Tuesday 25 April 2023, 17:30
Growth in revenue at Hydratec Industries
AMERSFOORT, NETHERLANDS – Hydratec Industries’ revenue in the first three months of this year showed a limited increase compared to the first quarter of 2022. Profitability was at similar levels to last year. Industrial Systems achieved higher revenue, increasing its result, while higher operating costs at Hightech Components led to a lower profit than in the first quarter of last year.
Revenue at Industrial Systems rose significantly in the first quarter compared to the same period in 2022. In North and South America in particular, revenue was up sharply on last year, resulting in significant growth in the margin. This led to Industrial Systems achieving a better result than last year. Eric Stodel (57) has been appointed chief executive officer (CEO) of Royal Pas Reform with effect from 1 January. He previously held the position of CEO at Neways Electronics. Christiaan van Terheijden (46) has been appointed CEO of Lan Handling Technologies with effect from 1 March. Previously, he was CEO of Minkels within the Legrand Group.
Revenue at Hightech Components remained unchanged compared to last year’s first quarter. Following the Covid-19 crisis and the subsequent supply chain problems, inventory levels among our customers are going back down, while revenue in the health market is growing strongly. The margin remains at the same level as last year, but operating costs have risen. Personnel costs in particular are higher than last year. The result at Hightech Components was therefore lower than in last year’s strong first quarter. A social plan was agreed upon with the unions in April regarding the phase-out of the Hellevoetsluis operations. The necessary provision for this will be made in the second quarter.
Bart Aangenendt, CEO of Hydratec:
“After a good result in 2022, we kicked off this year with a well-filled order book. Higher inflation and uncertainty seem to be having a damping effect on investment appetite, but even now the order book remains well-filled. The need for food, health and mobility remains as strong as ever, and we are well-positioned to respond to that.”
Expectations for the 2023 financial year
Hydratec Industries has a well-filled order book. In view of macroeconomic developments such as volatile exchange rates, trade restrictions, supply chain uncertainties and rising inflation, we do not consider it possible to make any concrete pronouncements about 2023.
Hydratec Industries is listed on the Euronext Amsterdam NV stock exchange (ISIN NL0009391242, ticker: HYDRA.)