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Bechtle continues its very dynamic growth

EQS-News: Bechtle AG / Key word(s): Quarterly / Interim Statement/9 Month figures
Bechtle continues its very dynamic growth
10.11.2022 / 07:29 CET/CEST
The issuer is solely responsible for the content of this announcement.

Bechtle continues its very dynamic growth

 

  • Business volume up 20.5% from previous year

  • Revenue increases by 14.6% in the third quarter

  • EBT rises to €88.2 million

  • Focus on education and training

 

Neckarsulm, 10 November 2022 - Bechtle AG continued its successful performance in the third quarter of 2022. Germany's largest IT system house continues to gain market share, especially in international business with corporate groups. Revenue growth maintained the high level seen in the previous quarter and rose very significantly by 14.6% to €1,463.9 million. Business volume actually grew by 20.5% to €1,803.4 million. The pre-tax result (EBT) increased by 1.3% to €88.2 million. EBT margin was 6.0%. As of 30 September 2022, Bechtle employed 13,789 people, which is 1,045 more than in the same quarter of the previous year. In September, 256 young people started their vocational training or dual study programme at Bechtle, more than ever before. Bechtle currently employs a total of 815 trainees.

 

Revenue growth was particularly striking in the foreign markets where Bechtle saw growth of 17.4%. Eastern Europe in particular, but also Spain and Portugal as well as the UKerheblich and Ireland showed high double-digit growth rates. The IT service provider achieved organic growth of its quarterly revenues amounting to 12.7%. The IT System House & Managed Services segment achieved considerable revenue growth within the segments of 21.7%. Bechtle's positioning as an IT partner for the digital transformation is leading to a further increase in demand, especially for IT security, managed cloud services and multi-cloud architectures. In IT e-commerce, growth was 3.0% – mainly due to high comparative values from the previous year. "Bechtle is operating from a position of strength. We are using the gradual improvement in the delivery situation to clear the project backlog that has arisen, resulting in strong revenue growth in a difficult overall economic environment. At the same time, we are doing everything we can to further strengthen Bechtle's future viability – for example, by investing in the further training of employees," explains Dr Thomas Olemotz, Chairman of the Executive Board of Bechtle AG.

 

Investment in employees

In the third quarter, Bechtle further expanded its initiatives concerning employee training and certification. The continuous development of expertise is what gives Bechtle an important competitive advantage, particularly in strategically important business areas, such as security, multi-cloud architectures and technologies. The significant increase in trainees, but also the further training and certification measures for existing employees as well as the innovative lateral entry programme are having an impact on productivity. "Particularly in times of transformation, it is important to invest in expertise in order to continue shaping the future with state-of-the-art IT solutions," says Dr Thomas Olemotz.

 

EBT margin in line with forecast

In terms of the result, on the one hand, the cost savings resulting from COVID-19 – for example in travel costs – were largely eliminated in the reporting period, which led to a normalisation and thus an increase in the cost base compared to the previous year. Beyond that, inflation is also making itself felt with rising costs. On the other hand, Bechtle was able to realise positive price effects, especially in IT e-commerce. Overall, the Bechtle Group's EBT margin of 6.0% is at a very good level and is in line with the forecast for the full year.

 

Cash flow shows clear positive trend

The operating cash flow of Bechtle AG continues to be characterised by the challenging general conditions. It was €-28.3 million in the third quarter. The supply situation, which is continuously improving, even if sluggishly in some areas, is the main reason for Bechtle's unchanged high inventory levels. Missing components for projects thus prevent the order being implemented at the customer's site. Moreover, the cash flow also reflects the extremely positive business performance. A revenue growth of almost 15% brings with it a high level of inventories and a correspondingly high level of receivables. Nevertheless, Bechtle achieved a further reduction of capital commitment in the third quarter – a development that should ensure noticeable improvements by the end of the year.

