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16.04.2024 07:00:05 - Cicor records solid growth in the first quarter and further strengthens its position in the core markets
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Cicor Technologies Ltd / Key word(s): Quarter Results
Cicor records solid growth in the first quarter and further strengthens its position in the core markets
16-Apr-2024 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
Bronschhofen, April 16, 2024 - The Cicor Group (SIX Swiss Exchange: CICN) continued to grow in the first three months
of the year. Quarterly sales increased by 11.8% to CHF 107.3 million compared to the first quarter of the previous year
(Q1/2023: CHF 96.0 million).
Despite the current economic weakness, the Cicor Group achieved slight organic sales growth of 0.3% and a book-to-bill
ratio of 1.0 before acquisitions. The main contribution to growth came from STS Defence (STS), which has been
consolidated since January 24, 2024. Due to the aperiodic order intake in the aerospace & defence market - important
projects had been won in the months prior to the integration - STS has only recorded a small number of new orders since
the acquisition. As a result, new orders in the first quarter of 2024 amounted to CHF 97.4 million (Q1/2023: CHF 95.0
million), corresponding to a book-to-bill ratio of 0.9. Cicor thus continues to have a very high order backlog, which
is almost equivalent to one year's sales.
Effective March 31, 2024, Cicor became the European market leader in the production of high-end electronics for the
aerospace and defence sector and achieved market leadership in the UK through the acquisition of the three production
sites of TT Electronics in the UK and China and the previously acquired companies Axis Electronics (integration 2021)
and STS Defence (integration 2024). With these acquisitions and the integration of Evolution Medtec in February 2024,
Cicor has taken another step forward in implementing its strategy to become the European market leader in the core
markets of medical, industrial and aerospace & defence.
Sustainable acquisitions and organic growth will continue to play an important role in Cicor's strategy, as the company
sees attractive opportunities to create value in a highly fragmented market. Cicor is very well positioned and is
benefiting from the dynamic developments in its three core markets. Cicor expects business to increase in the second
half of the year. Provided that geopolitical, economic and financial conditions do not deteriorate significantly, Cicor
continues to expect sales growth to CHF 460-500 million and an EBITDA margin in the target range of 10-13% for the full
year 2024. The current guidance includes the contribution of the companies acquired in the first quarter.
Contact
Cicor Management AG
Gebenloostrasse 15
CH-9552 Bronschhofen
Media & Investor Relations
Phone +41 71 913 73 00
E-mail: media@cicor.com
The Cicor Group is a globally active provider of full-cycle electronic solutions from research and development to
manufacturing and supply chain management. Cicor's approximately 3,200 employees at 20 locations are serving leaders
from the medical, industrial and aerospace & defence industries. Cicor creates value to its customers through the
combination of customer-specific development solutions, high-tech components, as well as electronic device
manufacturing. The shares of Cicor Technologies Ltd. are traded at the SIX Swiss Exchange (CICN). For further
c/o Cicor Management AG, Gebenloostraße 15
9552 Bronschhofen
Switzerland
End of Announcement EQS News Service
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1880697 16-Apr-2024 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1880697&application_name=news
END) Dow Jones Newswires
April 16, 2024 01:00 ET (05:00 GMT)
Cicor Technologies Ltd / Key word(s): Quarter Results
Cicor records solid growth in the first quarter and further strengthens its position in the core markets
16-Apr-2024 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
Bronschhofen, April 16, 2024 - The Cicor Group (SIX Swiss Exchange: CICN) continued to grow in the first three months
of the year. Quarterly sales increased by 11.8% to CHF 107.3 million compared to the first quarter of the previous year
(Q1/2023: CHF 96.0 million).
Despite the current economic weakness, the Cicor Group achieved slight organic sales growth of 0.3% and a book-to-bill
ratio of 1.0 before acquisitions. The main contribution to growth came from STS Defence (STS), which has been
consolidated since January 24, 2024. Due to the aperiodic order intake in the aerospace & defence market - important
projects had been won in the months prior to the integration - STS has only recorded a small number of new orders since
the acquisition. As a result, new orders in the first quarter of 2024 amounted to CHF 97.4 million (Q1/2023: CHF 95.0
million), corresponding to a book-to-bill ratio of 0.9. Cicor thus continues to have a very high order backlog, which
is almost equivalent to one year's sales.
Effective March 31, 2024, Cicor became the European market leader in the production of high-end electronics for the
aerospace and defence sector and achieved market leadership in the UK through the acquisition of the three production
sites of TT Electronics in the UK and China and the previously acquired companies Axis Electronics (integration 2021)
and STS Defence (integration 2024). With these acquisitions and the integration of Evolution Medtec in February 2024,
Cicor has taken another step forward in implementing its strategy to become the European market leader in the core
markets of medical, industrial and aerospace & defence.
Sustainable acquisitions and organic growth will continue to play an important role in Cicor's strategy, as the company
sees attractive opportunities to create value in a highly fragmented market. Cicor is very well positioned and is
benefiting from the dynamic developments in its three core markets. Cicor expects business to increase in the second
half of the year. Provided that geopolitical, economic and financial conditions do not deteriorate significantly, Cicor
continues to expect sales growth to CHF 460-500 million and an EBITDA margin in the target range of 10-13% for the full
year 2024. The current guidance includes the contribution of the companies acquired in the first quarter.
Contact
Cicor Management AG
Gebenloostrasse 15
CH-9552 Bronschhofen
Media & Investor Relations
Phone +41 71 913 73 00
E-mail: media@cicor.com
The Cicor Group is a globally active provider of full-cycle electronic solutions from research and development to
manufacturing and supply chain management. Cicor's approximately 3,200 employees at 20 locations are serving leaders
from the medical, industrial and aerospace & defence industries. Cicor creates value to its customers through the
combination of customer-specific development solutions, high-tech components, as well as electronic device
manufacturing. The shares of Cicor Technologies Ltd. are traded at the SIX Swiss Exchange (CICN). For further
information, please visit the website www.cicor.com. End of Inside Information Language: English Company: Cicor Technologies Ltd
c/o Cicor Management AG, Gebenloostraße 15
9552 Bronschhofen
Switzerland
Phone: +41719137300 Fax: +41719137301 E-mail: info@cicor.com Internet: www.cicor.com ISIN: CH0008702190 Valor: 870219 Listed: SIX Swiss Exchange EQS News ID: 1880697
End of Announcement EQS News Service
===
1880697 16-Apr-2024 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1880697&application_name=news
END) Dow Jones Newswires
April 16, 2024 01:00 ET (05:00 GMT)
