Last week Friday, Max Automation released its H1 figures with mixed Q2 results. Q2 sales came in ahead of expectations. Group sales reached € 84.0m (-1.1% yoy), above our projection of € 80.7m (eNuW). The beat was driven by new project starts of bdtronic (+26.3% yoy) and Vecoplan sales only falling by 11.7% yoy (eNuW: -17.5% yoy) despite continued demand weakness. This was partly offset by a less pronounced than forecasted strengthening in AIM Micro. NSM + Jücker remained flat, while ELWEMA declined slightly more than expected.
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