STEMMER IMAGING publishes half-year report 2018/2019 - robust revenue growth and healthy incoming orders provide the basis for a stronger second half

DGAP-News: STEMMER IMAGING AG / Key word(s): Half Year Results

27.03.2019 / 14:25
The issuer is solely responsible for the content of this announcement.

STEMMER IMAGING publishes half-year report 2018/2019 - robust revenue growth and healthy incoming orders provide the basis for a stronger second half

Puchheim, 27 March 2019 - STEMMER IMAGING AG, today, presents its half-year report 2018/2019. In the period from 1 July to 31 December 2018, the Company generated revenue of EUR 50.7 million (previous year: EUR 47.4 million) and adjusted EBITDA of EUR 4.0 million against EUR 4.4 million in the previous year. With growth in orders above the average for the sector and positive synergy effects in the second half resulting from the acquisition of the French company ELVITEC, the basis for further growth has been established.

On the basis of International Financial Reporting Standards (IFRS) applied for the first time, STEMMER IMAGING AG (ISIN DE000A2G9MZ9 / GSIN A2G9MZ) generated an increase in revenue in the first half of the 2018/2019 financial year of around 7 per cent from EUR 47.4 million in the first half of the previous 2017/2018 year to EUR 50.7 million. With regard to the second quarter, on the back of rising orders, revenue rose by 7.1 per cent from EUR 25.4 million to EUR 27.2 million. Earnings before interest, taxes, depreciation and amortisation (EBITDA) adjusted for non-recurring costs, in particular, for the acquisition of ELVITEC and for the transition to International Financial Reporting Standards amounted to EUR 4.0 million in the half-year under review against EUR 4.4 million in the same period in the previous year. Because of the key strategic foundations laid in the first half, which will serve to further enhance the competitive position and accelerate future growth, the earnings margin narrowed temporarily. Adjusted earnings before interest and taxes (EBIT) amounted to EUR 3.3 million in the reporting period compared with EUR 3.8 million in the previous year. With regard to the development of earnings, it should be noted that the French subsidiary ELVITEC has been consolidated for the first time since the beginning of the second quarter 2018/2019. Consequently, synergy effects such as purchasing advantages and the elimination of duplicate structures will have a positive effect in the second half of 2018/2019 when the integration is complete.

Key figures (in EUR m) 1 Jul. 2018 - 31 Dec. 2018
(Half-year 2018/2019)
1 Jul. 2017 - 31 Dec. 2017
(Half-year 2017/2018)
1 Oct. 2018 - 31 Dec. 2018
(Q2 2018/2019)
1 Oct. 2017 - 31 Dec. 2017
(Q2 2017/2018)
Revenue 50.7 47.4 27.2 25.4
EBITDA* 4.0 4.4 1.8 2.3
EBIT* 3.3 3.8 1.4 1.8
EBT* 3.7 3.8 1.7 1.8
Incoming orders 56.4 52.9 30.5 28.5


Growth in demand for STEMMER IMAGING products and services was gratifying. With growth of 6.6 per cent, incoming orders in the first half of 2018/2019 increased to EUR 56.4 million compared with EUR 52.9 million in the previous half-year. The positive trend in order volume therefore exceeds the industrial imaging sector average, where revenues stagnated or fell slightly in 2018 according to information provided by the VDMA. Especially in the second quarter of the 2018/2019 financial year, the pace of incoming orders received by STEMMER IMAGING accelerated to EUR 30.5 million compared with EUR 28.5 million in the second quarter of the 2017/2018 financial year.

In the half-year under review, STEMMER IMAGING successfully expanded its sales potential beyond the borders of the European continent. In August 2018, a partnership was agreed with Nanjing Inovance Industrial Vision Technology in China, which will be equally rewarding for both sides. In October 2018, STEMMER IMAGING AG made its first ever investment in an innovative software specialist, the Austrian Perception Park GmbH; the transaction was closed in February 2019. STEMMER IMAGING therefore pursued its expansion strategy consistently and added a pioneering future technology with high growth potential to its product portfolio.

"We have achieved respectable growth in the half-year under review and, with an above-average increase in incoming orders compared with the sector, have laid the basis for additional growth. In particular, the momentum achieved in December with the highest monthly order volume in the second half of EUR 13.2 million has given us tailwind. Should there be no further deterioration in the macroeconomic situation, we are optimistic about the future. Acquisitions will continue to play a key role as part of our expansion strategy. In this respect, the current environment offers us an array of attractive opportunities that we shall examine carefully," says Lars Böhrnsen, CFO of STEMMER IMAGING AG.

On the basis of robust development in incoming orders, the fact that positive effects in the form of purchasing advantages from the recently acquired ELVITEC will be felt in the second half of the financial year, in particular, and the strategic corporate objective of further diversifying the product and services portfolio of STEMMER IMAGING with the aim of therefore adding new user industries, the Management Board expects revenue volume of EUR 108 million to EUR 114 million and adjusted EBITDA of EUR 10.0 million to EUR 12.2 million for the current 2018/2019 financial year.

The half-year financial report of STEMMER IMAGING AG as at 31 December 2018 is available at as a download.

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.

Lena Vitzthum
Investor Relations
Gutenbergstr. 9-13
82178 Puchheim, Germany
Tel.: +49 89 80902-165

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