EDAG Engineering Group AG: Strong order intake in the first quarter demonstrates sustained growth potential
EQS-News: EDAG Engineering Group AG / Key word(s): Quarter Results/Development of Sales
EDAG Engineering Group AG:
Arbon, 05. May 2023 EDAG, leading independent engineering services provider to the global mobility industry, confirms its growth course with a significant increase in order intake. Compared to the previous year, order intake in the first quarter 2023 was up by 17.2 percent to EUR 312.0 million (previous year: EUR 266.1 million). Group revenues levelled at EUR 211.4 million and thus 9.2 percent above the previous year´s EUR 193.5 million. All three segments contributed to the growth, with Electrics/Electronics recording by far the highest increase of 25.6 percent.
As of March 31, 2023, the company had 8,529 employees worldwide (previous year: 7,963 employees).
For the 2023 financial year, EDAG expects further growth and a stable earnings development. These estimates are, however, subject to considerable uncertainties, which arise in particular from the war in Ukraine and possible further geopolitical conflicts, energy price and wage cost developments, as well as the availability of sufficient qualified personnel.
Revenue is expected to grow by around 4 percent to 7 percent.
The adjusted EBIT margin is expected in a range of around 4 percent to 7 percent.
The EDAG Group is the world's largest independent engineering service provider to the global mobility industry. We regard mobility as a fully integrated ecosystem, and offer our customers technological solutions for more sustainable, emission-free and intelligently networked mobility. With a global network of some 60 branches, EDAG provides engineering services in the Vehicle Engineering, Electrics/Electronics and Production Solutions segments.
With our interdisciplinary expertise in the fields of software and digitalization, we possess the key skills to help actively shape the dynamic transformation process the mobility industry is currently undergoing. Digital features, autonomous driving, artificial intelligence, alternative powertrains, new mobility concepts and the vision of a networked smart city have become an integral part of our portfolio. Embedded in EDAG's own 360° degree approach to the development of complete vehicles and production facilities, we are a competent partner for sustainable mobility projects. It is in the DNA of the company to actively shape the future of mobility and transfer new technologies and concepts into series production. Today, EDAG is one of the TOP 20 IT service providers in the German mobility sector.
Our customers include leading international OEMs, tier 1 suppliers and startup companies from the automotive and non-automotive industries, all of whom we serve globally with our workforce of approximately 8,400 experts in 360-degree engineering.
In 2022, the company generated sales of € 796 million. On December 31, 2022, EDAG employed a global workforce of 8,412 (including apprentices).
This release contains forward-looking statements. These statements are based on current estimates and projections of EDAG Executive Board and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not be accurate. Many factors could cause the actual results, performance or achievements of EDAG to be materially different from those that may be expressed or implied by such statements. EDAG does not assume any obligation to update the forward-looking statements contained in this release.
05.05.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
EDAG Engineering Group AG
+41 71 54433-0
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart
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