DGAP-Ad-hoc : Brockhaus Capital Management AG: BCM corrects guidance due to COVID-19 and expects a single-digit percentage decline in revenue compared to 2019 (pro forma). Preliminary figures 9M 2020 continue to show a margin of above 20% with revenue of € 33.9m
Fri, 13 Nov 2020
Brockhaus Capital Management AG / Key word(s): Change in Forecast/9 Month figures
BCM corrects guidance due to COVID-19 and expects a single-digit percentage decline in revenue compared to 2019 (pro forma). Preliminary figures 9M 2020 continue to show a margin of above 20% with revenue of € 33.9m
Frankfurt/Main, November 13th, 2020. Brockhaus Capital Management AG (BKHT, ISIN: DE000A2GSU42, "BCM Group") no longer considers it more likely than not that it will achieve the previously communicated guidance of a mid-single-digit percentage growth in relation to pro forma revenue in 2019 of € 54.3 million, without the inclusion of new acquisitions. Instead, BCM Group is currently forecasting a single-digit percentage revenue decline for fiscal year 2020 compared to the previous year 2019 (on a pro forma basis).
The assumptions underlying the previous guidance of a rapid stabilization of customer enquiries in the segment Security Technologies have not yet adequately occured. This results from the ongoing COVID-19 pandemic and the associated renewed international lockdown restrictions such as travel and contact bans. Therefore, despite a significant increase in order intake in Q3 as compared to Q2 2020, BCM Group no longer expects to be able to realize sufficient catch-up effects in the Security Technologies segment in the remaining fiscal year. Even the strong performance of the Environmental Technologies segment, which stands significantly above the prior-year period 9M 2019 with +17.3% revenue growth in combination with a massive increase in order intake, will not be sufficient to compensate for the shifts in the Security Technologies segment.
As already envisaged in the half-year financial report dated September 29th 2020, group revenue in Q3 2020 was considerably below pro forma levels of the previous year's Q3 2019 due to negative effects of the COVID-19 pandemic. According to preliminary figures, revenue in the first nine months of the current fiscal year were € 33.9 million, which corresponds to a decrease of -16% compared to the pro forma period of the previous year. With a preliminary adjusted EBITDA of € 7.0 million, the margin of 20.5% nevertheless maintained the level of the first half of 2020 (20.4%). Including inorganic growth through acquisitions (non-pro forma basis), revenue growth in 9M 2020 was € 25.2 million or +290%.
In view of the mission-critical nature of its technologies, BCM Group however expects significant catch-up effects in 2021, subject to the continuing uncertainties regarding the course, duration and impact of the COVID-19 pandemic on global economic development.
BCM Group's quarterly statement 9M 2020 will be published on November 24th, 2020. For further information on the definition of performance metrics, please refer to the consolidated fincancial statements for 2019. These can be found on the Company's website www.bcm-ag.com in the Investors - Publications section.
Brockhaus Capital Management - Paul Göhring
|Company:||Brockhaus Capital Management AG|
|60313 Frankfurt am Main|
|Phone:||+49 (0)69 2043 409 0|
|Fax:||+49 (0)69 2043 409 71|
|Listed:||Regulated Market in Frankfurt (Prime Standard)|
|EQS News ID:||1148186|
|End of Announcement||DGAP News Service|