FORTEC Elektronik Aktiengesellschaft publishes financial report for financial year 2022/2023, with record results once again

FORTEC Elektronik AG publishes financial report for financial year 2022/2023, with record results once again
 

• Group turnover increased by 19 % to EUR 105.9 million (previous year: EUR 89.0 million)

• Group EBIT rises disproportionately by 26 % to EUR 10.7 million (previous year: EUR 8.5 million)

• Dividend recommendation of EUR 0.85 per share for the 2022/2023 financial year (previous year: 0.70 EUR)

FORTEC Elektronik AG publishes audited consolidated figures and the financial report for the financial year 2022/2023 today (reporting period: 01/07/2022 - 30/06/2023), which is available on the company's website (https://www.fortecag.de/en/investor-relations/reports/).

With a consolidated turnover of EUR 105.9 million (previous year: EUR 89.0 million), FORTEC was even able to exceed the medium-term revenue target of EUR 100 million from 2021 and was within the optimistic range of the revenue forecast for the 2022/2023 financial year of EUR 97.0 to 110.0 million, which was most recently raised in May 2023. At the same time, earnings before interest and taxes (EBIT), the company's key performance indicator, increased from EUR 8.5 million in the previous year to EUR 10.7 million, which corresponds to an increase of 26 % compared to the previous year. This means that the Group EBIT is also in the upper range of the forecast made in May 2023 (EUR 10.0 to 11.0 million). The consolidated net income for the year was EUR 7.6 million (previous year: EUR 6.3 million). Earnings per share rose from EUR 1.92 in the previous year to EUR 2.32.

Sandra Maile, CEO of FORTEC Elektronik AG, comments: “The results of the 2022/2023 financial year are extremely pleasing and demonstrate the successful implementation of our strategy. Not only did we exceed the EUR 100 million turnover mark, but we also significantly increased our EBIT and therefore achieved another record result. This is the result of hard work and the commitment of our team.”

The data visualisation segment contributed to the total turnover with a turnover of EUR 68.0 million (previous year: EUR 56.3 million). The share of sales accounted for by the power supplies segment amounted to EUR 37.9 million (previous year: EUR 32.7 million). 

For the 2023/2024 financial year, which has already begun, the Executive Board forecasts consolidated revenue of between EUR 106.0 and 116.0 million and a Group EBIT in the range of EUR 9.5 to 11.0 million. This forecast is based on the continued good order book, but also on the current inflationary situation and the ongoing uncertainties of a geopolitical nature.

Sandra Maile adds: “We are confident that we can continue on our growth path, strengthened by our strong order book and our ability to adapt in a changing economic environment.”

Dividends

Due to the successful financial year 2022/2023, the Management Board and the Supervisory Board propose distributing a dividend of EUR 0.85 per share from the retained earnings of FORTEC Elektronik AG as at 30 June 2023 (previous year: EUR 0.70 per share). This proposal will be put to the vote at the Annual General Meeting on 7 February 2024 in Munich.

Earnings Call

Further details on the annual financial statements and the current forecast will be announced by the Executive Board during an earnings call today at 3.30 pm. The link to register for this is available at Montega CONNECT: FORTEC Elektronik AG - Earnings Call Financial Report 2022/2023.

Sandra Maile

Chair of the Management Board

FORTEC Elektronik AG | Augsburger Str. 2b | 82110 Germering | Germany
Phone: +49 89 894450 232

aktie@fortecag.de | www.fortecag.de

FORTEC Elektronik AG (ISIN Share: DE0005774103, WKN: 577410), based in Germering, Germany, was founded in 1984 as an international distributor of standard solutions in the field of power supplies, embedded systems and displays. In addition, the FORTEC Group today offers customer-specific developments and complete system developments. Since April 2020, FORTEC Elektronik AG has been the holding company responsible for management of the affiliated companies, group strategy and essential parts of the administration. FORTEC Elektronik AG has subsidiaries in Germany, Switzerland, the UK and the USA.

For better legibility, the generic masculine form is used in the text. Of course, all genders are referred to equally without any intent to discriminate.