Business over pre-crisis levels,
driven by all Group activities
Profitability growth in line with expectations
Business portfolio on track, but an end of year
impacted by supply tensions
As a reminder, the 2019-2020 financial year had an exceptional duration of 15 months, i.e. from 1st
in millions of euros | 2021 6 months | 2019/2020 6 months |
Revenue | 254.8 | 238.7 |
Current EBITDA | 14.9 | 12.3 |
as a % of revenue | 5.8% | 5.2% |
Current operating profit | 8.6 | 6.3 |
as a % of revenue | 3.4% | 2.6% |
Operating profit | 8.2 | 6.2 |
Financial income | (0.1) | (0.5) |
Income taxes | (1.9) | (2.4) |
Consolidated net income | 6.2 | 3.2 |
Net income - Group share | 5.8 | 2.9 |
Business in the first half above pre-crisis levels
In the 1st half of 2021, LACROIX's revenue amounted to €254.8 million, compared with €193.5 million recorded over the comparable period from 1st January to
Half-year results driven by all 3 Activites of the Group
Over the period, Group current EBITDA amounted to €14.9 million, i.e. a current EBITDA margin of 5.8%, a better performance compared to the first 6 months of the previous year (€12.3 million), i.e. a margin of 5.2% at the end of
Electronics activity
By far the activity most affected by the health crisis in 2020, the Electronics activity benefitted more broadly from a favourable base effect with growth of 38.6% compared to the previous period, at €167.8 million. Despite a half-year marked by component shortages and persistent weakness in the aeronautics sector, Electronics recorded business 0.8% higher than the comparable pre-crisis period (period from the beginning of January to the end of
With price increases linked to the supply shortages, essentially passed on to the customer, this dynamic growth is reflected in the profitability of Electronics, which posted a 4.1% current EBITDA margin (€6.9 million), compared with 3.3% for the first 6 months of the 2019-2020 financial year (€5.1 million).
City activity
The City activity had a good performance over the half-year with revenue of €52.6 million, up significantly by 24.6% compared with the comparable period in 2020, but also by 4.4% compared with the period from January to
City's operational performance continued to improve over the period. With positive current EBITDA of €0.6 million for the 1st half-year, the current EBITDA margin is 1.1% of revenue, a strong increase compared to the -1.6% recorded for the period from
Environment activity
Lastly, with turnover of €34.4 million for the half-year, up 13.8% compared with the first 6 months of 2020 and 11.2% compared with 2019, the Environment activity fully confirms its role as a growth accelerator for the Group, driven by the Water and Smart Grids segments.
In the 1st half of 2021, with current EBITDA of €8.0 million, Environment's profitability was down compared with the period from 1st
A solid financial situation
As of
Net debt increased to €51.6 million compared with €31.2 million, with gearing at 46% compared with 29%. This change can be explained by unfavourable mid-year seasonality, the components crisis beginning to have an impact on stocks, and by the continuation of significant investments (€16.0 million in the first half of the year) relating to construction of the Symbiose plant, which is still scheduled for delivery at the end of the year.
With a solid financial situation, LACROIX proceeded to pay off at the beginning of July the guaranteed government loans contracted during the crisis (post-closure event).
Successful capital increase to finance the roll-out of Leadership 2025
Lastly, as announced on
At the end of this operation, LACROIX has the means to deploy an acquisition budget of around €100 million.
Business portfolio on track but 2021 target slightly impacted by supply tensions
In an already tense market when it comes to electronic components, LACROIX noted increased volatility in supply conditions at the end of the current year, reflected in particular by last-minute postponements of component deliveries impacting the proper organisation of its production and its ability to deliver. In this context of uncertainty, the LACROIX teams remain mobilised to serve customers to the best of their ability. The situation nevertheless impacts the conditions for recording revenue and the margin objective initially announced may not be achieved. LACROIX nevertheless remains confident in its ability to achieve profitability close to its pre-crisis levels, i.e. a current EBITDA margin of between 5.8% and 6.1%.
In addition to the continued strong momentum fuelled by a growing business and project portfolio since the beginning of the year, LACROIX will also benefit from the price increases passed on to customers, leading it to confirm its sales target of €500 million for the 2021 financial year.
Upcoming dates
Turnover for the 3rd quarter of 2021:
View our financial data on our
https://www.lacroix-group.com/investors/
About LACROIX
Convinced that technology should contribute to making our living environments simpler, more sustainable and safer, LACROIX supports its customers in the construction and management of intelligent living ecosystems, thanks to connected equipment and technologies.
As a publicly-listed family-owned mid-cap, with a turnover of €441 million in 2020, LACROIX combines the essential agility required to innovate in an ever-changing technological sector with the ability to industrialise robust and secure equipment, cutting-edge know-how in industrial IoT solutions and electronic equipment for critical applications and the long-term vision to invest and build for the future.
LACROIX designs and manufactures its customers’ electronic equipment, in particular in the automotive, home automation, aeronautical, industrial and health sectors. LACROIX also provides safe, connected equipment for the management of critical infrastructures such as smart roads (street lighting, traffic signs, traffic management, V2X) and the management and operation of water and energy systems.
Drawing on its extensive experience and expertise, the Group works with its customers and partners to build the connection between the world of today and the world of tomorrow. It helps them to create the industry of the future and to make the most of the opportunities for innovation that surround them, supplying them with the equipment for a smarter world.
Contacts LACROIX COO & Executive Vice-President Finance Nicolas Bedouin info@lacroix-group.com Tel.: +33 (0)2 72 25 68 80 | ACTIFIN Press Relations Jennifer Jullia jjullia@actifin.fr Tel.: +33 (0)1 56 88 11 19 | ACTIFIN Financial Communication Simon Derbanne sderbanne@actifin.fr Tel.: +33 (0)1 56 88 11 14 |
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