QUANTEL / Key word(s): Final Results Les Ulis, March 29, 2018 - 8:00 am STRONG FULL-YEAR EARNINGS GROWTH FOR 2017
The following comments concern the proforma accounts.
Actual and proforma consolidated accounts(1)
(1) Revenues including business for the Keopsys and Quantel Groups over the full year. (2) Audited data (statutory auditors' certification report currently being issued). (3) Figures not audited or reviewed by the statutory auditors.
Over the full year in 2017, the Keopsys-Quantel Group recorded EUR85.1m in proforma consolidated revenues, up 5.8% from 2016. This progress reflects a robust level of business for the Industrial and Scientific, Medical and Lidar Sensors Divisions. This revenue growth follows a record year for both Groups in 2016, despite the non-recurring revenues linked to the tender delivered in India in 2016 and the slowdown in the Defense business following a lower level of deliveries in 2017 compared with 2016. The Industrial and Scientific Division is reporting EUR32.3m in revenues (+14.5%), with sales supported by business in Asia and the ramping up of diode production capacity, for which the order book is still high. The Lidar Sensors business recorded a strong acceleration in 2017 and passed the EUR10m mark, with revenues climbing to EUR10.7m (+18% vs 2016), driven by the major investments made by various Group clients in the development of autonomous vehicles. Revenues for the Defense Division are down 17.7% to EUR10.4m, linked to the accounting recognition of revenues on a stage-of-completion basis for contracts in this segment. The Medical Division's sales came to EUR31.7m, notably reflecting the ramping up of production for the new Easyret laser, up 3.9% and 14.9% excluding the non-recurring contract with India (EUR2.9m) from 2016. Strong earnings growth Thanks to growth in business and effective cost management, proforma operating income is up 74% to EUR6.5m for 2017. Finance costs show a slight change (EUR0.4m), with net debt down from EUR10.4m at December 31, 2016 to EUR10.0m at December 31, 2017, reflected in pre-tax earnings of EUR5.7m, up 75%. Total net income represents EUR4.3m, up 83% (after EUR1.4m in corporate income tax). Targeting EUR100m of revenues from 2018 Considering the potential of the Keopsys-Quantel Group's markets and its robust commercial development since the business combination, the Group's management team is raising its growth target for 2018, aiming to achieve revenues of over EUR100m. The Group is forecasting growth across its main markets in 2018. Within the Defense Division, it expects to achieve commercial progress, benefiting from sales growth starting up again on the contracts already in place, as well as the impact of potential new contracts. The Lidar Sensors Division is also forecasting strong growth, particularly with the first major orders expected following the successful pilot tests carried out in the driverless vehicle sector. Lastly, within the Medical Division, the success of Quantel Medical's new products combined with the extension of its sales areas is expected to once again accelerate this Division's sales this year. Alongside this, the Group is moving forward with its integration and organization efforts following the business combination. A new organization is currently being rolled out to pool all the support functions at Group level, while combining the sales teams and optimizing the industrial organization across the Group's four sites. This industrial organization and the ongoing synergies are expected to help support business growth and continue improving profitability.
Founded in 1970, Keopsys Quantel Group is one of the world's leading specialists in laser technology for scientific (laboratories and universities), industrial (manufacturing, defense, new technologies) and medical (ophthalmology) markets. Combined with Keopsys Group in October 2017, the Keopsys Quantel Group has more than 400 employees and over EUR85 million of revenues (pro forma 2017) and is present in France, the US and Japan.. Quantel shares are listed on the Euronext Paris C Compartment. FR0000038242 - QUA www.quantel.fr
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Attachment Document title: Keopsys - Quantel Group Document: http://n.eqs.com/c/fncls.ssp?u=XUMNKFDITH
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670131 29-March-2018 CET/CEST