 

Optimistic outlook

Bechtle remains optimistic for the current fiscal year and confirms the forecast published in March of a significant increase in revenues and earnings with a simultaneously stable EBT margin. "Under normal conditions, the positive business performance in the first nine months would give us a very good opportunity to exceed our forecast. However, in view of the high uncertainties regarding the overall economic development, we are not changing the forecast, but still consider it realistic to achieve the targets. We are going into our year-end business full of confidence, with a highly motivated team, and are also expecting a very positive business performance for 2023," says Dr Thomas Olemotz.

 

Bechtle's key figures 3rd quarter and 9 months 2022

 

 

 

Q3/2022

Q3/2021

+/-

9M/2022

9M/2021

+/-

Business volume

€k

1,803,366

1,496,092

+20.5%

5,095,231

4,439,087

+14.8%

Revenue

€k

1,463,872

1,277,2151

+14.6%

4,260,627

3,806,8711

+11.9%

Domestic

€k

917,677

811,9081

+13.0%

2,648,842

2,414,1011

+9.7%

Abroad

€k

546,195

465,3071

+17.4%

1,611,785

1,392,7701

+15.7%

IT System House

€k

966,283

794,2911

+21.7%

2,691,061

2,410,7911

+11.6%

IT E-Commerce

€k

497,589

482,9241

+3.0%

1,569,566

1,396,0801

+12.4%

EBIT

€k

89,395

88,425

+1.1%

254,520

233,172

+9.2%

IT System House

€k

58,248

61,711

-5.6%

159,136

156,328

+1.8%

IT E-Commerce

€k

31,147

26,714

+16.6%

95,384

76,844

+24.1%

EBIT margin

%

6.1

6.91

 

6.0

6.11

 

EBT

€k

88,193

87,028

+1.3%

250,751

229,207

+9.4%

EBT margin

%

6.0

6.81

 

5.9

6.01

 

Earnings after taxes

€k

63,414

62,731

+1.1%

179,979

163,788

+9.9%

Earnings per share

0.50

0.50

+1.1%

1.43

1.30

+9.9%

Cash flow from operating activities

€k

-28,298

-21,541

-31.4%

-230,710

25,803

 

Employees (as of 30.09.)

 

13,789

12,744

+8.2%

 

 1 Prior year adjusted (IFRS)

 

 

 

30.09.2022

31.12.2021

+/-

Liquidity

€k

116,213

431,751

-73.1%

Equity ratio

%

46.2

44.8

 

 

***

The quarterly statement for the third quarter of 2022 is available for download at bechtle.com/reports.

 

About Bechtle:

With over 80 IT system houses, Bechtle is close to its customers and, with IT e-commerce companies in 14 countries, is one of the leading IT companies in Europe. As a founding member of the Global IT Alliance (GITA), Bechtle also boasts a global network of partners that meets the demands of customers who operate around the globe.

Founded in 1983, the Bechtle Group, headquartered in Neckarsulm, Germany, currently employs over 13,000 people. Bechtle accompanies its 70,000+ customers from the fields of industry and trade, the public sector and the financial market in their digital transformation and offers a comprehensive, cross-vendor portfolio of IT infrastructure and IT operation solutions. Bechtle is listed in the MDAX and TecDAX indexes. In 2021, revenue was €5.31 billion. For more information, see bechtle.com.

 

Contact

Investor Relations

Corporate Communications/Press

Martin Link

Sabine Brand

martin.link@bechtle.com

sabine.brand@bechtle.com

Phone: +49 7132 981-4149

Phone: +49 7132 981-4115

 


10.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

Language:

English

Company:

Bechtle AG

Bechtle Platz 1

74172 Neckarsulm

Germany

Phone:

+49 7132 981-0

Fax:

+49 7132 981-8000

E-mail:

ir@bechtle.com

Internet:

bechtle.com

ISIN:

DE0005158703

WKN:

515870

Indices:

MDAX, TecDAX

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1483337


 

End of News

EQS News Service

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