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Gesco AG (0Q4C.L)

LSE - LSE Delayed price. Currency in EUR
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21.94-0.04 (-0.20%)
At close: 4:55PM BST
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Previous close21.98
Open22.20
Bid0.00 x N/A
Ask0.00 x N/A
Day's range21.94 - 22.20
52-week range21.94 - 22.20
Volume1,144
Avg. volumeN/A
Market cap249.08M
Beta (5Y monthly)1.33
PE ratio (TTM)N/A
EPS (TTM)-1.53
Earnings dateN/A
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target estN/A
  • EQS Group

    Gesco AG: Strong start for GESCO in 2021

    DGAP-News: Gesco AG / Key word(s): Quarterly / Interim Statement18.05.2021 / 07:15 The issuer is solely responsible for the content of this announcement.Strong start for GESCO in 2021- Encouraging recovery in demand- Incoming orders and sales up significantly- EBIT margin sees substantial improvement- Good outlook for 2021 as a whole confirmedWuppertal, 18 May 2021 - GESCO AG, an industrial group made up of market- and technology-leading SMEs listed in the Prime Standard, has released its quarterly statement for the first quarter of 2021, confirming the preliminary figures published as part of the virtual Accounts Press and Analysts' Conference on 27 April 2021 and the outlook for the full year already under way.Following a challenging financial year 2020, GESCO Group's companies recorded an encouraging recovery in demand in the first quarter of 2021. The business with stainless steel products was a driving factor in this development. However, other areas also recorded business volume that was significantly higher year on year. As in previous years, project business was subdued in the reporting period and is set to slowly but continuously gather steam over the course of the year. The Production Process Technology and Resources Technology segments reported significantly better sales and earnings figures than in the same quarter of the previous year, whereas development in the Healthcare and Infrastructure Technology segment was positively stable compared to the good first quarter in 2020.Incoming orders at GESCO Group stood at € 136.4 million in the reporting period and were therefore up by 18.8% year on year (Q1 2020 continued: € 114.8 million). Group sales also increased considerably and amounted to € 112.6 million (+10.5%). The reporting period ended with an order backlog of € 164.7 million (Q1 2020 continued: € 140.4 million).Improved utilisation and capacity adjustments made it possible to reduce the ratio of material expenditure to total output from 61.2% to 55.3% while also lowering the personnel expenditure ratio from 27.6% to 24.4 %. Earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at € 11.4 million in total following € 6.3 million in the first quarter of 2020 (from continuing operations). On the heels of a slight decrease in depreciation and amortisation (no impairment losses were recognised in the reporting period), EBIT rose considerably in the first quarter of 2021 to stand at € 7.4 million following € 2.1 million in the same quarter of the previous year (Q1 2020 continued). As a result, the Group's EBIT margin improved significantly from 2.1% to 6.6%.Accompanied by an improvement in the financial result and a tax rate of 36.6%, Group net income after minority interest as generated by the eleven continuing companies stood at € 4.0 million. Group net income after minority interest had stood at € 1.2 million in the same quarter in the previous year (Q1 2020 continued). Accordingly, earnings per share amounted to € 0.37 following € 0.11 for the continuing business operations and € 0.04 including the discontinued business operations in the first quarter of 2020.On account of the slight increase in total assets (€ 400.4 million vs. € 390.8 million as at 31 December 2020), the equity ratio stood at 57.8% as at the reporting date after most recently coming in at 58.3%. As a result, the equity ratio remained sufficient and well above the minimum ratio of 40%. At € 60.9 million, liquid assets reflected a further increase in the cash position as compared to the most recent reporting date (€ 49.2 million). The solid financial parameters continue to provide a good starting position for further organic and inorganic growth.The Production Process Technology segment benefited primarily from good business involving stainless steel technology. Incoming orders increased markedly by 58.1% to stand at € 19.3 million, with segment sales rising