· Focus on the growth industry of medical technology provides stability
· Consolidated revenue of EUR 55.8 million at upper end of forecast for 2020
· Group operating EBIT of EUR 3.5 million well in excess of forecast for 2020
· Further increase in liquidity and reduction in net debt
· Forecast for 2020 confirmed (revenues down 10-15%, operating EBIT of EUR 1.0-2.5 million)
· Generation of additional measures to achieve a double-digit EBIT margin by 2022
In the nine-month period, the Masterflex Group (ISIN DE0005492938), exceeded its earnings forecast for the 2020 financial year, increased its liquidity and reduced its net debt despite the expected downturn in revenue. This was mainly due to the stable development in the third quarter and the systematic implementation of the measures forming part of the “Back to Double Digit” (B2DD) optimisation programme that was launched in the previous year.
In the first nine months of the current financial year, the Masterflex Group generated revenue of EUR 55.8 million, down 10.8% on the figure of EUR 62.5 million recorded in the same period of the previous year. This places Masterflex at the upper end of its full-year forecast, which anticipated a downturn in revenue of between 10% and 15% as a result of the coronavirus pandemic. The demand situation in the aviation, automotive and mechanical engineering industries remains challenging. This development is being partially offset by the positive demand trend in the promising growth industries of medical technology, food and pharmaceuticals, where Masterflex Group’s hose systems are experiencing growing demand, due in part to the coronavirus pandemic. The focus on these sectors gives the Masterflex Group a degree of stability in challenging times.
More detailed information on the business development of our Group in the 3rd quarter can be found here: