ICAPE: "We remain fully committed to our growth trajectory"
PCB specialist ICAPE reported revenues of EUR 179.5 million in 2023 – impacted by the international industrial and economic context observed during the fiscal year.
"2023 was marked by a sharp decline in the worldwide printed circuit board distribution activity due to the decline in global demand, an unfavourable impact on sales prices and the normalisation of our customers' inventories. This trend mechanically impacts our revenue target of EUR 500 million in 2026, which we are postponing to the medium term," says Yann Duigou, Chief Executive Officer of the ICAPE Group, in a press release.
The CEO continues to state that ICAPE remains fully committed to its growth trajectory. And the company's robust financing capacity will cover ICAPE's acquisition ambitions up to 2026
As of December 31, 2023, the group's revenue was EUR 179.5 million, down 18.3% on 2022. The ICAPE business, dedicated to the distribution of PCB, accounts for more than 80% of full-year revenue, while the CIPEM business, dedicated to the distribution of custom-made electromechanical parts, accounts for 20%. At the end of December 2023, the group recorded a backlog of EUR 50.9 million.
Over the period ICAPE made several acquisitions, namely those of French manufacturer Fimor Electronics, German distributors HLT, Princitec and Bordan Electronic Consult, and US companies PCB Solutions, Ustek Incorporated and Nujay Technologies Inc.
At the end of December Evertiq reported that ICAPE had secured a EUR 47 million financing package. With the backing of this financing package the group intends to continue acquiring companies specialised in the distribution of PCB and technical parts in all its geographical regions over the coming months and years.
ICAPE continues to state that given the particularly unfavourable economic climate for 2023 – which was characterised in particular by a shortage of orders from its main customers who had overstocked in previous years – the objective of achieving revenue of around EUR 500 million by 2026 has been postponed to the medium term.