to € 12.4 million (+23.8%). As usual, the production of machinery, plant and equipment already under way will only start to have an impact on sales and earnings over the course of the year in this segment. Segment EBIT amounted to € 1.1 million after € -1.1 million in the same period of the previous year (Q1 2020 continued). The segment's EBIT margin stood at 8.6%.Thanks to higher demand, especially in the tool and strip steel business, and the solid order situation for loading technology, the Resource Technology segment recorded a considerable increase in sales and a disproportionately steep rise in earnings. Sales revenues rose by 14.0% to € 67.0 million. EBIT stood at € 5.9 million after € 2.3 million in the first quarter of the previous year. The segment's EBIT margin therefore rose from 4.0% to 8.8%. The positive development was supported by all companies in the segment.The Healthcare and Infrastructure Technology segment continued to be in stable condition in the first quarter of 2021 and demonstrated that it is largely resilient and unaffected by economic conditions in the capital goods industry. At € 42.3 million, incoming orders were up by 20.2% year on year (from continuing business operations). At € 33.3 million and € 3.4 million respectively, both segment sales and EBIT were exactly on a par with the same quarter in the previous year (from continuing business operations). The EBIT margin improved slightly from 10.0% to 10.3%.Thanks to the successful start in the current financial year and the current overall conditions, GESCO confirms the outlook for the 2021 as a whole as already published on 27 April 2021. The Executive Board expects Group sales of between € 445 million and € 465 million and Group net income after minority interest of € 16.5 million to € 18.5 million (both target ranges in principle before M&A activities and without changes to the scope of consolidation).In this context, Ralph Rumberg, CEO of GESCO AG, says: "It is still not possible to fully assess the impact of the coronavirus pandemic. The future developments continue to be associated with uncertainties. However, the economic recovery indicates a potential turning point from our perspective. The noticeable easing on the demand side led to catch-up effects in the reporting period. Only the months ahead will tell if these effects are going to last. We will intensively focus on our target portfolio architecture and achieve further success as part of our NEXT LEVEL strategy with the help of our excellence programmes. Doing so is the way to safeguard our company's future and remain successful in the long term with the Group."The complete interim statement for the first quarter of 2021 is available at https://www.gesco.de/en/investor-relations/financial-reports/. GESCO Group key figures (IFRS) 01/01/2021 - 31/03/2021 (continuing operations) 01/01/2020 - 31/03/2020 (continuing operations) Change (in %) Incoming orders € '000 136,352 114,789 18.8 Sales € '000 112,631 101,919 10.5 EBITDA € '000 11,414 6,337 80.1 EBIT € '000 7,441 2,107 >100.0 EBIT margin % 6.6 2.1 450 bps EBT € '000 7,009 1,605 >100.0 Group result1) € '000 4,049 1,171 >100.0 Earnings per share € 0.37 0.11 >100.0 Closing price2) € 23.80 13.66 >100.0 Employees3) No. 1,680 1.759 -4.5 1) After minority interest. 2) XETRA closing price as at the balance sheet date. 3) Number as at the balance sheet date.About GESCO GESCO AG is an industrial group made up of market and technology leading companies in the capital goods industry with a focus on production process technology, resource technology, as well as healthcare and infrastructure technology. As a stock company listed in the Prime Standard, GESCO AG offers private and institutional investors access to a portfolio of hidden champions among Germany's industrial SMEs.ContactJulia PschribüllaHead of Investor Relations & CommunicationsTel +49 (0) 202 24820-18Fax +49 (0) 202 24820-49E-mail: investorrelations@gesco.de * presse@gesco.de * stimmrechte@gesco.deInternet: www.gesco.de 18.05.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de Language: English Company: Gesco AG Johannisberg 7 42103 Wuppertal Germany Phone: +49 (0)202 248200 Fax: +49 (0)202 2482049 E-mail: info@gesco.de Internet: www.gesco.de ISIN: DE000A1K0201 WKN: A1K020 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange EQS News ID: 1197479 End of News DGAP News Service

  • EQS Group

    Gesco AG: GESCO takes stock for financial year 2020 and publishes outlook for new financial year 2021

