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In the first quarter of 2023, LPKF Laser & Electronics SE generated consolidated revenue of EUR 20.2 million (1Q22: EUR 25.8 million including customer push outs from 2021) and earnings before interest and taxes (EBIT) of EUR -6.6 million (1Q22: EUR 1.0 million), which is in line with our forecast. The revenue development is characterized by the seasonality of our deliveries while the disproportionate but expected decline in EBIT is the result of lower revenue and the different product mix of the first quarter.
The order situation of the technology company continued to develop positively. At EUR 39.6 million, order intake after three months was 65% up on the previous year. The order backlog rose from EUR 60.8 million in the previous year to EUR 82.6 million, approx. EUR 67 million of which are due for delivery in the current year. The strong order situation reflects the demand for the laser specialist's solutions and underpins the strong business development announced for the second half of the year.
For the second quarter of 2023, LPKF expects revenue of EUR 25 to 30 million and EBIT of EUR -3 to 1 million. "As announced, a large part of the solar orders on hand will convert to revenue in the second half of the year," says CFO Christian Witt. "In addition, we are making good progress both in our core business and in the area of new strategic business initiatives, which have us look into the future with confidence."
The Management Board confirms the forecast for 2023, according to which it expects revenue of EUR 125 to 140 million and EBIT of 3% to 7%. This forecast includes risks from the current economic and political environment.
In the medium term, as previously communicated, LPKF aims to achieve an attractive single-digit growth rate for its core business. Together with the employees, CEO Dr. Klaus Fiedler has established active product portfolio management, which is driving forward the technologies in the core business with ever new innovations. "Our core business will continue to show sustainable organic growth through a clear focus on technological innovation and tangible customer benefits," says Fiedler. "Our new business initiatives targeting the semiconductor, display and biotechnology markets are tracking as expected and shall contribute low triple-digit million-euro revenue in the medium term alongside our core business." Based on the growth in turnover and the resulting economies of scale, the Management Board aims to achieve an attractive double-digit EBIT margin for the LPKF Group in the coming years.
In addition to developing new and innovative customer solutions, sustainability is an integral part of the company's strategy. As a technology company, LPKF supplies equipment for the production of solar modules and other smart solutions that can improve its customers' carbon footprint through lower material usage and higher product quality.