STEMMER IMAGING AG publishes nine-month figures for 2017/2018: greater growth momentum in the third quarter leads to increase in forecast
Puchheim, 23rd May 2018 | In the first nine months of the 2017/2018 financial year (1st July 2017 to 31st March 2018), STEMMER IMAGING AG (ISIN DE000A2G9MZ9/WKN A2G9MZ) generated adjusted EBITDA of EUR 8.25 million and thus exceeded the previous year’s figure (EUR 6.11 million) by 35.0 per cent. Consolidated revenue increased from EUR 64.4 million to EUR 74.5 million in the same period. With revenue growth of 15.7 per cent in the first nine months of 2017/2018 and of 21.5 per cent in the third quarter, STEMMER IMAGING was again well above the market average. Incoming orders rose by 18.3 per cent to EUR 81.3 million in the reporting period.
The high growth in the market environment for machine vision gave the business a persistent boost and made a crucial contribution to this increase. While the overall market’s annual growth rate was around 10 per cent, STEMMER IMAGING AG again gained market share with revenue growth of 15.7 per cent in the reporting period. The outperformance is also demonstrated by the repeated increase in incoming orders, which rose by 18.3 per cent or EUR 12.6 million to EUR 81.3 million in the first nine months of the current financial year 2017/2018. In the third quarter of 2017/2018, the Group again increased its revenue growth with a rise of 21.5 per cent compared to the first half of 2017/2018 (up 12.6 per cent). Data Vision, which was acquired in the third quarter of 2017/2018 and consolidated from 1st February 2018, contributed EUR 1.1 million to revenue and EUR 0.14 million to adjusted EBITDA. On an adjusted basis, the EBITDA margin rose to 11.1 per cent in the first nine months of the 2017/2018 financial year (previous year: 9.5 per cent). EBITDA was adjusted for non-recurring costs totalling EUR 3.67 million in the reporting period, which primarily comprise costs of the IPO. Adjusted earnings before interest and taxes (EBIT) were EUR 6.86 million in the reporting period, considerably higher than the previous year’s figure of EUR 4.85 million. Including income tax expenses of EUR 0.95 million (previous year: EUR 1.47 million), the reporting period ended with adjusted consolidated net income of EUR 5.90 million compared to EUR 3.09 million.
“Optoelectronic components and machine vision solutions are on the rise as key technologies for Industry 4.0 and smart factories. The increasing digitalisation in the global industrial landscape and the trend toward greater automation in nearly every area of production therefore underscores the significant growth potential of STEMMER IMAGING AG’s business model. This development is reflected in the latest business figures and validates our strategy of further accelerating our growth while increasing profitability,” says Lars Böhrnsen, CFO of STEMMER IMAGING AG.
As of 31st March 2018, the equity ratio increased to 84.5 per cent due to the capital increase carried out in connection with the IPO (balance sheet date 2016/2017: 75.7 per cent). Total assets amounted to EUR 80.25 million at the end of the third quarter of 2017/2018 after EUR 28.71 million as of 30th June 2017. Financially, the Group is in a good position with a strong equity ratio and cash and cash equivalents of EUR 49.79 million.
On the basis of the better-than-expected earnings development and the very good order situation at the end of the third quarter of 2017/2018, the Management Board of STEMMER IMAGING AG is increasing its forecast for the 2017/2018 financial year and now expects consolidated revenue of around EUR 99 million to EUR 101 million (previously EUR 97 million to EUR 100 million) with adjusted EBITDA of EUR 10.8 million to EUR 11.3 million.
STEMMER IMAGING is one of Europe’s leading machine vision technology providers for science and industry. With a perfect combination of innovative products, its own software, 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) with solutions know-how gathered over many years. As well as offering the optimal, most cost-effective combination of components for specific tasks, the company attaches particular importance to the provision of solution-oriented client service, including feasibility studies, training and customer-focused support.