Syzygy AG

10/29/2024 | Press release | Distributed by Public on 10/29/2024 06:06

SYZYGY GROUP increases operating income by 25 per cent in 9-month period 2024 with slightly lower sales

News

SYZYGY GROUP increases operating income by 25 per cent in 9-month period 2024 with slightly lower sales

Published
October 29, 2024
  • Operating income increases to EUR 4.3 million (+25 per cent compared to prior-year period) with an operating EBIT margin of around 8 per cent
  • Sales of EUR 52.6 million (-3 per cent compared to the same period of the previous year)
  • Core market Germany: Sales of EUR 43.1 million (-1 per cent compared to prior-year period) with an EBIT margin of 11 per cent
  • UK and USA segment: Sales of EUR 3.8 million (-40 per cent compared to prior-year period) with an EBIT margin of 2 per cent
  • Poland segment: Sales of EUR 5.9 million (+26 per cent compared to prior-year period) with an EBIT margin of 15 per cent
  • Outlook for 2024: Sales of just under EUR 70 million (-3 per cent) with an EBIT margin of around 8 per cent before goodwill write-downs

The SYZYGY GROUP increased its profitability in the first nine-months from January to September 2024 with a slight decline in sales to EUR 52.6 million. Operating income increased by 25 per cent compared to prior-year period to EUR 4.3 million, improving the operating EBIT margin from 6.4 per cent to 8.2 per cent.

In the German core market, sales fell by 1 per cent to EUR 43.1 million, with stable operating profitability of 11 per cent. This means that Germany accounts for around 82 per cent of total sales.

As expected, sales in the UK and the USA fell by 40 per cent to EUR 3.8 million, with an EBIT margin of 2 per cent. By contrast, sales in Poland increased by 26 per cent to EUR 5.9 million, with an operating EBIT margin of 15 per cent.

The financial income is negative at EUR -0.5 million, meaning that the total net income after taxes after 9 months is around EUR 2.7 million. Earnings per share are EUR 0.19.

Despite a persistently challenging economic environment, particularly in our core market of Germany, we have performed well in the first nine months of the year. For the full year, however, we expect revenues to be slightly lower than last year.

Frank Wolfram, CEO of the SYZYGY GROUP

Outlook

The SYZYGY GROUP anticipates sales of just under 70 million (-3 per cent) and an EBIT margin of around 8 per cent before goodwill write-downs in the current 2024 financial year.

Q3-2024
Q3-2023
Change
9M-2024
9M-2023
Change
Sales
17,639
18,396
-4%
52,568
54,388
-3%
EBIT before goodwill write-downs
1,486
1,227
21%
4,324
3,457
25%
EBIT margin before goodwill write-downs
8.4%
6.7%
1,7pp
8.2%
6.4%
1,8pp
Goodwill write-downs
0
0
n.a.
0
-4,205
n.a.
EBIT (operating income)
1,486
1,227
21%
4,324
-748
n.a.
EBIT margin
8.4%
6.7%
1,7pp
8.2%
-1.4%
9,6pp
Financial income
-147
-287
49%
-458
-1,206
62%
Net income before tax
1,339
940
42%
3,866
-1,954
n.a.
Net income
910
627
45%
2,717
-2,569
n.a.
* kEUR

The full quarterly report as at September 30, 2024 will be available from October 29, 2024 at Investors. (German version)

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Investor Relations & SustainabilitySusan Wallenborn
+49 6172 9488-252
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