CIS Reports 2023 Annual Results and Promising Q1 2024 Growth

CIS disclosed its financial results for 2023 and the first quarter of 2024, revealing a 10.2% revenue growth in 2023 on a constant currency basis, despite a slight 0.1% increase on a reported basis to €326.2 million. The company also reported a significant 33% growth in Q1 2024 revenue at constant currency, totaling €99.8 million.

Economic factors such as inflation and currency effects impacted CIS's performance, with EBITDA dropping by 16.4% at constant currency to €18.8 million. Earnings were further affected by a decrease in profitability, but overall, the company maintained a stable financial position with €64.9 million in shareholder’s equity and €55.9 million in net cash.

Focusing on regional developments, revenue increase was particularly strong in Africa and Eurasia. CIS notably secured valuable contracts in Guinea, Kazakhstan, and Brazil, each contributing significantly to the revenue boost. The company announced a dividend proposal of €0.162 per share for the upcoming shareholder meeting in June 2024.

For the upcoming year, CIS anticipates continued growth driven by the energy and mining sectors and is actively seeking acquisition opportunities to consolidate its market position.