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The ICAPE Group Reports Revenue for Q1 2024
May 16, 2024 | ICAPE GroupEstimated reading time: 1 minute
The ICAPE Group, a global technology distributor of printed circuit boards (PCB) and custom-made electromechanical parts, announced its revenue for the first quarter of 2024.
Yann DUIGOU, ICAPE Group’s CEO, stated: "With a stable revenue in the 1st quarter of 2024 compared with the 4th quarter of 2023, and double-digit order intake since the beginning of March, the first months of 2024 are in line with the anticipated trend. As expected, the general downturn in the global PCB market seems to be easing, lending credibility to the scenario of a return to growth in the second half of 2024. In this context, which is gradually becoming clearer, we intend to maintain and even step up our efforts to optimize our general costs, notably through the several synergies generated by the various acquisitions we have made to date. With a pipeline in advanced discussions representing a potential of around €127 million in additional revenue and backed by our proven ability to make acquisitions that contribute to the profitable growth of our Group, we remain fully committed to our value-creation trajectory and reaffirm all our commercial and financial objectives."
During the first quarter of 2024, Group revenue came to €43.5 million, down 15.8% on the same period in 2023 and stable on a sequential basis. The ICAPE business, dedicated to the distribution of PCB, accounted for 89% of revenue during the 1st quarter of 2024, while the CIPEM business, dedicated to the distribution of electromechanical parts, accounted for 19%.
Confirmation of the Group's offensive acquisition strategy
The ICAPE Group is in advanced discussions with 12 international targets with solid profitability profiles, broad customer portfolios and proven synergies with its organization. Together, these companies represent potential additional revenue of around €127 million.
Reaffirmation of all Group targets
With the economic environment in ICAPE's sectors gradually improving, and the Group's fundamentals remaining solid, the Group reaffirms with conviction all its targets, including:
- an average annual organic growth rate of 10% between 2023 and 2026;
- around €120 million in additional revenue from external growth between July 1, 2023 and the end of 2026;
- an EBIT margin of around 9.5% by 2026;
- a revenue of around €500 million in the medium-term.
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