ICAPE Group Announces Its Full-Year Revenue for 2023
February 08 2024 - 2:00AM
Business Wire
- 2023 revenue of €179.5 million, impacted by the
international industrial and economic context observed during the
fiscal year
- All commercial and financial targets maintained, except for
the target of €500 million in revenue by 2026, which has been
postponed to the medium term
- Reinforcement of the cost optimisation policy and gradual
activation of post-integration synergies from acquisitions
- Solid financial resources ensuring the continuation of the
aggressive external growth strategy
Regulatory News:
The ICAPE Group (ISIN code: FR001400A3Q3 – Ticker: ALICA), a
global technology distributor of printed circuit boards (“PCB”) and
custom-made electromechanical parts, today announced its revenue
for the 2023 financial year, ending December 31.
Yann DUIGOU, Chief Executive Officer of the ICAPE Group,
stated: "2023 was marked by a sharp decline in the worldwide
printed circuit board distribution activity due to the decline in
global demand, an unfavourable impact on sales prices and the
normalisation of our customers' inventories. This trend
mechanically impacts our revenue target of €500 million in 2026,
which we are postponing to the medium term. We remain fully
committed to our growth trajectory, thanks to the relevance of our
acquisitions policy. In addition, our robust financing capacity,
which reflects the confidence of our banking partners, will cover
our acquisition ambitions up to 2026. These factors, together with
our stepped-up cost optimisation policy, enable us to reaffirm our
targets for organic growth, external growth, and profitability by
2026. In this uncertain environment, we will be able to rely on
ICAPE's unrivalled technological expertise in the PCB and technical
parts supply chain, as well as on the rigorous management of our
cost structure, coupled with the synergies generated by our recent
acquisitions".
2022
restated
IFRS*
2023
restated
IFRS*.
Change
(IFRS)
Change on a
like-for-like
basis
External growth
Revenue
in €
million
€219.6m
€179.5m
-18.3%
-22.8%
+4.5%
2023 business activity below Group targets
As of December 31, 2023, the Group’s revenue was €179.5 million,
down 18.3% on 2022. The ICAPE business, dedicated to the
distribution of PCB, accounts for more than 80% of full-year
revenue, while the CIPEM business, dedicated to the distribution of
custom-made electromechanical parts, accounts for 20%. At the end
of December 2023, the ICAPE Group recorded a backlog of €50.9
million.
Over the period, the ICAPE Group benefited from the commercial
performance of the various acquisitions made in 2023 in the
distribution of PCB and custom-made technical parts, namely those
of French manufacturer Fimor Electronics, German distributors HLT,
Princitec and Bordan Electronic Consult, and US companies PCB
Solutions, Ustek Incorporated and Nujay Technologies Inc, for a
contribution to revenue from external growth of €10 million, or
4.5% of the Group’s revenue.
Confirmation of the Group's offensive M&A
strategy
Bolstered by the €47 million financing package announced at the
end of December 2023, the Group intends to continue acquiring
companies specialized in the distribution of PCB and technical
parts in all its geographical regions over the coming months and
years. The ICAPE Group is in advanced discussions with targets with
a solid profitability profile, a broad customer portfolio and
proven synergies with its organisation.
Reaffirmation of all the Group's growth and profitability
targets
Given the particularly unfavourable economic climate for 2023,
characterised in particular by a shortage of orders from its main
customers who had overstocked in previous years, the objective of
achieving revenue of around €500 million by 2026 has now been
postponed to the medium term.
Faced with an economic environment that remains challenging, the
ICAPE Group intends to pursue its policy of external growth and
cost optimisation, by acquiring companies with a solid
profitability profile and a favourable product mix thanks to its
range of high added-value services. The Group is therefore
reaffirming all its other indicators for 2026, namely:
- an average annual organic growth rate of 10% between 2023 and
2026;
- around €120 million of additional revenue through external
growth by 20261;
- an EBIT margin of around 9.5% by 2026.
Next financial release
- Publication of the 2023 Full-Year Results on Wednesday
27, March 2024
About the ICAPE Group
Founded in 1999, the ICAPE Group acts as a key technological
expert in the PCB and technical parts supply chain. With a global
network of 35 subsidiaries and a major presence in China, where
most of the world’s PCB production is done, the Group is a
one-stop-shop provider for the products and services which are
essentials for customers. As of December 31, 2023, the ICAPE Group
recorded a consolidated revenue of €179.5 million.
For more information, visit icape-group.com
___________________________________ 1 From 1st July 2023 to the
end of 2026
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240207058259/en/
ICAPE Group CFO Arnaud Le Coguic Tel: 01 58 18 39
10 investor@icape.fr
Investor Relations NewCap Nicolas Fossiez
Louis-Victor Delouvrier Tel: 01 44 71 94 98 icape@newcap.eu
Media Relations NewCap Arthur Rouillé Antoine
Pacquier Tel: 01 44 71 94 94 icape@newcap.eu
Icape (EU:ALICA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Icape (EU:ALICA)
Historical Stock Chart
From Jul 2023 to Jul 2024