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S&T AG: On track after first half of 2019
The S&T AG group is on track with its targets after the end of the first six months of 2019: Revenues for the first half of 2019 rose some 12%, going from EUR 422.7 million to EUR 473.8 million and for the second quarter from 2018's EUR 219.0 million to 2019's EUR 248.7 million.
Gross profit was up some 13% in the first six months of 2019, rising to EUR 174.5 million (PY: EUR 154.8 million). This translates into a gross margin of 36.8% for the first six months of 2019 (PY: 36.6%). EBITDA climbed some 21% in the first half year of 2019, going from EUR 36.7 million to EUR 44.3 million. Consolidated income (after allowing for minority interests) for the first six months of 2019 was up some 12% - rising to EUR 18.2 million - over 2018's EUR 16.2 million. Earnings per share (undiluted) increased during the period to 28 cents - up from 26 cents, a press release states. The "IoT Solutions Europe" and "IT Services" segments proceeded upon their positive development during the first half of 2019. The revenues achieved by the "IT Services" segment rose some 6% in the first half of 2019 to EUR 204.0 million (PY: EUR 192.9 million), those of the "IoT Solutions Europe" segment rose by some 27% to EUR 198.5 million (PY: EUR 155.8 million). The "IoT Solutions America" segment, which was burdened by restructuring measures, remained at the previous year's level in the first half of 2019 with revenues of EUR 71.2 million (PY: EUR 74.0 million). S&T AG expects the segment to return to its growth path before the end of the 2019 fiscal year as a result of synergy effects from the completion of the restructuring measures and new design wins. As of June 30, 2019, S&T AG's assets and liquidity remain solid. Cash and cash equivalents came as of June 30, 2019 to EUR 266.1 million. Despite the positive results for the period achieved, equity amounted as of June 30, 2019 to EUR 364.2 million (March 31, 2019: EUR 377.9 million | December 31, 2018: EUR 367.3 million). In addition to the paying out of a total of EUR 10.6 million in dividends, the drop is due to the acquisitions in the second quarter of further stakes held by minority interests. "We successfully set forth our growth - now in its tenth year - in the first half of 2019," notes Hannes Niederhauser, CEO of S&T AG. "In the future, however, we not only want to rely on the "best technology", but also become even faster and more efficient. Over the next two years, we will therefore implement the new "PEC Program", with which we are tackling extensive measures to further improve profitability, efficiency and cash flow. We are confirming the targets set for financial year 2019 of realizing revenues coming to EUR 1.145 billion, and of achieving profits (EBITDA) amounting to more than EUR 100 million. In addition, we are fully on track to achieve our target of EUR 2 billion in revenues by 2023."
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