DGAP-News: STEMMER IMAGING AG: best half-year results in the company's history

STEMMER IMAGING AG: best half-year results in the company's history

Puchheim, 24th April 2018 - STEMMER IMAGING AG (ISIN DE000A2G9MZ9/WKN A2G9MZ) is releasing its 2017/2018 half-year financial report today. In the period from 1st July to 31st December 2017, the company generated the best six-month results in the company's history. The positive business performance was driven both by a persistently dynamic market environment in the machine vision industry and by the broad customer base in numerous application areas and industries.

Revenue climbed by 12.6 per cent to EUR 47.37 million after EUR 42.07 million in the first half of 2016/2017. The revenue increase was due in particular to the sales markets of Germany and the Benelux region. Gross profit increased by a considerable 17.7 per cent to EUR 17.38 million compared to EUR 14.77 million in the same period of the previous year. Besides an improved materials ratio, the increased gross margin is also due to the rise in the proportion of proprietary, higher-margin products (especially software and services) to 11.1 per cent (previous year: 10.7 per cent). The generally positive business performance was driven both by a persistently dynamic market environment in the machine vision industry and by the broad customer base in numerous application areas and industries.
EBITDA likewise developed very positively, with substantial double-digit growth of 36.2 per cent in the half-year under review. EBITDA thus grew at a faster rate than revenue, from EUR 3.34 million in the previous year to EUR 4.55 million in the half-year under review. The EBITDA margin accordingly improved from 7.9 per cent to 9.6 per cent. Consolidated operating earnings (EBIT) increased to EUR 3.66 million after EUR 2.53 million in the first half of the previous year. The EBIT margin therefore rose from 6.0 per cent in the previous year to 7.7 per cent. Including income tax expenses of EUR 1.12 million (previous year: EUR 0.75 million), the first half of 2017/2018 ended with consolidated net income of EUR 2.53 million compared to EUR 1.70 million.

The equity ratio was a robust 55.2 per cent as of 31st December 2017. Operating cash flow increased from EUR 1.21 million in the previous year to EUR 2.20 million. Financially, the Group is in a good position with an improved operating cash flow and a strong equity ratio. Due to the IPO in the third quarter of 2017/2018, cash and cash equivalents and the equity ratio have increased substantially since the half-year under review.

"The issue proceeds have now put us in a position to make further acquisitions, to accelerate our growth and to strengthen our market position. We are seeking sustainable growth both through acquisitions and organically. In order to lay the foundation for further organic growth, we will reinforce our sales team, expand our product portfolio and enhance our capabilities in the field of new applications and application areas. The focus here is firstly on enhancing the Group's own imaging software 'Common Vision Blox' and secondly on concluding cooperations and acquisitions in this area," says Lars Böhrnsen, CFO of STEMMER IMAGING AG.

STEMMER IMAGING AG is seeing strong and better-than-expected business development this year. The Group's incoming orders rose by EUR 7.62 million or 16.8 per cent to a total of EUR 52.88 million in the first half of 2017/2018. The global machine vision market is developing dynamically and is seeing annual growth rates in double digits. The countless applications of industrial camera technology and machine vision solutions provide STEMMER IMAGING AG with significant opportunities for growth. Based on an excellent order basis, an extremely competitive product portfolio and a high capacity for innovation, STEMMER IMAGING is confident of continuing on its growth trajectory with increasing profitability and significantly expanding on its market position. Specifically, the Management Board expects revenue of between EUR 97 and 100 million and a double-digit EBITDA margin in the current 2017/2018 financial year - provided the positive market impetus and the good order situation continue in the second half of the year.

In order to adjust the reporting to the increasing internationalisation of the Group, STEMMER IMAGING AG, which currently still reports according to the German Commercial Code (HGB), plans to switch to financial reporting according to International Financial Reporting Standards (IFRS). In addition, future accounting on an IFRS basis is likely to result in greater transparency and better comparability.

STEMMER IMAGING AG's half-year financial report as of 31st December 2017 can be downloaded from https://www.stemmer-imaging.de/de/investor-relations/.

For interested investors and media representatives, STEMMER IMAGING AG will hold a telephone conference today, 24th April 2018, at 16:00. To register, please send an e-mail to ir@stemmer-imaging.de.

About STEMMER IMAGING

STEMMER IMAGING is one of Europe's leading machine vision technology providers for science and industry. With a perfect combination of innovative products, expert advice and comprehensive service, STEMMER IMAGING helps clients solve their machine vision tasks securely with speed and ease. Experienced specialists can be contacted easily and are available to provide advice locally in 19 European countries.

Clients of STEMMER IMAGING benefit from the combination of an exceptionally wide variety of products from the world's leading manufacturers (e.g. cameras, lenses, illumination products, machine vision systems, software). Expert know-how gathered over many years help customers define the optimum, most cost-effective combination of components. The company attaches particular importance to the provision of solution-oriented services, including feasibility studies, development services, training and customer-focused support.