ICAPE Group Reports Strong Growth in 1H 2022 Results, Provides an Update on its Activity


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ICAPE Group, a global technology distributor of printed circuit boards, announces its results for the first half of the current fiscal year, ending June 30, 2022, as approved by the Board of Directors on October 5, 2022.

Cyril CALVIGNAC, ICAPE Group’s CEO, stated: “The results for the first half of the year demonstrate the dynamic demand for the solutions we offer worldwide. Thanks to the synergies generated by the combination of organic development and an offensive acquisition strategy, our profitable growth is being actively deployed, as illustrated by the improvement in our margin and the controlled increase in our structural costs. In this context, all of the Group's financial indicators are progressing significantly. We naturally intend to continue the pace of acquisitions during the second half of 2022 in order to achieve our objective of €230 million in revenue for the year. All these elements enable us to reassert our short and medium-term commercial and financial objectives.”

Commercial activity and financial results

As of June 30, 2022, half-year revenue reached €110.2 million, up by more than 50% compared to the first half of 2021. This strong growth is notably driven by Europe and the United States. The ICAPE activity, related to the distribution of PCB, represents more than 85% of the half-year revenue and 15% for the DIVSYS and CIPEM activities, dedicated to the distribution of “custom-made” technical parts. At the end of June, ICAPE Group recorded an order backlog of €71.8 million. The commercial gross margin increased by 71% and represents more than 20% of the revenue of the first half of 2022.

Expenses allocated to salary amounted to €13.1 million, an increase of more than 54% compared with the first half of 2021. This increase is explained by the acceleration of investments in human resources in anticipation of the future growth expected by the Group. Over the same period, the increase in general and administrative expenses remains under control given the expansion of the scope, including an increased number of subsidiaries, and the resumption of business travel compared to the first half of 2021.

Taking these elements into account, EBITDA improved significantly from €1.8 million to €4.9 million, or +170%, in the first half of 2022. EBIT and net income also show strong growth, reaching €2.8 million (+413%) and €0.9 million respectively at the end of June 2022.

As of June 30, 2022, ICAPE Group reported a net financial debt of €18.3 million resulting from a cash position of €16.6 million and a level of financial debts amounting to €34.9 million.

First half 2022 and post-closing highlights

In July 2022, the Company successfully completed, within the framework of its IPO, a capital increase of approximately €17 million, increased to €17.4 million following the partial exercise of the over-allotment option. This offering was notably subscribed by institutional, industrial and financial investors, as well as numerous individual investors.

In line with its commitments, the Group completed the acquisition of the Danish company MON PRINT as well as Lusodabel, a major supplier of PCB solutions in Portugal and Spain. The consolidation of these two operations will take place as of January 1st, 2022 and both are now subsidiaries of ICAPE Group.

Reaffirmation of commercial and financial targets

Based on the performances achieved over the period, ICAPE Group reaffirms its ambition to reach a revenue of about €230 million by the end of 2022, including at least €23 million from the acquisitions made during the year - representing about €35 million of revenue in full year. The Group intends to pursue its external growth strategy through the acquisition of companies meeting the following criteria:

  • Moderate size
  • Large portfolio of local customers
  • Gross margin above 25% while being profitable
  • Strong potential for commercial synergies with the Group

The Company also confirms all the targets communicated during the IPO.

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