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Media release 25.10.2018

Growth story continues

Turnover growth in the 3rd quarter has been less impacted by adverse exchange rates that in previous quarters. During the first nine months order intake advanced by 2.2% (4.2% at constant exchange rates). Maintenance and service turnover grew by 7.6% in the first nine months excluding the foreign exchange impact. The order book is 8% larger than 12 month ago.

The Group continues to expect full year turnover growth of 4 to 5% based on constant exchange rates. EBITDA is anticipated to increase much stronger than turnover.

Group Sales (1st January – 30th September) 

In EUR million 2018 2017 Change
Nine months 267.9 261.3 +2.5%
Maintenance and service 112.7 106.2 +6.1%
Total first nine months 272.9 261.3 +4.4%

Media release 10.09.2018

First half-year results 2018

In the first half of 2018, consolidated total turnover grew 4.7% at constant exchange rates. Turnover of the higher margin maintenance and service business even grew 8.2% excluding exchange rate effects. The strong growth of the service and maintenance business contributed to the 90 basis points increase of the gross margin, which was also helped by pricing initiatives across the group and the compensation of raw material price increases by savings in the supply chain. The benefits of the reorganisations in France, the United Kingdom, the Netherlands and the United States allowed personnel cost to decrease slightly and structure cost stay constant, despite an expanding business.

The financial result is predominantly non-cash and driven by the impact exchange rate movements had on the cash positions in the Group.

2018 sales growth continues to be anticipated to be 3 to 4% based on constant exchange rates. 

The group confirms its expectation of sales growth of 4 – 5 % for the full year.

Group key figures (January – June)

In MEUR 2018 % 2017 % Change
Turnover 178.6 100.0 175.2 100.0 + 1.9 %
Gross profit 132.7 74.3 128.6 73.4 + 3.2 %
Personnel expenses 83.3 46.6 83.7 47.8  - 0.5 %
Structure cost 25.4 14.2 25.4 14.5    0.0 %
EBITA 24.7 13.8 20.2 11.5 + 22.3 %
EBIT 18.3 10.2 13.3 7.6 + 37.6 %
Financial result (1.1) -0.6 (0.0) (0.0) NM
Profit for the period 13.4 7.5 10.2 5.8 + 31.3 %

Media release 25.07.2018

Strong growth of the service business — in the first half of 2018 total growth of 5.3% excluding forex effects

Growth of order intake reached 7.1 % compared to the same period last yeaFor the full year agta record continues to expect turnover growth of 3-4 % at constant exchange rates. The expectation of this above-market growth is based on the accelerationof order intake in the second quarter (7.4 % growth over the prior-year quarter excluding forex effects) especially in important countries such as France, the U.S., Switzerland and in the export to countries where agta record does not have a subsidiary.
EBITDA of the first half-year will grow significantly more than turnover as a result of strong growth of the service and maintenance business and productivity improvements in key countries such as France, the Netherlands und the U.K. where reorganisations and acquisitions took place in recent years.r which allows the group to confirm its 2017 goals for sales growth (4 – 5 % excluding acquisitions) and EBITDA, the latter expected to improve over-proportionately.

Half-year sales 2018 (January – June) – unaudited

In EUR million 2018 2017 Change
First half-year 178.8 174.3 + 2.6 %
First half-year at constant exchange rates 183.6 174.3  + 5.3 %
Thereof maintenace  75.6 71.1  + 6.3 %
At constant exchange rates 77.0 71.1  + 8.3 %

 

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

Media release 25.01.2018

2017 sales growth of more than 4 % to EUR 367 million in line with expectations

The maintenance and service business contributed with growth of more than 3 %, which happened on top of high growth in 2016, to overall sales grwoth and achieved sales of EUR 1468.8 million in 2017. The weakness of the British Pound and to a smaller extent of the Swiss Franc (especially towards the end of the year) reduced 2017 total sales by EUR 4.5 million.

Profitability is expected to increase overproportionately and according to plan, with additional improvement potential in France and the UK. The restructuring efforts of the past and additinal benefits from the supply chain contributed to margin increases in 2017

 

in EUR Million 2017 2016 Change
Total 12 months 367.1 351.9 + 4,3 %
12 months sales at constant exchange rates 371.6 351.9 + 5.6 %

 

Media release 25.10.2017

Consolidated third quarter sales 2017

Order intake grew by 5.4% versus prior year during the first 9 months of 2017.

