EQS-News: adesso SE continues to grow strongly in Q1 2023 and increases sales by 32% to EUR 276.2 million / Sick leave and growth-related delays in utilisation dampen profitability despite good order situation
EQS-News: adesso SE
/ Key word(s): Quarter Results/Quarterly / Interim Statement
adesso SE continues to grow strongly in Q1 2023 and increases sales by 32% to EUR 276.2 million / Sick leave and growth-related delays in capacity utilisation dampen profitability despite good order situation
With the quarterly statement published today, adesso SE confirms its previously published preliminary figures. The strong growth course was continued in the 1st quarter of 2023 with a sales increase of 32 % to a new quarterly high of EUR 276.2 million (previous year: EUR 209.8 million). Of this, around 29 percentage points were achieved organically and 3 percentage points inorganically. In order to secure additional potential contracts and in view of a highly competitive market for the acquisition of additional talent, recruiting was driven forward. In doing so, positive impulses from employer attractiveness could be used. In March, for example, adesso was once again named "Germany's Best Employer 2023" across all industries by the Great Place to Work® Institute. With a record order backlog and a continuing high demand for adesso’s services, the number of employees converted to full-time equivalents (FTE) was increased by 2,244 or 36 % to 8,513 as of the reporting date compared to the previous year. The average number of employees increased even more strongly by 38 % in the first three months. The growth in turnover was achieved despite below-average project utilisation and an above-average sick leave rate. The expansion of the workforce as well as price increases in the average daily rates achieved contributed to this. Compared to the first quarter of the previous year, which also benefited from higher licence sales and other operating income, the operating result EBITDA was 36 % lower at EUR 17.9 million (previous year: EUR 27.9 million). The main driver is the 42 % increase in personnel expenses to EUR 192.4 million (previous year: EUR 135.2 million), which is adesso's largest cost item. Dynamic sales growth in the double-digit percentage range was achieved in almost all core industries served by adesso. Only in the "Automotive" industry did the percentage increase remain in single figures. In absolute terms, the "Public Administration" and "Manufacturing Industry" sectors were able to grow particularly strongly with increases of more than EUR 10 million. This corresponds to growth rates of 34 % and 68 % respectively. The established and high-turnover core sectors of insurance and banking achieved growth rates of 27 % and 14 % respectively. The turnover growth in the German market is 29 %. Outside Germany, revenues increased by 46 %. In the first quarter, the development of the operating result (EBITDA) remained below expectations with a decline of 36 % to € 17.9 million (previous year: € 27.9 million). The increased turnover was almost offset by the disproportionately high increase in personnel expenses and the similarly high increase in material expenses, so that there were no significant positive effects on the EBITDA from the operating business. After a strongly above-average sick leave rate in the final quarter of 2022, the rate declined in the first quarter of 2023, but still remained at an above-average level. Inflation-related increases in personnel expenses, as the largest cost item, are an essential component of the development of results. Viewed in isolation, this effect is compensated for by price increases in the average daily rates if the capacity utilisation is appropriate. Personnel costs, converted to the average number of employees (full-time equivalents) in the reporting period, rose comparatively moderately by 3.4% compared to the first quarter of 2022. However, disproportionately low capacity utilisation due to the strong growth meant that the margin did not develop as expected in the first quarter. The decline in EBITDA resulted in a preliminary result for the Group of EUR 2.0 million (previous year: EUR 12.5 million). Earnings per share are calculated at EUR 0.28 (previous year: EUR 1.92). Despite the fact that earnings development in the first quarter was below expectations, the outlook for the rest of the financial year remains positive. The Executive Board anticipates a normalisation of the sickness rate and, in view of the measures initiated, an increase in capacity utilisation. The order backlog is at a record level. The second quarter of the year, with the lowest number of working days, will not yet make a significant contribution to improving margins. In comparison, the third quarter of the year holds six and the fourth quarter two more working days. Especially in the second half of the year, additional licensing revenues are expected with the in|sure Ecosphere. On this basis, the Executive Board has reaffirmed its original full-year 2023 guidance of over EUR 1 billion in revenue with EBITDA of EUR 100 to 110 million. The full quarterly statement, as well as a table comparing key performance indicators over a period of several years, is available at www.adesso-group.de/en/ in the Investor Relations section.
adesso Group Contact: Martin Möllmann Head of Investor Relations Tel.: +49 231 7000-7000 E-Mail: ir@adesso.de
15.05.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | adesso SE |
Adessoplatz 1 | |
44269 Dortmund | |
Germany | |
Phone: | +49 231 7000-7000 |
Fax: | +49 231 7000-1000 |
E-mail: | ir@adesso.de |
Internet: | www.adesso-group.de |
ISIN: | DE000A0Z23Q5 |
WKN: | A0Z23Q |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London |
EQS News ID: | 1632265 |
End of News | EQS News Service |
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1632265 15.05.2023 CET/CEST
adesso SE Aktie
Mit 6 Buy-Einschätzungen und keiner einzigen Sell-Einschätzung steht die Community der adesso SE Aktie positiv gegenüber.
Das Kursziel von 120 € für adesso SE weist auf eine Steigerung von über 50% gegenüber dem aktuellen Kurs von 72.2 € hin.