/ Key word(s): 9 Month figures
Augsburg, October 27, 2022 – The WashTec Group generated revenue of €338.6m in the nine months to September 30, 2022, a significant increase of €32.3m or 10.5% on the prior year (€306.3m). This is a new record for the first nine months of a fiscal year. Largely due to movements in the US dollar exchange rate, the year-on-year revenue growth at constant exchange rates was 7.6%. All product segments contributed to this revenue growth. Partly due to the implemented price increases, the Equipment and Service segment in particular improved significantly compared with the first nine months of the prior year. This success was largely due to the positive performance of key account business. Chemicals and the direct sales business likewise performed positively.
In total, Group EBIT decreased in the first nine months to €22.6m (prior year: €33.0m). The EBIT margin was 6.7% (prior year: 10.8%). In the third quarter, the EBIT of €9.7m (prior year: €15.0m) and the EBIT margin of 8.2% (prior year: 13.5%) were likewise significantly lower than in the prior year. Relative to the preceding quarter, the EBIT margin improved by 1.2%.
Orders received in the third quarter were slightly down on the prior year. In the first nine months, orders received were down year on year on an exchange rate adjusted basis. The decrease related to key account business, whereas orders received were up slightly in direct sales business. As was already the case at the end of the first half year, the order backlog was significantly higher at the end of September than a year earlier.
Free cash flow including repayment of lease liabilities (net cash flow – cash outflow from investing activities – repayment of lease liabilities) decreased year-on-year to €0.8m (prior year: €19.4m), largely due to a planned increase in inventories to safeguard delivery capability.
The Company regards the third quarter performance as confirmation of the revised guidance issued on July 21, 2022 for the Group’s onward business development in 2022. The Company and continues to expect revenue growth of 10%-12% and an EBIT margin in the 8%-9% range. This guidance is subject to uncertainties.
“We continued to be able to guarantee our ability to deliver at all times in the third quarter. That is a result of the tireless efforts of our workforce. But we also work hard every day on our sustainability. I am especially pleased in this regard that WashTec has been presented with the ESG Company of the Year award by Steinbeis Augsburg Business School,” said Dr. Ralf Koeppe, CEO of WashTec AG.
The full Q3 2022 report and further information about WashTec can be found on: www.washtec.de.
The WashTec Group, based in Augsburg, Germany, is the leading provider of innovative solutions for carwash worldwide. WashTec employs around 1,800 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.
1 Basis: average of 13,382,324 shares; basic = diluted
2 Including repayment of lease liabilities
3 Trade receivables + inventories − trade payables − prepayments on orders
Tel.: +49 (0)821 - 5584 - 0
Fax: +49 (0)821 - 5584 - 1135
27.10.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
|Phone:||+49 (0)821 55 84-0|
|Fax:||+49 (0)821 55 84-1135|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1472633|
|End of News||EQS News Service|
1472633 27.10.2022 CET/CEST