019 from EUR 219.0 million to EUR 248.7 million compared to the same period last year. The gross profit increased in the first six months of 2019 by around 13% to EUR 174.5 million (PY: EUR 154.8 million), resulting in a gross margin of 36.8% in the first half of 2019 (PY: EUR million) .: 36.6%).
EBITDA increased by around 21% from EUR 36.7 million to EUR 44.3 million in the first half of 2019. Net income after minorities increased by around 12% to EUR 18.2 million in the first six months of 2019 ( Year: EUR 16.2 million), earnings per share (undiluted) rose to 28 cents after 26 cents during the same period.

The "IoT Solutions Europe" and "IT Services" segments continued their positive development in the first half of 2019: Sales in the "IT Services" segment rose by just under 6% to EUR 204.0 million in the same period (previous year: EUR 192.9 million) and in the "IoT Solutions Europe" segment by almost 27% to EUR 198.5 million (previous year: EUR 155.8 million). The "IoT Solutions America" segment, burdened by restructuring, posted sales of EUR 71.2 million (previous year: EUR 74.0 million) in the first half of 2019, at the previous year's level. S & T AG expects that the segment will return to its growth path in this financial year in 2019 through synergy effects from the conclusion of the restructuring and new design wins.

The assets and liquidity situation of S & T AG remains solid after the first six months of 2019. Cash and cash equivalents amounted to EUR 266.1 million as of June 30, 2019. Despite the positive profit for the period, equity amounted to EUR 364.2 million as of June 30, 2019 (March 31, 2019: EUR 377.9 million | 31 December 2018: EUR 367.3 million). In addition to the dividend paid of EUR 10.6 million, the decline is due to the acquisition of additional minority interests in the second quarter.

"In the first half of 2019, we continued our successful growth, which has shaped S & T for 10 years," commented Hannes Niederhauser, CEO of S & T AG. "In the future, we do not just want to rely on the 'best technology', but to become even faster and more efficient. Over the next two years, we will therefore implement the new "PEC Program", which will address extensive measures to further improve profitability, efficiency and cash flow. We confirm our goal of achieving sales of EUR 1.145 billion in financial year 2019 and profitability (EBITDA) of more than EUR 100 million. In addition, we are fully on course to reach our target of EUR 2 billion in sales by 2023. "