Daldrup & Söhne AG Reports 10.3% EBIT Margin in H1 2024, Raises Annual Forecast

Daldrup & Söhne AG, a specialist in drilling technology and geothermal energy, announced an EBIT margin of 10.3% for the first half of 2024. This marks a significant increase from the previous year's 5.9% margin. The firm's total operating performance reached €29.1 million, a 20.8% rise compared to the same period last year. EBIT also saw a substantial growth of 110%, amounting to €3 million.

Following these positive results, the company has updated its annual forecast. Total operating performance is now expected to hit €50 million, up from the earlier prediction of €47 million. The EBIT margin is anticipated to be between 7% and 9%, compared to the previous forecast of 5% to 7%.

CEO Andreas Tönies attributed the promising outlook to continued strong demand and efficiency improvements in their operations over the last two years. He also noted reduced risk exposure in their drilling business as a contributing factor.

Daldrup & Söhne AG has a solid order backlog of €34 million and potential orders amounting to €297 million. Regulatory support in Germany, including federal funding for efficient heating networks and a draft Geothermal Acceleration Act, is expected to further boost the geothermal market.