Assuming a stable Euro versus Swiss Franc rate, the Group is conforming full-year sales growth expectations of 4-5% despite the negative impact of the British Pound which reduced sales growth of the first 9 monts by one percentage point. Profitability is anticipated to increase by a higher rate than sales as a result of savings in purchasing and the first beneftis from the restructuring in France.

Group Sales (1st January – 30th September) – unaudited

In EUR million 2017 2016 Change
First half year 175.5 166.6 + 5.3 %
Third quarter 85.8 84.3 + 1.8 %
Total first nine months 261.3 250.9 + 4.1 %
Sales at constant exchange rates 263.8 250.9 + 5.1 %

Media release 11.09.2017

First half-year results 2017 – improved profitability

The gross margin increased considerably, benefitting from reduced production costs in France, savings on sourced components and higher production volumes at agtatec.

Growth of personnel costs surpassed sales growth despite steady improvements in France. The higher personnel expenses are also partly due to the integration of HPDS in the U.K.

During the second half of 2017, restructuring costs should remain minimal in France and the U.K. while the focus of the integration of record UK and HPDS will switch to the achievement of synergies and efficiency gains. The pressure on the gross margin from the weakened British Pound should diminish in the second half of 2017.

The group confirms its expectation of sales growth of 4 – 5 % for the full year.

Group key figures (January – June)

In MEUR 30.06.2017 % 30.06.2016 % Change
Turnover 175.5 100.0 166.6 100.0 + 5.3 %
Gross profit 128.6 73.3 119.7 71.8 + 7.4 %
Personnel expenses 83.7 47.7 78.1 46.9 + 7.2 %
Structure cost 25.4 14.5 24.3 14.6 + 4.5 %
EBITA 20.2 11.5 18.0 10.8 + 12.2 %
EBIT 13.3 7.6 11.6 7.0 + 14.7 %
Financial result (0.0) (0.8) (0.5)
Profit for the period 10.2 5.8 8.4 5.0 + 21.4 %

Half-Year Financial Report

The complete half-year financial report 2017 is published online in the shareholders’ section of the Group website: shareholders.agta-record.com.

Media release 26.06.2017

Solid growth in order intake – Confirmation of 2017 goals

Growth of order intake reached 7.1 % compared to the same period last year which allows the group to confirm its 2017 goals for sales growth (4 – 5 % excluding acquisitions) and EBITDA, the latter expected to improve over-proportionately.

Sales first half-year (1st January – 30th June) – non audited

In EUR million 2017 2016 Change
First quarter 84.5 77.8 + 8.6 %
Second quarter 89.8 89.5 + 0.3 %
Total first half-year 174.3 167.3 + 4.2 %
Thereof maintenance 71.1 68.9 + 3.2 %
at constant exchange rates 175.3 167.3 + 4.8 %


While the first quarter of 2017 includes 3.5 % growth in sales acquired via the HPDS transaction in the U.K. (consolidated since April 2016), the second quarter was impacted by fewer working days, the weakness of the British Pound and an increase in work-in-progress.

The full result of the first half-year is expected to benefit from better gross margins and tight management of structure cost.

The brighter economic outlook and the end of the restructuring efforts in the French and U.K. operations are anticipated to support the profitability of the second half-year.

Media release 24.04.2017

First quarter sales 2017: Very good start for order intake and sales

Sales growth is mainly due to a good performance of record France (+ 12.5 %) and record UK (+ 29.7 %).

Order intake is up 12.3 %, almost all group subsidiaries reporting satisfying growth.

The decline of the British Pound and the end of reorganisation in France will affect the first half year results.

Overall turnover growth of the Group is anticipated to be 4 ––5 % while EBITDA should grow overproportionately in 2017.

Group Sales (Jan. – Mar.)

in EUR million 2017 2016 Change
Total Sales 84.5 77.8 + 8.5 %
Thereof service & maintenance 34.9 32.7 + 6.6 %
At previous year exchange rates 84.9 78.4 + 9.0 %

Media release 05.04.2017

Summarised consolidated results 2016

Several non-recurring items had an important impact on the 2016 results: The new production and logistics concept implemented in France in 2016 reduced EBITA by an estimated EUR 5.0 million. The weakness of the Pound Sterling after the Brexit decision negatively impacted EBITA by EUR 0.7 million. The integration of High Performance Door Solutions Ltd. acquired in April 2016 cost EUR 0.8 million. The overproportionate increase of personnel cost was predominantly due to the overstaffing and temporary personnel related to the restructuring in France.

