Sales on track, order book remains strong

Trading update first quarter 2022

• Net sales of CHF 124.8 million
• Incoming orders generate a book-to-bill ratio of 1.4
   

In the first quarter of 2022, Comet continued the strong performance of fiscal year 2021 while successfully managing persistent supply chain challenges. Incoming orders were robust, signaling continued strength in Comet's primary end markets. Each of the three divisions Plasma Control Technologies (PCT), X-Ray Systems (IXS) and X-Ray Modules (IXM) achieved robust order intake in Q1 2022. As a result, the company's book to bill ratio was 1.4. The current backlog remains at record levels.

In the first quarter, the company continued to proactively address tight global supply chain pressures which intensified on the back of new COVID-related restrictions in China. Comet maintained operational flexibility during the quarter to manage increased material lead times and to protect its ability to generate sales.

Outlook
Comet remains committed to meeting the demands of its customers and will maintain steadfast focus to address supply chain challenges and ongoing geopolitical uncertainties. We anticipate the China Zero-COVID policy will cause a temporary halt to Comet's Shanghai production, which will potentially shift some sales from the first half of 2022 to H2 2022, with no adverse impact to the company's full year performance. To date, the war in Ukraine has not had an impact to the Group's business due to Comet's negligible direct exposure to the region from a sales or supply chain perspective. 

Based on current market conditions, Comet maintains its full year guidance for 2022 of net sales in the range of CHF 570 million to 610 million and an EBITDA margin between 21% and 23%. This assumes no deterioration to the current economic and geopolitical situation. 

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