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Media release 23.04.2018

Consolidated results 2017

2017 was a great year for agta record on many levels, despite the significant impact of forex movements and restructuring projects in France, the U.K., the Netherlands and in the U.S.A.

Gross margin expanded by 0.7 percentage points to 73.3 % thanks to 1) higher sales of better margin products 2) increased sales at higher margin subsidiaries 3) strength regained in France and 4) savings in the supply chain. EBIT growth benefitted from subdued personal cost growth, but suffered from higher cost in logistics. The year-onyear comparison has to take into account the 2016 EUR 5.5 million impairment of goodwill related to Blasi GmbH.

The financial result of EUR 1.7 million (2016: EUR -1.4 million) was positively impacted by the weakness of the Swiss Franc against the Euro during the second half of 2017.

As of 31 December 2017 the debt-free balance sheet shows reinforced strength highlighted by cash of EUR 62 million and equity of EUR 240 million.

The dividend proposal of CHF 1.30 per share to the general meeting on 12 June 2018 represents a 30 % increase.

 

Group key figures (Jan. – Dec.)

in EUR million 2017 % 2016 % Variation
Turnover 367.0 100.0 351.9 100.0 +4.3 %
Gross margin 269.1 73.3 255.2 72.5 +5.5 %
Personnel expenses 166.4 45.3 160.7 45.7 +3.6 %
Structure cost 50.8 13.8 48 13.6 +5.8 %
EBITDA 54.5 14.9 48.3 13.7 +12.8 %
EBITA 45.9 12.5 40 11.4 +14.7 %
EBIT 40.9 11.1 29.7 8.4 +38 %
Financial result 1.7 - (1.4) - -
Profit of the period 32.9 9 21.8 6.2 +51.1 %

 

Group sales (Jan. - March)

in EUR million               2018   2017   Change 
Turnover                             85.4   84.4  +1.1 %
thereof maintenance            36.7   34.9  +5.3 %
Sales excluding forex impact   88.1   84.4  +4.3 %

 

Weakness of the U.S. dollar and the Swiss Franc negatively impacted revenue growth in the first quarter. Excluding foreign exchange movements, revenue of maintenance and service would have represented 7.6% growth.

2018 outlook
The Group is expected to benefit from a good economic environment and from the end of restructuring efforts, setting the stage to gain market share in France, the U.K. and the Netherlands. Growth of revenue in service and maintenance is anticipated to accelerate to 4 - 5 %, supporting overall organic revenue growth of 3 - 4 % excluding the impact of foreign exchange movements.

2017 annual report
Current and historical financial information is published online in the shareholders’ section of the Group website; http://www.record.group

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