EBITDA and EBITA increased slightly despite these one-time effects benefiting from turnover growth in the product (+?10 % at constant exchange rates, + 3.5 % excluding acquisitions) and service business (+ 9.5 %).

The gross margin was slightly higher than in 2015, despite the negative impacts from the restructuring in France and the weakness of the Pound Sterling.

EBIT declined as a result of the EUR 5.5 million impairment of the goodwill of the product house BLASI GmbH.

The financial result of 2016 was driven by the weakness of Pound Sterling.

The balance sheet of the Group remains very solid, highlighted by liquidity of EUR 50 million and equity of EUR 230 million.

A payment of CHF 1.00 per share (2015: 0.93) for the year 2016 will be proposed to the Annual General Meeting on 7 June 2017.

Group key figures (Jan. – Dec.) – audited

in EUR million 2016 % 2015 % Change
Turnover 351.9 100.0 325.5 100.0 + 8.1 %
Revenue 255.2 72.5 235.2 72.3 + 8.5 %
Personnel expenses 160.7 45.7 144.2 44.3 + 11.4 %
Structure cost 56.3 16.0 53.5 16.4 + 5.3 %
EBITDA 48.3 13.7 46.8 14.4 + 3.1 %
EBITA 40.0 11.4 39.2 12.0 + 2.1 %
EBIT 29.7 8.4 34.9 10.7 – 15.1 %
Financial result – 1.4 – 0.3 – 2.0 – 0.6 + 30.8 %
Profit of the period 21.8 6.2 25.3 7.8 – 14.0 %

Perspectives of 2017

Given the elections in France and the continuing Brexit impact, turnover growth expectations for the business in France and the U.K. are guarded. The lack of non-recurring costs could translate into profitability improvements in the French und U.K. businesses. The business in the Netherlands is also expected to contribute to profitability growth after the integration of the 2015 acquisition of Imtech Toegangstechniek is achieved. Overall turnover growth of the Group is anticipated to be 4 – 5 % while EBITDA should grow overproportionately in 2017.

Media release 26.01.2017

Sales 2016 – turnover targets reached at constant forex rates

In 2016, the group grew turnover by 8.6 % to EUR 352.5 million. Had foreign exchange rates been constant, growth would have been even higher at 10.5 %.

The weakness of the Britisch Pound suppressed turnover by EUR 5.1 million in the second half of 2016. The reorganisation of the production sites in France resulted in invoicing delays while turnover growth was additionally held back by the postponement of the finalisation of a large project in the United States which will be invoiced in 2017.

Maintenance and service turnover increased strongly by 10.2 % and is accounting for 40.4 % of total turnover.

The profitability of 2016 is expected to be impacted not only by the weakness of the British Pound, but also by the one-off cost related to the restructuring in France and a EUR 1.0 million provision (thereof EUR 0.6 million booked already in the first half of 2016) mostly related to the integration cost of High Performance Door Solutions acquired in April 2016.

Group sales

in EUR Million 2016 2015 Change
First 9 months 250.9 227.9 +  10.1 %
Fourth quarter 101.6 96.7 + 5.1 %
Total sales 352.5 324.7 + 8.6 %
thereof maintenance 142.4 129.2 + 10.2 %
Total sales at constant exchange rates 358.9 324.7 + 10.5 %
thereof maintenance 144.1 129.2 + 11.5 %

Media release 12.09.2016

First half-year results 2016 – good sales growth – half-year impacted by one-off costs – 2016 goals reconfirmed

The consolidation of the production sites in France is turning out to take longer and to be more costly than planned. The negative impact of the reorganisation of the direct door business in France on the gross margin of the Group was approximately one percentage point in the first six months. The related additional personnel cost and logistics charges amounted to EUR 0.9 million in the first half of 2016. Separately, the Group booked a restructuring charge of EUR 0.6 million related to the integration of High Performance Door Solutions acquired in the U.K. in April 2016.

