DGAP-News: JDC Group AG: Continued revenue growth despite COVID-19 crisis
DGAP-News: JDC Group AG
/ Key word(s): 9 Month figures
JDC Group AG: Continued revenue growth despite COVID-19 crisis - Revenues increase by around 9 percent to EUR 86.5 million in the first nine months of 2020 - EBITDA up by roughly 4 percent in the first nine months, at EUR 3.7 million - Effects of COVID-19 crisis noticeable, particularly in the property business and in occupational pensions Figures on the performance of JDC Group AG (ISIN DE000A0B9N37) published today show that the group is continuing to grow in spite of the coronavirus crisis. Revenues for the first nine months are up by around 9 percent, at EUR 86.5 million (first nine months of 2019: EUR 79.6 million). Revenues for the third quarter increased by 2 percent to EUR 27.7 million (third quarter 2019: EUR 27.0 million). Revenues in the Advisortech segment rose by roughly 8 percent to EUR 71.7 million. The revenues of the Advisory segment for the first nine months of 2020 are up by around 10 percent and stand at EUR 21.3 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 4 percent to EUR 3.7 million (first nine months of 2019: EUR 3.6 million). In the third quarter on its own, EBITDA was down slightly at EUR 0.6 million (third quarter 2019: EUR 0.7 million) due to COVID-19 related costs (smaller contract cancellations and slightly higher IT costs). Overall, JDC Group is continuing to navigate its way through the crisis well: in the third quarter, the number of new business applications, and consequently sales of financial products, again exceeded the figures for the same quarter of the previous year, although the increase was not quite as large as in the first half of the year. The initiation of new business relationships has been complicated by the extensive social distancing measures, with the suspension of many social activities and the shutdown of many businesses in the second quarter. The impact of this is making itself felt in the business performance: long hold-ups in the financing and mortgage sector are being caused by the coronavirus pandemic, and the property business is lagging further behind as a result. Corporate retirement plans have not yet regained momentum either, owing to the continuing restrictions on visitors to almost all businesses. The strong investment and non-life insurance business compensated for this again in the third quarter, so that even in the traditionally weakest quarter of the year there was a two percent increase in revenues. The rapid growth in the number of contracts transferred to our insurance platform in the first half of the year continued in the third quarter. However, the contribution from these contracts will only be seen in the platform's revenues and income in the coming months. Commenting on the third-quarter figures, JDC Group CFO Ralph Konrad said: 'We are very encouraged by the results for the first nine months. The third quarter is normally the worst quarter of the year in our sector, owing to the summer break. The fact that we managed to grow our revenues despite the continuing COVID-19 crisis shows that the group is continuing to perform positively.' CEO Dr Sebastian Grabmaier added: 'Our first bancassurance solution for a savings bank, s mobile Versicherungsmakler GmbH, has successfully gone live. With two pilot projects involving other key accounts, we expect to be able to sign further contracts before the end of the year. Although the current lockdown measures could show some effect on our year-end business, based on the actual new business figures, we are very positive about the fourth quarter of the current year and the year 2021.' The key figures for the third quarter and the first nine months of 2020 are as follows:
Our previous guidance for consolidated revenues of between EUR 125 million and EUR 132 million with a continued increase in EBITDA was always based on the absence of further lockdowns in Germany or Austria. Owing to the renewed lockdown measures, in the middle of the year-end business that is so important for the distribution sector, we are adjusting our guidance slightly. We now expect revenues of between EUR 120 million and EUR 125 million, and we still anticipate a further increase in EBITDA. The shareholders' letter for the third quarter and the first nine months of 2020 can be found, along with further information on JDC Group AG, at www.jdcgroup.de.
Disclaimer:
Contact: JDC Group AG Ralf Funke Investor Relations Phone: +49 611 335322-00 Email: [email protected]
16.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | JDC Group AG |
Söhnleinstraße 8 | |
65201 Wiesbaden | |
Germany | |
Phone: | +49 (0) 611 335322-00 |
Fax: | +49 (0) 611 335322-09 |
E-mail: | [email protected] |
Internet: | http://www.jdcgroup.de |
ISIN: | DE000A0B9N37 |
WKN: | A0B9N3 |
Indices: | Scale 30 |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Stuttgart, Tradegate Exchange |
EQS News ID: | 1148238 |
End of News | DGAP News Service |
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1148238 16.11.2020