zurück

14. May 2024 | Corporate News, Press Releases

CANCOM Group starts the 2024 financial year with significant growth

  • Group revenue rises significantly by 38.7 percent to €440.6 million
  • Operating cash flow around €100 million higher than in the same quarter of the previous year and thus at a historic record high of €+56.3 million in the first quarter
  • Executive Board confirms forecast for the financial year

The CANCOM Group has started the 2024 financial year with significant growth at Group level. Revenue increased by 38.7 percent to € 440.6 million in the first quarter of 2024 (previous year: €317.7 million). Gross profit increased disproportionately, rising by 46.2% to €171.0 million (previous year: €117.0 million). EBITDA was also up significantly at €30.4 million (previous year: €24.1 million) and EBITA at €16.9 million (previous year: €13.5 million). The “International” segment, which accounts for the majority of the CANCOM Austria Group’s contribution, performed particularly well.

“CANCOM has made a good start to the year: in the first quarter we have seen the restraint that is the result of the weak economic development and the reluctance of public sector clients to place orders, particularly in Germany,” says Rüdiger Rath, CEO of CANCOM SE, summarising the first quarter. “In our major international market, the development was extremely positive thanks to the contribution of the CANCOM Austria Group and demand for our strategic focus areas, especially Security & Networking and AI, remains strong.”

Operating cash flow improved significantly
At €+56.3 million, cash flow from operating activities was significantly higher than the previous year’s figure of €-43.6 million and improved accordingly by around €100 million. Significantly lower trade receivables and a substantial reduction in inventories were responsible for the significant improvement.

Business segment International remains strong, business segment Germany under pressure as expected
With revenue of €147.7 million (previous year: €9.8 million), the business segment International performed extremely well, primarily due to the contribution of the CANCOM Austria Group. With a segment EBITDA of €12.3 million (previous year: €1.9 million), the EBITDA margin in the first quarter was 8.3 percent. As a result of the restraint shown by small and medium-sized SME customers and public-sector clients, particularly at the beginning of the year, revenue in the business segment Germany totalled €292.9 million (previous year: €297.9 million). EBITDA in the segment amounted to €18.1 million (previous year: €22.2 million) and the EBITDA margin arrived 6.2 percent.

Executive Board confirms forecast for the full year
“So far, the development is in line with our comments and our forecast, and the economic development in the second half of the year will be important for CANCOM,” says Rüdiger Rath, explaining the outlook for the full year. “Uncertainty about the development will continue to accompany us for the foreseeable future, but we expect demand for our solutions to increase, especially in our focus areas of Modern Workplace, Security & Networking, Cloud & Datacenter, IoT Solutions and AI.” The start of replacement cycles for hardware, rising demands on IT landscapes and the need for investment driven by AI solutions will drive demand over the course of the year and support growth for the CANCOM Group well above the level of the IT market. Accordingly, the Executive Board confirms the forecast from the 2023 Annual Report and expects the key financial figures 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).