BESSENBACH (dpa-AFX) - Commercial vehicle supplier SAF-Holland is becoming slightly more optimistic for the full year after a strong first quarter. Sales in 2023 should tend to be around the upper end of the previously planned range of 1.8 to 1.95 billion euros, the company surprisingly announced in Bessenbach on Thursday evening. The group's adjusted operating margin (Ebit) is still expected to reach 7.5 to 8.5 percent. The stock rose three and a half percent to 12.59 euros on Friday morning, making it one of the strongest stocks in the SDax small-cap index.

SAF Holland performed strongly in the first quarter despite the negative consequences of a cyber attack at the end of March, Jorge Gonzalez Sadornil of Hauck Aufhäuser Investment Banking wrote in an initial assessment. The expert maintains his positive assessment for the stock and raised the price target by one to 25 euros due to the good performance.

According to preliminary calculations, the company's sales in the first quarter increased by almost 30 percent year-on-year to a good 480 million euros. This included the acquired Swedish brake specialist Haldex from February 21. Organic sales growth was 10.8 percent. According to the figures, this was driven in particular by business in the Americas Apac (Asia, Pacific, India) regions.

Thanks also to savings, earnings before interest and taxes (Ebit) adjusted for exceptional items increased by almost 85 percent to a good 43 million euros. The corresponding adjusted operating margin rose from 6.4 to 9.0 percent. Net profit increased by 49 percent to 19.5 million euros. The key figures were above market expectations.

According to SAF-Holland, the recent cyberattack resulted in a total temporary loss of sales of around 40 million euros. Of this, around EUR 15 million was attributable to the first quarter. Management continues to expect to make up most of the lost sales in the second and third quarters.

As a result of the cyberattack, one-time special expenses for IT, security and consulting services in the low single-digit million range are expected, the statement added. These costs were largely incurred in the second quarter. The group plans to present its full quarterly figures on May 26./jha/knd/stw/mis