STEMMER released yesterday its Q3 FY18/19 figures. During the first nine month of the fiscal year, the company’s sales increased by 6.6% year-on-year to €79.4m. Adjusted EBITDA was €7.1m versus €7.7m in the previous year.
The adjustments were related to non-recurring costs, including acquisition of ELVITEC, the shift to IFRS reporting as well as the change to Deutsche Börse’s Prime Standard segment. In the first nine months of FY18/19, STEMMER increased its incoming orders from €81.3m to €86.7.
The company highlights that in the period it completed the integration of its French subsidiary ELVITEC, and the related synergy effects had a positive impact on its Q3 FY18/19 figures, when EBITDA increased from €2.9m to €3.1m and gross profit margin improved from 36.7% to 37.4%.
On the back of the development of its incoming orders and the integration of ELVITEC, STEMMER guides to FY18/19 sales at €108-111m and EBITDA at €10-11m.
Lars Böhrnsen, STEMMER’s CFO, commented that ‘After the short-term strain caused by the integration of our newest subsidiary, our earnings grew in the third quarter compared to the previous quarter and the corresponding quarter of the previous year, and our profitability improved considerably in terms of gross margin’.