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13. Aug 2024 | Press Releases

CANCOM Group holds its own in a challenging market environment

  • Group revenues increase by 29.1 percent to € 835.3 million in H1 2024
  • EBITDA reaches € 55.5 million after € 41.6 million in the same period of the prior year
  • Operating cash flow of € 68.6 million in the first half of the year still well above the prior year’s figure
  • Forecast for the financial year confirmed by the Executive Board

CANCOM Group closes the first half of 2024 with growth in the relevant key financial figures. Revenue increased by 29.1 percent to € 835.3 million in the first half of the year (prior year: € 647.0 million). The gross profit reached € 339.2 million, 38.3 percent higher than the prior year’s figure of € 245.2 million. EBITDA of € 55.5 million (prior year: € 41.6 million) and EBITA of € 28.7 million (prior year: € 18.9 million) also increased significantly. Due to a significant contribution from the CANCOM Austria Group, the International business segment developed very positively, while the Germany business segment declined slightly.

“In the second quarter, the development of the year to date continued as expected. While the CANCOM Group recorded significant growth due to acquisitions, the operating business was characterised by a continued reluctance to invest on the part of our small and medium-sized customers in the private and public sectors,” comments Rüdiger Rath, CEO of CANCOM SE, on the past quarter. “On the other hand, our customers have growing requirements to operate their IT infrastructures securely and efficiently. In the medium term, this will lead to a renewal of IT infrastructures among customers and increase demand for services in our strategic focus areas of Security & Networking, Modern Workplace, Data Centre & Cloud, IoT and Artificial Intelligence (AI).”

Significant improvement in cash flow from operating activities
Cash flow from operating activities totalled € +68.8 million in the first half of 2024 (prior year: € -79.8 million), an improvement of around € 150 million.

International business segment positive, Germany business segment at a low level as expected
At € 277.0 million (prior year: € 82.5 million), revenues in the International business segment developed very positively in the first half of the year, in particular due to the contribution of the CANCOM Austria Group. With a business segment EBITDA of € 21.4 million, the EBITDA margin was 7.7 percent at the end of the first half of the year. The continued reluctance to invest, particularly among small and medium-sized customers in the private and public sectors, led to a slight decline in revenue of 1.1 percent to € 558.4 million in the Germany segment (prior year: € 564.5 million). At € 34.1 million (prior year: € 32.4 million), the business segment’s EBITDA achieved an EBITDA margin of 6.1 percent (prior year: 5.7 percent).

Executive Board confirms forecast for the financial year 2024
The Executive Board confirms the forecast from the 2023 Annual Report and expects the key financial indicators to develop as follows in 2024:

 

CANCOM Group

Forecast 2024

Revenue

€ 1,750 to € 2,000 million

Gross profit

€ 640 to € 740 million

EBITDA

€ 130 to € 155 million

EBITA

€ 75 to € 100 million

 

About CANCOM

As a leading Digital Business Provider, CANCOM leads companies, organizations and the public sector into the digital future. The range of services and solutions includes classic system house IT solutions as well as data-based digital solutions, managed services and cloud services. We accompany the digital evolution of our customers with passion and technology and support them in reducing the complexity of their IT and developing new business models. We offer a holistic portfolio for all IT and business requirements.

The CANCOM Group’s offering comprises innovative solutions in the areas of Artificial Intelligence, Security & Network, Datacenter & Cloud, IoT Solutions and Modern Workplace and includes services for the entire IT lifecycle – from the provision of IT infrastructures, planning and integration, to support, managed services and XaaS. Customers benefit from the extensive expertise with which their diverse requirements are translated into concrete industry-specific IT solutions to significantly promote their business success.

The more than 5,600 employees of the internationally active CANCOM Group with around 80 locations in the DACH region, Belgium, Slovakia, Romania and the Czech Republic as well as an efficient partner network ensure market presence and customer proximity. The CANCOM Group is managed by Rüdiger Rath (CEO), Jochen Borenich (CSO) and Thomas Stark (CFO). The company is headquartered in Munich. CANCOM generated annual revenue of around 1.5 billion euros in 2023. The Group parent company CANCOM SE is listed on the Frankfurt Stock Exchange in the TecDAX and SDAX (ISIN DE0005419105).