CENIT continues to grow: Group revenues in Q1/2023 increase by around 22.7% compared to previous year to EUR 43,416 K EUR

11.05.2023

Stuttgart, May 11, 2023 - Continued strong consulting and service business (vs. prev. yr.: +72.8%) as well as increased recurring sales (vs. prev. yr.: +4.5%) determine the revenues growth (vs. prev. yr. +8,018/+22.7%) in the first three months of 2023. CENIT Group is continuing its positive trend from the prior quarters of 2022. Among other things, the consulting and service business, which grew by EUR 7,474 k (+72.8%) compared to the prior-year quarter, contributed significantly to this, due to acquisitions combined with organic strong demand.

After three months, CENIT Group has generated sales revenues of EUR 43,416 k (previous year: EUR 35,398 k/+22.7%). Sales revenues in the CENIT consulting and services segment increased by 72.8% to EUR 17,746 k (previous year: EUR 10,272 k). Sales of third-party software increased by 3.8% to EUR 22,278 k (prior year: EUR 21,473 k). Sales of CENIT's own software decreased primarily due to postponed customer orders in the areas of DFS and EIM from EUR 3,628 k to EUR 3,351 k (-7.6%).

Gross profit (operating performance less cost of materials) amounted to EUR 25,673 k (previous year: EUR 18,619 k) and thus increased by 37.9%. CENIT achieved EBITDA of EUR 1,572 k (previous year: EUR 726 k/+>100.0%) and EBIT of EUR 6 k (previous year: EUR -387 k/+>100.0%). Earnings per share amounted to Cent -2,4 (previous year: Cent -7,1).

Asset and Financial Situation

As of the balance sheet date, equity amounted to EUR 44,658 k (Dec. 31, 2021: EUR 44,783 k). The equity ratio amounted to 32.4% (Dec. 31, 2022: 35.3%). Bank balances and cash and cash equivalents amounted to EUR 24,595 k as of the balance sheet date (Dec. 31, 2022: EUR 19,914 k). The operating cash flow reached EUR 8,694 k (previous year: EUR 11,196 k) due to a project-related increase in receivables.

Employees

As of March 31, 2023, the number of employees in the Group was 854 (previous year: 673). Personnel expenses amounted to EUR 20,640 k in the CENIT Group in the reporting period (previous year: EUR 15,649 k).

Outlook

We confirm our updated forecast for the CENIT Group for the current fiscal year 2023, according to which we expect consolidated sales of around EUR 175.0-180.0 million and consolidated earnings (EBIT) of around EUR 9.0-9.5 million. This forecast is subject to the express proviso that the global economic and industry-specific conditions do not deteriorate significantly in the current fiscal year 2023, particularly regarding the growing inflation and economic risks.
Please visit CENIT’s homepage for the entire quarterly statement as of 31.03.2023: www.cenit.com/reports.