    DGAP-News: Gesco AG / Key word(s): Annual Report27.04.2021 / 07:15 The issuer is solely responsible for the content of this announcement.GESCO takes stock for financial year 2020 and publishes outlook for new financial year 2021- Sales and earnings target achieved or surpassed (continuing operations)- Overall result negative as expected following impairment- Dividend suspended for financial year 2020- Preliminary figures for first quarter allow positive outlook for 2021Wuppertal, 27 April 2021 - GESCO AG, an industrial group made up of market and technology leading SMEs listed in the Prime Standard, takes stock of this past financial year 2020 and elaborates the outlook for the current financial year 2021 at its Annual Accounts Press and Analysts' Conference.GESCO has completed its first full financial year running concurrently with the calendar year in reporting year 2020 (FY 2020). In the previous year, the change in financial year to 31 December resulted in a nine-month abbreviated financial year from 1 April to 31 December 2019 (AFY 2019), meaning that the previous year's figures are only comparable to a limited degree.Within the scope of the NEXT LEVEL strategy, GESCO successfully sold a group of six subsidiaries and closed the Mobility Technology segment in December 2020. With the portfolio restructuring completed, the outlook for financial year 2020 for the continuing operations was adjusted to Group sales of approximately € 400 million and Group net income for the year after minority interest of around € 5 million. In February 2021, the majority shareholding in VWH GmbH was also sold as part of a management buy-out. A total of seven companies is reported as "discontinued operations" in the consolidated financial statements.In financial year 2020, GESCO achieved the forecast sales of the continuing operations at € 397.2 million and noticeably surpassed the earnings forecast at € 5.8 million.Affected by the developments surrounding the coronavirus pandemic, financial year 2020 also proved to be an exceptional year for the GESCO companies. After a satisfactory start to the year, subsidiary business performance was substantially disrupted by the pandemic in March 2020. The impact of these disruptions affected the companies to varying degrees. The situation became even worse for companies already suffering from the automotive industry's reluctance to invest in the previous year. Companies in all segments especially felt the impact in terms of customer demand in spring of 2020, following crisis-related plant closures. Travel restrictions for sales and service were a steady feature for the companies throughout the year. There was a broad scale decline in incoming orders, caused by the overall increase in uncertainty, leading to customers' reluctance to invest. Positive developments were noted in particular in the production of paper sticks and in stainless steel products. Significant orders were also acquired in loading technology.All told, incoming orders in GESCO Group reached € 492.8 million in the financial year (AFY 2019: € 403.2 million). Incoming orders among continuing companies stood at € 407.1 million in the financial year, compared to € 331.9 million in abbreviated financial year 2019. Group sales for continuing operations amounted to € 397.2 million (AFY 2019: € 354.8 million). Including discontinued operations, Group sales totalled € 495.2 million (AFY 2019: € 439.6 million).Measures have already been in place at the Group since 2019 to allow for the adjustment of capacities and costs to the lower utilisation. Despite these efforts, margins have decreased compared to the previous period. Earnings before interest, taxes, depreciation and amortisation (EBITDA) for continuing operations amounted to € 33.4 million (AFY 2019: € 37.0 million). Earnings before interest and taxes (EBIT) for continuing operations stood at € 16.7 million (AFY: € 24.4 million), representing an EBIT margin of 4.2 % (AFY 2019: 6.9 %).The continuing operations generated a Group net income for the year after minority interest of € 5.8 million in the financial year (AFY 2019: € 14.5 million). Earnings per share from continuing operations accordingly amounted to € 0.54 (AFY 2019: € 1.34). After minority interest, Group sales including discontinued operations totalled € -16.6 million (AFY 2019: € 12.4 million). Of that amount, € 17.6 million were attributable to non-cash expenditure for impairment for discontinued operations and valuation allowances for financial assets. Earnings per share from continuing and discontinued operations amounted to € -1.53 in total (AFY 2019: € 1.14). The final figures correspond to the preliminary figures published on 26 March 2021.The Group's net debt improved significantly from € 102.9 million to € 33.4 million, thanks in particular to the successful portfolio restructuring efforts. In addition, provisions for pension obligations and lease liabilities fell by € 15.9 million.Given the negative result on the whole in financial year 2020, the Executive Board and Supervisory Board have decided to suspend the dividend payment as part of the existing dividend strategy. The decision also serves to maintain liquid reserves in light of the NEXT LEVEL strategy. GESCO will continue to pursue its basic dividend policy.In the new financial year 2021, GESCO Group's development will benefit from the fact that the automotive industry in particular, as