KROMI publishes H1 2022/2023 report
EQS-News: KROMI Logistik AG / Key word(s): Half Year Report
KROMI publishes H1 2022/2023 report
Hamburg, February 27, 2023 – KROMI Logistik AG has today published its report for the first half of the 2022/2023 fiscal year (July 1, 2022 to December 31, 2022). Despite a difficult market environment, particularly in the automotive sector, KROMI grew its revenue by 5.0 % year-on-year to EUR 39.8 million in the first six months of the 2022/2023 fiscal year (previous year: EUR 37.9 million). EBIT (profit from operations) amounted to EUR 0.3 million (previous year: EUR 0.6 million).
Given the unfavourable macroeconomic conditions and geopolitical uncertainty caused by Russia’s war against Ukraine, KROMI considers the revenue growth achieved in the first six months of the 2022/2023 fiscal year to be pleasing. As expected, EBIT (profit from operations) was down on the previous year’s level due to higher expenses in the areas of personnel as well as IT & digitalisation. Thanks to the consistent continuation of active working capital and cash management, operating cash flow rose to EUR 0.6 million (previous year: EUR -0.1 million).
The very positive business performance in Brazil made a major contribution to the revenue growth in the first half of 2022/2023. In local currency terms, Brazilian revenue grew by 26 %. This is attributable to good business with existing customers as well as the very successful acquisition of new customers in the 2022 calendar year. As a consequence, the Brazilian subsidiary’s revenue amounted to EUR 7.3 million (previous year: EUR 4.9 million). At EUR 32.5 million, however, revenue in Europe was down slightly on the previous year’s level (EUR 33.0 million). Especially in Germany as well as in some other EU markets, supply constraints are affecting automotive customers’ production levels. By contrast, KROMI’s business with customers in the engineering sector is largely stable.
In addition to growth with its comprehensive tool management offering, KROMI is also focusing on engineering services that offer both existing and new customers professional support in designing optimised machining processes. The first consulting projects in this area were successfully completed and follow-up contracts agreed.
Assuming no worsening of the geopolitical crises, disruptions in supply chains or a further unforeseen deterioration in the macroeconomic environment, KROMI’s Managing Board continues to forecast revenue growth in the low to mid single-digit percentage range in the 2022/2023 fiscal year, as well as a more rapid rate of increase in EBIT than the rate of revenue growth.
The complete IFRS report is available on the website at www.kromi.de in the Investor Relations area.
KROMI is a manufacturer-independent specialist in optimising tool availability and tool deployment, especially technologically advanced machining tools for metal and plastics processing in machining operations. As a trustworthy and transparent partner to manufacturing industry, KROMI combines machining technology, data management, streamlined logistics processes and tools wholesaling to form compelling all-round solutions. Thanks to interconnected tool dispensers in customers’ production areas in combination with digital inventory controlling, KROMI ensures the optimal utilisation and availability of the requisite working resources at the right time and in the right place. KROMI’s activities aim to always offer maximum benefits for customers’ machining operations. This entails continuously analysing in detail processes on the customer side and identifying opportunities and potential improvements, in order to optimally integrate tool supplies with all requisite services. KROMI currently has sites in Germany, Slovakia, the Czech Republic, Spain and Brazil. KROMI is also active in seven further European countries. Visit us online at: www.kromi.de
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27.02.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
KROMI Logistik AG
Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
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