Cicor reports strong year-to-date sales growth of 25%
The outlook remains positive for EMS provider Cicor as the company continues on its growth path in the third quarter of 2023.
Quarterly sales increased by 22.4% to CHF 95.3 million (EUR 100.2 million) compared to the third quarter of the previous year. Looking at year-to-date sales, Cicor has managed to record CHF 294.5 million (EUR 309.8 million), an increase of 25.0% compared to last year.
The company says that the sales growth was driven by accelerated organic growth – 11.7% – and acquisitions. The outlook for the fourth quarter remains positive, supported by an order intake during this third quarter of CHF 108 million (EUR 113.6 million) resulting in a book-to-bill ratio of 1.13.
Robust customer demand especially in the medical and aerospace & defence markets combined with new customer wins supported the company's growth in the third quarter of 2023. Cicor is additionally benefiting from continued market growth driven by the trends of reshoring, customers seeking alternatives to manufacturing in China and increased outsourcing of electronics development and manufacturing.
Adding to this, Cicor says that it is continuing to pursue its strategy of accelerated growth through both acquisitions and organic growth. The recently announced strategic partnership with the French Clayens Group has the potential to generate additional business for Cicor for smart drug delivery devices and other medical and industrial applications.
Based on the positive third-quarter revenue and order intake progression, Cicor now reconfirms its 2023 guidance to achieve annual sales of CHF 380 to 410 million (EUR 399.7 to 431.3 million) and an operating result at EBITDA level of CHF 40 to 45 million (EUR 42.2 to 47.3 million).