In France, the situation in the direct door business is improving and the cost related to the reorganisation is expected to diminish in the second half of 2016. ISEA and PACA outperformed expectations in the first six months of 2016, while the U.K. business substantially improved compared to 2015.

The financial result was significantly better compared to the first half of 2015.

Net liquidity was EUR 45.5 million as of 30 June 2016 which corresponded to a gearing of – 21.7 %.

The outlook for the whole of 2016 remains unchanged with sales expected to grow by 8 – 9 % and operating profit anticipated to increase by less than that.

Group key figures (January – June)

In MEUR 30.06.2016 % 30.06.2015 % Variation
Turnover 166.4 100.0 148.9 100.0 + 11.8 %
Gross profit 119.7 71.9 108.5 72.9 + 10.3 %
Personnel expenses 78.1 46.9 69.1 46.4 + 13.0 %
Structure cost 28.4 17.1 26.2 17.6 + 8.4 %
EBITA 13.9 8.4 13.9 9.3
EBIT 11.6 7.0 12.0 8.1 – 3.3 %
Financial result (0.8) (0.5) (2.1) (1.4)
Profit for the period 8.4 5.0 7.0 4.7 + 20.0 %

Half-Year Financial Report

The complete half-year financial report 2016 is published online in the shareholders’ section of the Group website: shareholders.agta-record.com.

Media release 19.04.2016

Summarised consolidated results 2015

Commercially, the Group was quite successful in 2015, despite markets that were mostly stagnating: Product order intake rose by 5.2 % based on the number of units sold and by 13.6 % based on value. Maintenance sales grew by 13.7 %. The order book at the end of 2015 was 30% higher than 12 months ago.

The strength of the Swiss Franc since January 2015 reduced the operating result of the subsidiaries in Switzerland by at least EUR 2 million. Based on various initiatives to decrease the sensitivity of the Group operating result to movements of the Swiss Franc, the impact of future changes in the Swiss Franc rates is anticipated to be very limited.

The operating result was further depressed by a EUR 1.1 million restructuring provision related to a reorganisation in France that is expected to have a positive impact on 2016 results.

Nevertheless, EBITA climbed by 10.7 % in 2015. The five companies acquired in 2015 had a very limited impact on the 2015 operating result, not the least due to the incurred integration and transaction costs.

Group key figures (Jan. – Dec.) – audited

in EUR million 2015 % 2014 %  Change
Turnover 325.5 100.0 291.1 100.0 + 11.8 %
Work in progress 2.2 - (0.4) - -
Revenue 327.7 100.7 290.8 99.9 + 12.7 %
Personnel expenses 144.2 44.3 127.4 43.3 + 13.2 %
Structure cost 53.5 16.4 48.0 16.5 + 11.4 %
EBITDA 46.8 14.4 42.6 14.6 + 9.9 %
EBITA 39.2 12.0 35.4 12.2 + 10.7 %
EBIT 34.9 10.7 32.3 11.1 + 8.0 %

Financial result

(2.0) -0.6 (0.6) -0.2 -
Profit of the period 25.3 7.8 25.0 8.6 + 1.2 %

The financial result of 2015 was impacted by a negative translation effect of EUR 2.0 million related to cash held in Swiss subsidiaries.

Net liquidity remained high at EUR 52.5 million, despite a 40 % increase in cash outflows for investments, the five acquisitions and the higher dividend. The dividend proposal to the annual general meeting on 2 June 2016 will be CHF 0.93 (2015: CHF 0.90).

Group Sales (Jan. – Mar.)

in EUR million 2016 2015 Change
Total Sales 77.8 71.1 + 9.4 %
therof from Maintenence 32.7 30.3 + 7.9 %
Sales excluding forex impact 78.4 71.1 + 10.3 %

On 8 April 2016, the Group acquired High Performance Doors Ltd., a company domiciled near Birmingham, U.K., and focused on service, maintenance and installation across the U.K. Full-year turnover of High Performance Doors is approximately GBP 11 million, with an EBITA margin of 8 – 10 %.

2016 Outlook

The Group is expecting turnover growth of 8 – 9 %, benefitting from organic growth of 3 – 4 % and acquisitions made in 2015 and 2016.

2015 annual report

Current and historical financial information is published online in the shareholders’ section of the Group website http://shareholders.agta-record.com

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