WashTec AG: EBIT up 7.8% despite lower revenue

WashTec AG:            EBIT up 7.8% despite lower revenue

• Revenue €220.2m in first half year (prior year: €236.2m) and €119.4m in second quarter (prior year: €127.1m)
• EBIT €16.6m in first half year (prior year: €15.4m) and €11.5m in second quarter (prior year: €9.9m)
• Half-year free cash flow of €20.1m (prior year: €6.5m)
• Guidance for fiscal year 2024 confirmed

Augsburg, August 5, 2024 – The WashTec Group generated revenue of €220.2m in the half-year ended June 30, 2024, down €16.0m or 6.8% on the prior year (€236.2m). Currency effects had no material influence on revenue in the first six months. In the second quarter, revenue fell by 6.1% to €119.4m (prior year: €127.1m), primarily due to the weak key account business in North America.

Mainly due to the growth in gross profit, the Group’s EBIT for the first six months rose by 7.8% to €16.6m (prior year: €15.4m). The EBIT margin improved in the first half-year to 7.6% (prior year: 6.5%). In the second quarter, the EBIT of €11.5m and the EBIT margin of 9.7% were also higher than in the prior year (EBIT: €9.9m; EBIT margin: 7.8%).

Free cash flow improved significantly in the first half-year to €20.1m (prior year: €6.5m) due to lower capital expenditure and a refund of capital gains tax prepayments.

Demand in the market as a whole improved in the second quarter compared to the same period last year and orders received were again above the prior-year period. In total over the first six months, however, orders received were down on the prior year due to the weak first quarter. Due to the second-quarter improvement in orders received, the order backlog at the end of June was at the same high level as a year earlier.

The WashTec Group confirms the guidance for fiscal year 2024 and expects revenue on a similar level to the prior year and an increase in EBIT in the mid single-digit percentage range.

“The second quarter was positive for WashTec – we can be satisfied with a renewed increase in orders received and a 16.2% rise in EBIT. At the same time, we have made use of the past few months to work intensively on our strategy and will be making adjustments in the second half of the year. Overall, we are reaffirming our established strategic direction with a focus on total customer care and regionally on North America and Europe, and we will continue to hold this course. WashTec is well on track,” said Michael Drolshagen, CEO of WashTec AG.

The full report on the first half-year 2024 and further information about WashTec can be found on the WashTec: Investor Relations Website.

About WashTec:
The WashTec Group, based in Augsburg, Germany, is the leading provider of innovative carwash solutions. WashTec employs around 1,700 people worldwide and has subsidiaries in the markets of Europe, North America and Asia/Pacific. In addition, WashTec is on the map in some 80 countries through independent dealers.


Key figures:
 

€m, IFRS	H1 2024	H1 2023	Change in %
Revenue	220.2	236.2	-6.8
EBIT	16.6	15.4	7.8
EBIT margin in %	7.6	6.5	110 bp
Net income	10.7	9.6	11.5
Earnings per share1 (€)	0.80	0.72	11.5
Free cash flow	20.1	6.5	209.2

bp: basis point (1/100th of a percentage point)
 

€m, IFRS	30.06.24	31.12.23	Change abs.
Balance sheet total	273.2	271.3	1.9
Equity	68.1	85.8	-17.7
Equity ratio (%)	24.9	31.6	-6.7
Net operating working capital2	84.4	83.5	0.9

¹ Basis: average of 13,382,324 shares; basic = diluted
² Trade receivables + inventories − trade payables − prepayments on orders



Contact:
WashTec AG
Argonstrasse 7
86153 Augsburg

Tel.: +49 (0)821 - 5584 - 0
Fax: +49 (0)821 - 5584 - 1135