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Masterflex SE, DE0005492938

Masterflex SE, DE0005492938

08.11.2019 - 09:02:34

Masterflex SE: continuation of growth course in the first nine months of 2019

Masterflex SE: continuation of growth course in the first nine months of 2019

Revenue growth of 5.7% to EUR 62.5 million Stable earnings and positive cash flow development Successful implementation start of the "Back to Double Digit" optimisation programme Outlook dampened by economic downturn in individual target sectors

Gelsenkirchen, 8 November 2019 - The Masterflex Group continued its growth course in the first nine months of 2019, increasing revenue by 5.7% from EUR 59.1 million to EUR 62.5 million. Masterflex is thus at the upper end of its full-year forecast, which projects growth of between 3% and 6%. At the same time, some target sectors, such as automotive and mechanical engineering, showed clear signs of a downturn, which prevented even stronger growth and will at the same time have a dampening effect on the further development in the fourth quarter and probably also at the start of the new year. So far, these effects have been offset by the very good development in medical technology in particular. At EUR 5.3 million, operating EBIT was almost on a par with the previous year's figure of EUR 5.2 million. Accordingly, the operating EBIT margin was 8.4% after 8.8% in the previous year. The overall solid earnings performance was also reflected in the 8.1% increase in EBITDA from EUR 7.7 million to EUR 8.3 million. At EUR 3.1 million, consolidated net income for the first nine months was exactly at the same level as in the same period of the previous year. Cash flow developed very positively in the reporting period. Accordingly, cash flow from operating activities rose by EUR 1.7 million or 72.1% from EUR 2.4 million to EUR 4.1 million. An isolated analysis of the third quarter shows a revenue growth of 5.8%, which was thus slightly above the dynamic of the first six months. The development of earnings in the third quarter and the entire nine-month period was largely analogous. Accordingly, EBIT of EUR 1.6 million and earnings after taxes of EUR 1.0 million in the third quarter were both on a par with the same period of the previous year. The Masterflex Group has made a successful start to implementation with the "Back to Double Digit" (B2DD) optimisation programme announced in September 2019, which aims at gradually bringing the operating EBIT margin back into double figures by 2021 on a sustained basis. First measures and successes have already been implemented or achieved in improving personnel productivity, although the effects will only become apparent in the coming quarters. Further cost effects were also realised with the disposal of the heating hose business and the concentration on the supply of individual components, which will have an effect from the first quarter of 2020. Depending on the degree of economic slowdown in individual target sectors, it may become necessary to implement additional measures within the B2DD programme, especially in 2020, which were not planned in the scope to date. In the first nine months of the year, the B2DD programme has hardly generated any one-off costs. The total amount of these one-off charges is estimated at a maximum of EUR 1.0 million, distributed between 2019 and 2020. Dr. Andreas Bastin, CEO of Masterflex Group: "The Group has done well so far this year, has continued to grow and has achieved the targets. At the same time, the challenges continue to increase. With our B2DD optimisation programme measures - which are already having first positive effects - we happen to be entering a phase in which the climate in key customer industries is deteriorating significantly. Accordingly, our measures and market effects can overlap or reinforce each other. If the economic and industry-specific outlook remains the same, we will take additional measures to avoid jeopardizing our return targets until 2021." The detailed quarterly statement 3/2019 can be found on the Internet at https://www.masterflexgroup.com/en/investor-relations/financial-reports/2019.html.The Masterflex Group specialises in the development and production of high-quality hose and connection systems. With 14 operating units in Europe, America and Asia, the Group maintains a nearly global presence. Its growth drivers are internationalisation, innovation, operational excellence and digitisation. Masterflex shares (German Securities ID: 549293) have been admitted for trading in Deutsche Börse's Prime Standard segment since 2000.Contact: Frank Ostermair/Linh Chung, Better Orange IR & HV AG, Phone: 49 89 88 96 906 14, E-mail: frank.ostermair@better-orange.de

08.11.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language: English Company: Masterflex SE Willy-Brandt-Allee 300 45891 Gelsenkirchen

Germany Phone: +49 (0)209 970770 Fax: +49 (0)209 9707733 E-mail: info@masterflexgroup.com Internet: www.MasterflexGroup.com ISIN: DE0005492938 WKN: 549 293 Indices: Prime all share Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange EQS News ID: 907873   End of News DGAP News Service

907873  08.11.2019 

@ dgap.de