Cicor records solid growth in the first quarter and further strengthens its
position in the core markets
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.
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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.
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End of Inside Information
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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
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1880697 16-Apr-2024 CET/CEST