Weak Q1 but management remain positive on demand Orders -33%, sales -13% vs. ABGSCe EBIT adj. EUR 1m, for a margin of 2.6% (vs. ABGSCe 3.1m)
ANNONS
Q1 results
Cavotec reported lower than expected numbers in Q1. Order intake came in at EUR 29m (-33% vs. ABGSCe 43m), -28% y-o-y. Sales came in at EUR 39m (-13% vs. ABGSCe), -10% y-o-y. EBIT adj. was EUR 1m (-68% vs. ABGSCe 3.1m), for a margin of 3% (ABGSCe 7%). EBIT was adjusted for costs related to the investigation of potentially relocating the company's registered office from Switzerland to Sweden. Ports & Maritime disappointed in the quarter, but at the same time the performance of Industry improved (sales +2% y-o-y, EBITDA margin 13% vs. ABGSCe 8%), showing that the company's strategic initiatives in Industry are starting to pay off. Furthermore, the company's focus and cash flow and working capital yielded a strong FCF lease adj. of EUR 4.6m (vs. ABGSCe 0.76m).
