DGAP-News: STEMMER IMAGING publishes provisional half-year figures for 2018/2019 - further solid growth in revenue and incoming orders

STEMMER IMAGING publishes provisional half-year figures for 2018/2019 - further solid growth in revenue and incoming orders

Puchheim, 14 February 2019 - STEMMER IMAGING AG continues to grow solidly according to provisional figures for the first half of the 2018/2019 financial year. Thus, revenue climbed by 7.1 per cent in the first half of 2018/2019 to EUR 50.7 million (previous year: EUR 47.4 million). Incoming orders increased by 6.6 per cent to EUR 56.4 million in the first half of the year (previous year: EUR 52.9 million). Regarding the second quarter of 2018/2019, incoming orders grew by 7.1 per cent year-on-year. Earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for non-recurring costs, especially for the acquisition of ELVITEC and the transition to International Financial Reporting Standards, amounted to EUR 4.0 million in the reporting period (previous year: EUR 4.6 million).

STEMMER IMAGING AG (ISIN DE000A2G9MZ9/GSIN A2G9MZ) is publishing its provisional business figures for the first half of the 2018/2019 financial year today. In the period from 1 July 2018 to 31 December 2018, the company, which is reporting in accordance with the International Financial Reporting Standards (IFRS) for the first time, increased its revenue according to provisional calculations by 7.1 per cent from EUR 47.4 million in the first half of 2017/2018 to EUR 50.7 million in the first half of 2018/2019. Based on increasing orders, revenue rose by 7.1 per cent from EUR 25.4 million in the second quarter of 2017/2018 to EUR 27.3 million. Earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for non-recurring costs, especially for the acquisition of ELVITEC and the transition to International Financial Reporting Standards, were EUR 4.0 million, below the previous year's level of EUR 4.6 million. Although STEMMER IMAGING AG's accelerated growth strategy will have a negative impact on the earnings margin in the short term, it will enable the company to further expand its competitive position.
 

*adjusted

Considering that the acquired company ELVITEC S.A.S. was consolidated for the first time from the beginning of the second quarter of 2018/2019, STEMMER IMAGING continued the integration successfully in the reporting period. The integration process is expected to be fully completed in the course of the 2018/2019 financial year, resulting in synergy effects such as purchasing advantages which will have a positive impact in the second half of the year.

Demand for STEMMER IMAGING products and services has developed positively. Incoming orders increased to EUR 56.4 million in the first half of 2018/2019 compared to EUR 52.9 million in the first half of the previous year. The increase in orders is based on STEMMER IMAGING's broad geographical positioning and the numerous possible applications of its technologies in a wide variety of industries. The importance of this growth in orders is impressively demonstrated by a comparison with the industry as a whole. After the German machine vision industry achieved record revenue of EUR 2.6 billion in 2017, the German Mechanical Engineering Industry Association (Verband Deutscher Maschinen- und Anlagenbau - VDMA) observed a slight decline in incoming orders and virtually stagnating revenue for the sector in 2018.

Order momentum picked up in the second quarter of the 2018/2019 financial year in particular. The order volume reached its highest point in the first half of the financial year in the month of December 2018 and amounted to EUR 13.2 million. In total, incoming orders in the second quarter of 2018/2019 amounted to EUR 30.5 million compared to EUR 28.5 million in the second quarter of the 2017/2018 financial year. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 1.8 million in the second quarter of 2018/2019, down from EUR 2.4 million in the prior-year quarter. Integration costs for the acquisition of ELVITEC S.A.S. as part of the growth strategy had a negative impact on earnings in the second quarter.

"We have grown solidly in a challenging environment. If the general economic situation does not continue to deteriorate, we are foreseeing with confidence to the traditionally stronger second half of the year. This is based on the robust development of incoming orders and the fact that positive effects in the form of purchasing advantages from the acquired company will take effect specifically in the second half of the financial year. In addition, we will continue carefully screening the market for potential acquisitions. The current environment offers attractive opportunities in this regard," says Lars Böhrnsen, CFO of STEMMER IMAGING AG.

The figures announced in this press release are provisional and unaudited. STEMMER IMAGING AG will publish the final figures for the first half of 2018/2019 on 27 March 2019.
About STEMMER IMAGING
STEMMER IMAGING is one of Europe's leading machine vision technology providers for science and industry. With a perfect combination of innovative products, expert advice and comprehensive service, STEMMER IMAGING helps clients solve their machine vision tasks securely with speed and ease. Experienced specialists can be contacted easily and are available to provide advice locally in 19 European countries.

Clients of STEMMER IMAGING benefit from the combination of an exceptionally wide variety of products from the world's leading manufacturers (e.g. cameras, lenses, illumination products, machine vision systems, software). Expert know-how gathered over many years help customers define the optimum, most cost-effective combination of components. The company attaches particular importance to the provision of solution-oriented services, including feasibility studies, development services, training and customer-focused support.

Contact:
STEMMER IMAGING AG
Lena Vitzthum
Investor Relations
Gutenbergstr. 9-13
82178 Puchheim, Germany
Tel.: +49 89 80902-165
ir@stemmer-imaging.de
www.stemmer-imaging.de