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DGAP-News: va-Q-tec AG / Key word(s): AGM/EGM
va-Q-tec reports at AGM in Würzburg on very successful business performance
- Over 250 people attend the 2022 AGM in Würzburg
- Around 60% of the share capital participated at the event
- All agenda items accepted by very large majorities
- Management Board reports on its record year in 2021 and further growth in Q1 2022
- Revenues still expected to grow to between EUR 115 million and EUR 122 million in 2022, and to between EUR 160 and EUR 180 million by 2025
At the AGM, the Management Board reported in detail on the 2021 financial year and the first quarter of 2022. The actions of the Management and Supervisory boards for the 2021 financial year were approved by a very clear majority in each case. Group revenue grew by 44% to EUR 104.1 million over this period (previous year: EUR 72.1 million), thereby standing well above the upper end of guidance of between EUR 95 million and EUR 100 million. This significant business growth was reflected to a disproportionate extent in earnings, with va-Q-tec further improving its profitability in 2021. Earnings before interest, tax, depreciation and amortization (EBITDA) reported significant growth of 64%, from EUR 11.4 million in the previous year to EUR 18.7 million. This corresponds to an EBITDA margin on revenue of 18%, compared with 16% in the prior-year period.
In Q1 2022, va-Q-tec continued on its growth path. With 25% growth in revenue to EUR 28.0 million (previous year: EUR 22.4 million), the high growth momentum of the previous quarters was again confirmed. The overall earnings trend was impacted by the increase in other operating expenses, in particular by a sharp rise in transport and logistics costs, internationalization costs, and a normalization of travel and trade show activity. EBITDA was down compared with the prior-year quarter to EUR 3.9 million due to the current cost development, compared with EUR 4.6 million in Q1 2021 (-16%). The Management Board expects the earnings trend to increasingly normalize over the course of the year with the anticipated expansion of business activities.
For the 2022 financial year, va-Q-tec continues to expect further revenue growth to a revenue range of between EUR 115 million and EUR 122 million. For EBITDA, the company generally expects medium growth year-on-year in the 2022 financial year and disproportionately high growth relative to revenue due to operational economies of scale and a changed product mix reflecting a growing share of higher-margin products and services. Due to potential additional costs and uncertainties arising from the current geopolitical turmoil, va-Q-tec expects the EBITDA margin to remain constant or to increase slightly compared to 2021. The Management Board continues to expect revenues to grow to between EUR 160 million and EUR 180 million by 2025, with a targeted EBITDA margin of 22 to 26%. This guidance thereby follows on from the profitable growth story that va-Q-tec has presented over recent years.
Dr. Joachim Kuhn, CEO and founder of va-Q-tec AG, comments: “We are delighted that so many shareholders once again come to Würzburg to find out more about va-Q-tec and to discuss the development of our business. It was a great pleasure for us to finally welcome them back in person! Despite the current difficult macroeconomic environment, we are confident about the future as far the continuation of our profitable growth is concerned. We have further expanded our overall customer base in the pharmaceutical sector, and further promising projects in international drug distribution are already emerging in 2022. At the same time, we have also further strengthened our position as an innovation driver in the area of thermal energy efficiency through strategic industry and technology partnerships. Accordingly, we believe that va-Q-tec is excellently positioned – both technologically and strategically – to benefit sustainably from the megatrend of climate protection through thermal energy efficiency over the coming years.”
Further information: www.va-q-tec.com, Twitter: @vaQtec, LinkedIn: linkedin.com/company/va-Q-tec
09.06.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
+49 (0)931 35 942 0
+49 (0)931 35 942 10
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
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