Stemmer Imaging reports a positive first quarter
The growth trend with strong incoming orders, sales and double-digit EBITDA profitability continues
All companies deliver
Almost all companies were able to generate sales above the level of the first quarter of 2020 thanks to the increasing business recovery. The main driver for the increase in sales in the group was the industrial sector, which developed strongly across the entire range of applications. In the Artificial Vision division, the Sports & Entertainment, Food & Agriculture, Metrology, Medical & Life Science and Infrastructure sectors recorded positive sales growth. The strategic goal of expanding sales with end customers was successfully advanced in the first quarter. Stemmer Imaging was able to win large end customer projects in the automotive sector and have already made the first deliveries. In addition, there was a noticeable increase in business with system integrators, which points to the generally improving economic recovery. With its broad regional positioning and focus on growth markets and applications to expand value-added services, Stemmer Imaging sees itself well positioned. The increase in the gross profit ratio to 39.2% underscores that customers appreciate this added value (Q1 2020: 36.9%). This development was favored by positive influences from exchange rate effects in material purchasing, the positive development of high-margin regions and a favorable product mix in the first quarter of 2021.
Strong operating result
The above-average gross margin development, the overall improved cost base and the continued low level of other operating expenses had a positive effect on the operating result (EBITDA). EBITDA increased to EUR 3.7 million in the first quarter of 2021 and was thus significantly above the level of the previous year (Q1 2020: EUR 1.0 million) as well as above the level of normalized EBITDA from the first quarter of 2019 ( Q1 2019: EUR 3.1 million). The return on sales (ROS) amounted to 11.7% in the first three months of the current financial year and could be increased by 8.2 percentage points compared to the same quarter of the previous year. It was thus within the target corridor of the medium-term strategy of> 10% for the second quarter in a row.
Outlook for 2021
There are still uncertainties about the further course of the economic recovery. These concern both the development of the Covid 19 pandemic in the individual countries and the further course of the tense global availability and delivery situation for electronic components and increasingly also for optical sensors. From today's perspective, negative influences on a stronger upswing within the financial year cannot be ruled out.