DGAP-News: MAX Automation SE / Key word(s): Half Year Results
MAX Automation SE with significant improvement in earnings and continued positive development in order intake in its first six months of financial year 2019
- Order intake in core business remains strong at EUR 169.1 million (H1 2018: EUR 163.5 million), order backlog up 23.4% to EUR 191.6 million (H1 2018: EUR 155.3 million)
- EBITDA in core business up by a significant 25.0% to EUR 14.5 million (H1 2018: EUR 11.6 million)
- Group confirms FY 2019 sales and earnings forecast; discontinued operations heavily burden overall result
Dusseldorf, 14 August 2019 - MAX Automation SE, listed in the Prime Standard of the Frankfurt Stock Exchange (ISIN DE000A2DA58), today announced its results for the first half of financial year 2019. The MAX Group continued its positive trend from the first quarter of 2019 in its core business - in other words, in its continuing operations - with order intake growth of EUR 5.6 million (+3.4%) to EUR 169.1 million in the reporting period (H1 2018: EUR 163.5 million). The good order situation is reflected in all three core business areas. In its Environmental Technologies segment, the Group benefited from high demand for efficient components and systems for recycling and waste treatment. Recent innovations developed to meet market demands are particularly noticeable here. Good positioning in the future-oriented e-mobility market exerted a positive effect on the order situation in the Process Technologies segment. The Evolving Technologies segment recorded order intake at the expected level, whereas especially press automation solutions reporting a high demand. As a consequence, the order backlog as at 30 June 2019 stood at EUR 191.6 million, 23.4% up on the previous year's level (EUR 155.3 million).
The trend towards a greater depth of automation in numerous industries continues. Demand for MAX Automation SE solutions and services remains at a high level. In line with the positive order backlog trend - and thereby sales to be expected in the future - sales from continuing operations at Group level also rose by 11.1% to EUR 148.2 million (H1 2018: EUR 133.5 million) in the half-year under review. A particularly pleasing factor in this context is that the sales growth derives from all three core business areas.
Consolidated earnings from continuing operations (before interest, taxes, depreciation and amortization, EBITDA) improved in the first half of 2019 by 25.0% to EUR 14.5 million (H1 2018: EUR 11.6 million). Reporting stable margins, the Process Technologies segment benefited from significantly higher sales, and especially a doubling of sales volume in China. In Environmental Technologies, success drivers included the increased high-margin orders for efficient components and systems for recycling and waste treatment. The Evolving Technologies segment performed in line with expectations. Here, the high order backlog in medical technology and press automation will also be reflected in future EBITDA development.
All three core business areas - Process Technologies, Environmental Technologies and Evolving Technologies - contributed to the positive trend in the reporting period. The measures taken to realign MAX Automation SE and to make it fit for the future are showing a steady effect.
In principle, however, it should be noted that the company is in a year of transition, as already communicated. Measures will continue to focus on concentrating on the three aforementioned core business areas and on significant de-risking combined with a reduction of the highly cyclical business.
"We are satisfied with the results of our continuing business and are pleased to confirm the positive trend from the first quarter for the first half of the financial year. Order intake growth combined with a high order backlog gives us reason to look to the future with optimism. In doing so, we will consistently pursue the realignment course we have set for ourselves with a high level of commitment, the necessary patience and the right balance. We have clearly outlined our measures in this context and will not deviate from our goal to continuously develop MAX Automation SE in a market environment that is tending to be reluctant to invest," says Andreas Krause, Chairman of the Management Board and CFO of MAX Automation SE.
Positive outlook thanks to continued high order backlog
In view of the strong and significantly higher order backlog, MAX Automation SE confirms its forecast for the continued business units for the 2019 financial year and expects consolidated sales of more than EUR 300 million and EBITDA in excess of EUR 20 million. However, the non-core business, which the Group is divesting, will continue to weigh heavily on the overall result of the group.
Detailed financial information
The complete interim report of MAX Automation SE for the first half of 2019 is available for download at https://www.maxautomation.com/de/investor-relations/finanzberichte/.
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14.08.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||MAX Automation SE|
|Breite Straße 29-31|
|Phone:||+49 (0)211 90991-0|
|Fax:||+49 (0)211 90991-11|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||856489|
|End of News||DGAP News Service|