well as the capital goods industry, will have a significantly less pronounced impact on the portfolio of continuing operations compared to previous years. In addition, the Executive Board believes that the MAPEX and OPEX programmes that form part of the NEXT LEVEL strategy will continue to have an effect. The Executive Board expects a broad-based increase in sales to a range of between € 445 to € 465 million as well as an increase in Group net income after minority interest ranging from € 16.5 to € 18.5 million. As the further effects of the pandemic cannot currently be assessed with any degree of certainty, the outlook for financial year 2021 may also change at short notice.In the first quarter of the new financial year 2021, order intake reached approximately € 136 million (continuing operations in Q1 2020: € 114.8 million) with sales of around € 113 million (Q1 2020: € 101.9 million), according to preliminary figures. The key driving factor for the positive business development in the first quarter was the business with stainless steel products. However, other areas also recorded business volume that was significantly above the previous year. EBIT reached roughly € 7.4 million with a margin of 6.6% (Q1 2020 continued: € 2.1 million with a margin of 2.1%). The Group net income for the quarter after minority interest amounts to around € 4.0 million (Q1 2020 continued: € 1.2 million). While development in the Healthcare and Infrastructure Technology segment was positively stable year on year in terms of sales and earnings, the Production Process Technology and Resources Technology segments reported significantly better sales and earnings figures than in the same quarter of the previous year. As was the case in previous years, machinery and plants in the project business often do not have an impact on revenue and earnings until later in the year.The CANVAS business model analyses, conducted for the first time in 2019, became a firm fixture of the annual planning process for many subsidiaries over the course of financial year 2020 and serve as a common benchmark for our business activities. In addition, a large number of projects were launched and expanded in the past financial year within the scope of the NEXT LEVEL strategy thanks to the help of the Operational Excellence (OPEX) and Market and Product Excellence (MAPEX) programmes. The aim of the programmes is to provide GESCO Group with a viable position for the future and create added value at all levels by increasing efficiency and expanding business volume.Ralph Rumberg, CEO of GESCO AG: "We look back on a challenging and exciting year 2020 with conditions that were out of the ordinary. At holding level and in the manufacturing subsidiaries, we faced considerable challenges, but our teams on location certainly rose to the challenge. We owe them a debt of gratitude! We made great progress together with our NEXT LEVEL strategy in 2020, despite the dynamic environment. We achieved a lot with the further development of our portfolio architecture and the implementation of our excellence programmes, but we are not done yet."The complete Annual Report is available at https://www.gesco.de/en/investor-relations/financial-reports/.The video recording of the Executive Board's presentation at the Annual Accounts Press and Analysts' Conference on 27 April 2021 will be available on the GESCO website at https://www.gesco.de/en/investor-relations/financial-reports/ on the following day. GESCO Group key figures (IFRS) Continuing operations Continuing operations 2020 01/01-31/12 Full financial year (12 months) 2019 01/04-31/12 Abbreviated financial year (9 months) 2019 01/04-31/12 Abbreviated financial year (9 months) Incoming orders € '000 407,092 331,921 403,157 Sales € '000 397,225 354,813 439,619 EBITDA € '000 33,357 37,005 44,035 EBIT € '000 16,693 24,412 23,470 Group net income from continuing operations1) € '000 5,829 14,512 - Earnings per share € 0.54 1.34 - Group net income from discontinued operations1) € '000 -22,405 -2,126 - Earnings per share € -2.07 -0.20 - Group net income from continuing and discontinued operations1) € '000 -16,576 12,386 12,386 Earnings per share € -1.53 1.14 1.14 Total assets € '000 390,821 - 506,099 Equity ratio % 58.3 - 49.5 Employees (as at 31/12) No. 1,695 1,756 2,718 Share price (31/12 resp. 31/03) € 18.35 18.86 18.86 Dividend per share € 0.00 0.23 0.23 1) After minority interest.About GESCO GESCO AG is an industrial group made up of market and technology leading companies in the capital goods industry with a focus on production process technology, resource technology, as well as healthcare and infrastructure technology. As a stock company listed in the Prime Standard, GESCO AG offers private and institutional investors access to a portfolio of hidden champions among Germany's industrial SMEs.ContactJulia PschribüllaHead of Investor Relations & CommunicationsTel +49 (0) 202 24820-18Fax +49 (0) 202 24820-49E-mail: investorrelations@gesco.de * presse@gesco.de * stimmrechte@gesco.de Internet: www.gesco.de 27.04.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de Language: English Company: Gesco AG Johannisberg 7 42103 Wuppertal Germany Phone: +49 (0)202 248200 Fax: +49 (0)202 2482049 E-mail: info@gesco.de Internet: www.gesco.de ISIN: DE000A1K0201 WKN: A1K020 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange EQS News ID: 1188212 End of News DGAP News Service

  • EQS Group

    Gesco AG: GESCO successfully finishes balancing out its portfolio by substantial automotive shares

    DGAP-News: Gesco AG / Key word(s): Disposal04.02.2021 / 11:12 The issuer is solely responsible for the content of this announcement.GESCO successfully finishes balancing out its portfolio by substantial automotive shares Majority stake in VWH sold to minority shareholder Balanced share of automotive business in the portfolio achieved Outlook for 2020 as a whole unchanged Implementation of NEXT LEVEL strategy continues unabatedWuppertal, 4 February 2021 - As part of a management buy-out, GESCO AG today signed a contract concerning the sale of its majority stake in VWH GmbH.The deal calls for the disposal of the majority shareholding of 80 % in VWH GmbH. Based in Herschbach, Germany, the company provides products and services in the field of special machines and tool manufacturing (injection moulding forms, laser technology, automation and testing technology), primarily for customers in the automotive industry. VWH has been a member of the GESCO Group since 2007 and is part of the Production Process Technology segment. In total, the company generated sales of just over € 10 million in 2020.Thomas Sturm has had a close connection with VWH for more than 25 years. Initially the company's head of sales, he continues to serve as its Managing Director to this day and has held a minority stake of 20 % since 2011.Thomas Sturm: "As an entrepreneur, I am very pleased that we were able to reach a good solution with GESCO. I feel a very strong sense of connection with VWH and its employees. Together, we have successfully further developed our products in the past and expanded into new fields of business. That is precisely why I look forward to continuing down the current path with VWH in the future."On 21 December 2020, GESCO reported that it would close its Mobility Technology segment in connection with the sale of six subsidiaries. By selling VWH, GESCO has now balanced out the direct automotive business in its portfolio.The sale of VWH does not materially change the outlook for 2020 as a whole for continuing operations, which was last updated in December 2020. The Executive Board continues to expect Group sales of roughly € 400 million and Group net income for the year after minority interest from continuing operations of roughly € 5 million."The portfolio development of the GESCO Group is well under way," says Ralph Rumberg, CEO of GESCO AG. "I would like to emphasise in this context that we stand by our business model, which focuses on the long term. In exceptional cases, however, we need to have the freedom to divest ourselves of subsidiaries for strategic reasons. The successful sale of the automotive-related VWH business has allowed us to round out the transaction from December 2020 and balance out our direct share of automotive business in the process. Both transactions have enabled us to take a major step forward from a strategic perspective. We are now focusing all our energy on our passion: hidden champions of the technology-driven German SME segment - and those who want to walk among them."About GESCO GESCO AG is an industrial group made up of market and technology leading companies in the capital goods industry. Its focus is on production process technology, resource technology and healthcare and infrastructure technology. As a stock company listed in the Prime Standard, GESCO AG offers private and institutional investors access to a portfolio of hidden champions among Germany's industrial SMEs.Investor Relations & Communications | Julia PschribüllaTel. +49 (0) 202 24820-18 | Fax +49 (0) 202 24820-49E-mail: info@gesco.de | Website: www.gesco.de04.02.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de Language: English Company: Gesco AG Johannisberg 7 42103 Wuppertal Germany Phone: +49 (0)202 248200 Fax: +49 (0)202 2482049 E-mail: info@gesco.de Internet: www.gesco.de ISIN: DE000A1K0201 WKN: A1K020 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange EQS News ID: 1165598 End of News DGAP News Service