Maintaining ambitious revenue and EBITDA guidance


Nørresundby, Denmark, 29 August 2023
Announcement no. 16/2023

Interim report for Q3 and 9M 2022/23
(the period 01.10.2022 - 30.06.2023)

“In the third quarter of 2022/23, RTX delivered a solid revenue in line with our expectations. For the first nine months of 2022/23 we have grown our revenue by 31% compared to same period last year. Strong partnerships and framework agreements with large global customers facilitate long-term commitment and revenue stream from product volume growth. We still see the aftermaths of the shortage in electronics components affecting customer inventory levels and demand patterns, and we expect this will continue into our next financial year. We maintain the ambitious outlook for 2022/23, comprising a solid growth in both revenue and EBITDA.”.


Peter Røpke, CEO

HIGHLIGHTS Q3 & 9M 2022/23
Net revenue in the first 9M of 2022/23 reached DKK 557.4 million, which is 31% above last year. The revenue in Q3 is on par with last year. This reflects both the aftermath of the component scarcity and our ability to deliver high volume products to our large global customers, with whom we have long-term partnerships and common interest in delivering robust products in high volumes.

Gross profit in the first 9M of 2022/23 increased by 29% to DKK 257.5 million. RTX has large customers with a broad portfolio of products, and the mix impacts the gross profit. In Q3, the gross profit increased by 14% to DKK 81.9 million.

Gross margin is maintained at a high level, 46.2% in the first 9M of 2022/23, compared to 46.8% last year. The gross margin for Q3 is 48.2%, impacted by revenue from development projects on the new product portfolio.

EBITDA in the first 9M of 2022/23 was DKK 64.1 million, 96% above last year. Last year’s Q4
was extraordinarily high and we expect a more normalized Q4 this year. EBITDA in Q3 was DKK 14.3 million, 11% below last year, primarily as a result of increased capacity costs, lower capitalization of own development, partially compensated by higher gross profit. EBIT in the first 9M of 2022/23 increased to DKK 34.8 million.

Cash flows from operations (CFFO) in the first 9M of 2022/23 was DKK 43.4 million, more than double of last year. Cash flow in Q3 was DKK 6.7 million. Compared to last year, the cash flow is impacted by a stronger operating result and the development in working capital.

RTX maintains the outlook for the financial year 2022/23 as communicated on 29 November 2022 in our annual report for 2021/22, with revenue of DKK 700-760 million, EBITDA of DKK 85-105 million and EBIT of DKK 45-65 million.

During the past years, the electronic industry has experienced extraordinary supply chain challenges, but we are coming back to a more normalized supply chain situation. However, we see a higher level of channel stocking at our customers and consequently, the reordering points could be postponed. Furthermore, we have limited insight into the development of the market demand of our customers’ customers. In addition, we are exposed to a weaker USD exchange rate compared to last year. These factors combined will to some extent affect revenue development in RTX in the first 2-3 quarters of the next financial year.

However, we have a solid strategy plan, long-term customer relations and new product introductions which make us confident in our long-term ambition.

For the next three years towards 2025/26, our ambition is to achieve a growth in revenue surpassing a revenue of DKK 1 billion, while increasing profitability and reaching an EBITDA margin above 16% by the fiscal year 2025/26.

Due to our strong performance and recovery after some challenging years, we have revised our capital policy. RTX now targets a net liquidity position (total cash funds plus current securities less any bank debt) of DKK 80-100 million.

The guiding principle for the policy on capital allocation and structure of RTX is to: (i) maintain sufficient financial flexibility to realize RTX’s strategic objectives, including investments into growth opportunities as well as balance sheet robustness needed for long-term framework agreements, which is needed to support operations. At the same time (ii) ensuring a financial
structure maximizing the return for our shareholders. Thereby, any excess capital after the funding of growth opportunities and after ensuring such robustness, should be returned to shareholders.


PETER THOSTRUP                                          PETER RØPKE
Chair                                                                  President and CEO

Investor and analyst conference call
On Wednesday, 30 August 2023 at 9.00 am CET, RTX will hold a conference call for investors and analysts hosted by Danske Bank. In this conference call, the Company’s management will comment on the interim report for the third quarter and first nine months of the financial year 2022/23.
To register for the conference call, please e-mail

Enquiries and further information:
CEO Peter Røpke, tel +45 96 32 23 00
CFO Mille Tram Lux, tel +45 96 32 23 00
RTX’s homepage: