Masterflex SE: Virtual General Meeting approves dividend of 7 cents per share
The Masterflex Group is the global market leader for high-tech plastic hoses and is currently experiencing particularly strong growth in the medical technology, laboratory technology and food industries. The share of revenue generated by these industries has already increased to over 20% and is showing stable growth even in the current crisis. By contrast, demand in the mechanical engineering, automotive and aviation industries is significantly weaker. Dr. Andreas Bastin, CEO of Masterflex Group: "The coronavirus crisis had a particularly strong impact on demand in these industries. Accordingly, the second quarter will probably be the quarter with the most pronounced dip in revenues over the course of the year. In an isolated analysis of the months April to June, we must expect a year-on-year decline in revenues of up to 20%".
For the further course of business in the next two quarters and the corresponding financial forecast for 2020 as a whole, Masterflex assumes that the COVID-19 effects on the economy will take a U-shaped course. The Masterflex Group therefore expects the strongest impact on its own business development in the second and third quarters of 2020. The Management Board expects a gradual recovery in the environment only in the third or perhaps even fourth quarter. By the end of the year, an upturn should then return to almost the level planned. Based on this premise, Masterflex expects a decline in revenue of between 10% and 15% for the year 2020. Accordingly, EBIT will be between EUR 2.5 million and EUR 1.0 million at Group level. The Masterflex Group continues to adhere to its medium-term forecast and aims to achieve organic growth to EUR 100 million in revenue by 2023/2024 and a sustained double-digit EBIT margin from 2022 onwards.
The Annual General Meeting expressed its confidence in the Management Board and Supervisory Board for the 2019 financial year by a large majority and approved all items on the agenda with at least 98%. Around 5,2 million shares were represented at the vote, which corresponds to 53,3% of the share capital.
The detailed voting results for the individual agenda items of the Annual General Meeting are published at https://www.masterflexgroup.com/en/investor-relations/annual-general-meeting.html.
Masterflex Group specializes 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 internationalization, innovation, operational excellence and digitization. Masterflex shares (German Securities ID: 549293) have been admitted for trading in Deutsche Börse's Prime Standard segment since 2000.
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23.06.2020 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.deLanguage: English Company: Masterflex SE Willy-Brandt-Allee 300 45891 Gelsenkirchen
Germany Phone: +49 (0)209 970770 Fax: +49 (0)209 9707733 E-mail: firstname.lastname@example.org 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: 1076897 End of News DGAP News Service