EQS-News

Blue Cap AG defies the economic environment with a good first quarter of 2024 - significant improvement in earnings

EQS-News: Blue Cap AG / Key word(s): Quarterly / Interim Statement/Quarter Results Blue Cap AG defies the economic environment with a good first quarter of 2024 - significant improvement in earnings 08.05.2024 / 07:10 CET/CEST The issuer is solely responsible for the content of this announcement. Adjusted EBITDA increases by 21% to EUR 5.8 million compared to the same period of the previous year Adjusted EBITDA margin at 8.3% (compared to 6.2% in the previous year) Group revenue of EUR 66.5 million below previous year as planned Visible results from turnaround measures in the portfolio Management Board confirms outlook for 2024: revenue expected to be in the range of EUR 270 to 290 million and EBITDA margin (adj.) between 8.5% and 9.5% Munich, 08th May 2024 – In the first quarter of the year, Blue Cap AG (“Blue Cap”) benefited noticeably from the turnaround and efficiency improvement measures initiated in the previous year, thus defying the ongoing difficult economic environment. At EUR 5.8 million, the operating result (adjusted EBITDA(1)) increased by 21% compared to the same quarter of the previous year (EUR 4.8 million). This was achieved despite the fact that, as expected, revenue of EUR 66.5 million was below the previous year's level of EUR 75.8 million. Accordingly, the adjusted EBITDA margin improved significantly from 6.2% to 8.3%.  The development in the Plastics and Adhesives & Coatings segments was pleasing, while Business Services had to contend with noticeable declines. The successful restructuring at Neschen had a particularly positive impact on earnings. Blue Cap's balance sheet and financing structure remained solid as at March 31, 2024. At 35%, the equity ratio was slightly lower than at the end of 2023 (36%). By contrast, the net gearing ratio (including lease liabilities) improved slightly from 2.5 years as at December 31, 2023 to 2.4 years and thus remains well within the target corridor of less than 3.5 years. Net financial debt remained almost stable at EUR 58.8 million. This also applies to net working capital, which amounted to EUR 46.8 million.