-
- News
- Books
Featured Books
- pcb007 Magazine
Latest Issues
Current IssueThe Growing Industry
In this issue of PCB007 Magazine, we talk with leading economic experts, advocacy specialists in Washington, D.C., and PCB company leadership to get a well-rounded picture of what’s happening in the industry today. Don’t miss it.
The Sustainability Issue
Sustainability is one of the most widely used terms in business today, especially for electronics and manufacturing but what does it mean to you? We explore the environmental, business, and economic impacts.
The Fabricator’s Guide to IPC APEX EXPO
This issue previews many of the important events taking place at this year's show and highlights some changes and opportunities. So, buckle up. We are counting down to IPC APEX EXPO 2024.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - pcb007 Magazine
ICAPE Group Announces Strong Improvement in 1H 2023 Results
September 28, 2023 | ICAPE GroupEstimated reading time: 2 minutes
ICAPE Group, a global technology distributor of printed circuit boards (PCB), announced its half-year results for the first half of 2023, ended on June 30, 2023, and approved by the Board of Directors on September 26, 2023.
Yann Duigou, ICAPE Group’s CEO, stated: "ICAPE Group delivered a notable performance in the first half of the year, with a marked improvement in results despite the difficult context that affected the whole sector. Despite the current industrial environment, we maintain our profitability indicators while pursuing our growth trajectory. Achievements in the first half are the result of the gradual activation of synergies arising from our acquisition strategy. With a stronger cash position, ICAPE Group intends to pursue this policy of external growth, which will provide us with substantial additional revenue in the short and medium term. Advanced discussions are in progress with several players in the PCB industry, some of which should be finalized before the end of 2023."
Commercial activity and financial results
As of June 30, 2023, half-year revenue went down by 12.1% compared to the first half of 2022 and reached €94.5 million, restated for the disposal of DIVSYS activities in the United States and of the Russian subsidiary. An unfavorable economic context, which impacted the entire industry, justifies this lower level of activity. According to the latest study published by Prismark1, its evolution remains significantly higher than that of the PCB market, which declined by 20.9%.
The evolution of the product mix, together with enhanced operating efficiency following the acquisitions made, ensured a reduction in the cost of good sold, and enabled the Group to record an increase in its gross margin of +6 basis points over the period, restated for assets being sold, to €24.4 million in the first half of 2023, representing 25.8% of revenue.
Expenses allocated to salary amounted to €13.1 million, up by 7.5% compared to the first half of 2022, reflecting the various acquisitions made over the past two years. At the same time, administrative expenses fell by a net 10.6% to €4.2 million, reflecting the Group's improved operating efficiency.
Taking all these factors into account, EBITDA margin improved by 3.4 basis points over the period, to 7.5%. Operating income recurring and net income are on a similar positive trajectory, reaching €4.8 million (+78%) and €1.9 million (+118%) respectively by the end of June 2023.
As of June 30, 2023, the Group's cash position stood at €25.3 million, consolidated by the unanimous agreement obtained from its banking syndicate to release €13 million in financing, of which €5 million had been drawn down by June 30, 2023. With financial debts of €48.9 million, ICAPE Group had net financial debt of €23.6 million as of June 30.
Suggested Items
IMI Welcomes New CEO
05/03/2024 | IMIIntegrated Micro-Electronics, Inc. (IMI),The IMI Board of Directors announced, in a disclosure dated April 25, 2024, the appointment of Louis Sylvester Hughes, Chief Executive Officer (CEO).
Benchmark Reports Q1 2024 Results
05/03/2024 | PRNewswireRevenue decreased quarter over quarter and year over year primarily due to decreases in Medical, Advanced Computing and Next-Generation Communication sales, which were partially offset by an increase in Complex Industrials sales quarter-over-quarter and increases in Semi-Cap and A&D sales year-over-year.
Ansys Announces Q1 Financial Results
05/03/2024 | ANSYSANSYS, Inc. reported first quarter 2024 revenue of $466.6 million, a decrease of 8% in reported and constant currency, when compared to the first quarter of 2023.
SCHMID Group Closes Business Combination, Begins Trading on NASDAQ
05/02/2024 | SCHMID GroupGebr. SCHMID GmbH, a global solutions provider for the high-tech electronic, photovoltaics, glass, and energy systems industries, and Pegasus Digital Mobility Acquisition Corp. announced the completion of their business combination.
Sanmina's Second Quarter Fiscal 2024 Financial Results
05/02/2024 | Sanmina Corp.Sanmina Corporation, a leading integrated manufacturing solutions company, today reported financial results for the fiscal second quarter ended March 30, 2024 and outlook for its fiscal third quarter ending June 29, 2024.