Cicor Technologies Reports Record Order Intake, Sales, and Profitability

On March 6, 2024, Cicor Technologies Ltd announced an impressive year, achieving new highs in order intake, sales, and profitability for 2023. A 24.5% increase in sales brought the total to CHF 389.9 million, with organic growth and acquisitions contributing 11.1% and 16.4% to this surge, respectively. Despite economic challenges, Cicor experienced an 11.4% increase in incoming orders, amounting to CHF 399.8 million, maintaining a robust order backlog that aligns with about a year's sales.

The company's operational focus and strategic acquisitions enhanced profit margins across all levels. EBITDA grew by 39.8% to reach CHF 45.1 million, marking an operating margin of 11.6%. Notably, core net income saw a 35.8% increase to CHF 16.7 million, in spite of currency and tax challenges.

Cicor's strategic emphasis on medical, industrial, and aerospace & defence sectors facilitated its growth, achieving a 27.8% increase in these markets. These efforts aligned with a global reshoring trend, boosting Cicor's regional focus in Europe and North America.

Significant strides were made within the Electronic Manufacturing Services (EMS) Division, where sales soared by 29.0% to CHF 347.9 million, comprising 89.2% of total sales. The partnership with Clayens and acquisitions such as STS Defence, Evolution Medtec, and TT Electronics IoT Solutions, exemplify Cicor's commitment to consolidating its leadership in the EMS market.

Cicor's Advanced Substrates (AS) Division also recovered significantly in the second half of the year, despite a slight decline in sales by 3.9% to CHF 43.0 million. Looking ahead, the company forecasts accelerated growth in 2024 with sales expected to reach CHF 460-500 million and maintains ambitious mid-term financial targets.