DORTMUND (dpa-AFX) - The electrolysis specialist Thyssenkrupp Nucera has once again grown strongly at the start of the financial year. The company continued to benefit from the ramp-up of its hydrogen business and the realization of a related major order in Saudi Arabia. The subsidiary of the industrial group Thyssenkrupp was also able to book further orders. Hydrogen projects are leading the way. The costs are weighing on the results. However, these were better than expected.

The share, which is listed in the small-cap segment SDax, gained a good three percent in the morning. It had already recovered significantly the day before. One trader praised the incoming orders, which had exceeded market expectations.

Sales rose by more than a third to 208.3 million euros in the first quarter (end of December), as Thyssenkrupp Nucera announced in Dortmund on Tuesday. The hydrogen business made the largest contribution compared to the classic chlor-alkali business.

"The assembly of the first two modules for the production of the climate-neutral energy carrier in the USA and Saudi Arabia has been completed and further modules are on their way to the plants," commented Group CEO Werner Ponikwar. The project in Saudi Arabia is reportedly one of the world's largest green hydrogen projects currently under construction.

However, the costs of expanding the hydrogen business and even lower gross margins in this area are weighing on profitability. Thyssenkrupp Nucera recorded a loss before interest and taxes (EBIT) of 0.9 million euros - after a profit of 11 million a year earlier. On balance, however, Thyssenkrupp Nucera was still in the black thanks to a higher financial result due to increased interest income. The net result amounted to 2.8 million euros. A year ago, the company had achieved 8.5 million. Overall, the figures were better than expected.

The electrolysis specialist confirmed its forecast for the year and expects sales growth in the mid double-digit percentage range. Thyssenkrupp Nucera continues to expect an operating loss (EBIT) in the mid double-digit million euro range.

The order situation remains robust. New business increased by nine percent to 175.5 million euros in the first quarter, with the Lowen share attributable to hydrogen projects. The order backlog decreased by eight percent to around 1.3 billion euros. Thyssenkrupp considers itself well equipped financially. Net financial assets amounted to 761.4 million euros at the end of the quarter. Additional capital for expansion will therefore not be necessary in the coming years, explained CFO Arno Pfannschmidt in a telephone conference./nas/men/jha/