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SYZYGY AG: SYZYGY GROUP increases profitability in the first half of 2024, sales performance on target
Bad Homburg (pta010/24.07.2024/11:15 UTC+2)
- Operating income increases to EUR 2.8 million (+27 per cent compared to the first half of previous year) with an operating EBIT margin of around 8 per cent
- Sales of EUR 35 million according to plan (-3 per cent compared to the first half of previous year)
- Core German market: Sales of EUR 28.8 million (-1 per cent compared to the first half of previous year) with an EBIT margin of 10 per cent
- UK and USA segment: Sales of EUR 2.5 million (-42 per cent compared to the first half of previous year) with an EBIT margin of 1 per cent
- Poland segment: Sales of EUR 3.8 million (+37 per cent compared to the first half of previous year) with an EBIT margin of 18 per cent
- Outlook for 2024: Sales at the prior-year level with an EBIT margin of around 9 per cent before goodwill write-downs
The SYZYGY GROUP achieved an increase in profitability in the first half of 2024 financial year, while sales declined slightly to EUR 35 million. Operating income rose by 27 per cent to EUR 2.8 million compared to the first half of the previous year, improving the operating EBIT margin to 8.1 per cent (previous year: 6.2 per cent).
In the core German market, sales decline by 1 per cent to EUR 28.8 million with an operating profitability of 10 per cent. This core market thus accounts for approximately 82 per cent of sales.
As expected, sales in the UK and US segment fell by 42 per cent to EUR 2.5 million, with an EBIT margin of 1 per cent. By contrast, sales in the Poland segment increased by 37 per cent to EUR 3.8 million, with an operating EBIT margin of 18 per cent.
The financial income was negative at EUR -0.3 million, meaning that the Group´s total net income after taxes in the second quarter is around EUR 1.8 million. Earnings per share are EUR 0.13.
"The economic environment in the markets relevant to the SYZYGY GROUP remains generally subdued. However, we have seen a significant upturn in our new business activities in the second quarter. The corresponding expenses had a negative impact on EBIT", comments Frank Wolfram, CEO of the SYZYGY GROUP.
Outlook
The SYZYGY GROUP expect sales in the 2024 financial year to be at the previous year's level, with an EBIT margin of around 9 per cent before goodwill write-downs.
| In TEUR | Q2 2024 | Q2 2023 | Change | H1 2024 | H1 2023 | Change |
| Sales | 17,371 | 17,244 | 1% | 34.928 | 35,992 | -3% |
EBIT (before goodwill write-downs) | 1,216 | 515 | 136% | 2.837 | 2,228 | 27% |
EBIT margin (before goodwill write-downs) | 7.0% | 3.0% | 4pp | 8.1% | 6.2% | 1.9pp |
EBIT (inc. goodwill write-downs) | 1,216 | -3,691 | n.a. | 2,837 | -1,977 | n.a. |
EBIT margin (inc. goodwill write-downs) | 7.0% | -21.4% | 28.4pp | 8.1% | -5.5% | 13.6pp |
| Financial income | -144 | -253 | 43% | -312 | -921 | 66% |
| Net income before tax | 1,072 | -3,944 | n.a. | 2,525 | -2,898 | n.a. |
| Net income | 768 | -3,978 | n.a. | 1,805 | -3,200 | n.a. |
| Earnings per share (EUR) | 0.06 | -0.30 | n.a. | 0.13 | -0.24 | n.a. |
| Operating cash flow | -2,550 | 537 | n.a. | -249 | 104 | n.a. |
The full interim report as at June 30, 2024 (in German language) will be published on July 26, 2023 at www.syzygy-group.net/investors.
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| Emitter: |
SYZYGY AG Horexstraße 28 61352 Bad Homburg Germany |
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|---|---|---|
| Contact Person: | Susan Wallenborn | |
| Phone: | +49 (0)6172 9488 252 | |
| E-Mail: | susan.wallenborn@syzygy-group.net | |
| Website: | www.syzygy-group.net | |
| ISIN(s): | DE0005104806 (Share) | |
| Stock Exchange(s): | Regulated Market in Frankfurt; Free Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate |