11. May 2023 | Corporate News

CANCOM SE: Revenue and gross profit growth in the first quarter

  • Business volume increases by 10.4 percent to €433.0 million (previous year*: €392.1 million)
  • Group revenue grows by 7.1 percent, gross profit increases by 9.3 percent
  • Consulting and Support with double-digit growth rates

The CANCOM Group is starting the 2023 financial year with a 7.1 percent increase in revenue. Compared to the previous year, revenue rose to €317.7 million (previous year*: €296.7 million). Gross profit of €117.0 million was also higher than the previous year’s figure* of €107.0 million. Higher operating and personnel costs and a special effect of around €1.0 million from the efficiency and profitability programme burdened EBITDA, which amounted to €24.1 million (previous year*: €26.4 million). Accordingly, the EBITDA margin was 7.6 percent (previous year: 8.9 percent). EBITA was €13.5 million (previous year*: €15.4 million).

“We closed the first quarter with solid revenue and gross profit growth, but also had to deal with inflation-related cost increases and special effects. The double-digit growth within Support and Consulting in the service business makes us confident for the course of the year,” said Rüdiger Rath, CEO of the CANCOM Group.

Cash flow from operating activities improved compared to the same quarter of the previous year and amounted to €-43.6 million (previous year: €-76.3 million). Cash and cash equivalents amounted to €330.4 million as at 31 March 2023 (31 December 2022: €393.2 million).

Expanded presentation of revenue and gross profit

As already announced, CANCOM will in future present revenue and gross profit in four main pillars along the value chain: Trading, Consulting, Support and Managed Services. Revenue, gross profit and the gross profit margin are shown in each case.

Double-digit growth in Consulting and Support, good development in Trading

In Trading, revenue grew by 7.6 percent to €221.1 million in the first quarter (previous year: €205.5 million). Gross profit amounted to €37.4 million (previous year: €30.2 million). The gross profit margin was 16.9 percent (previous year: 14.7 percent).
In Consulting, revenue grew by 13.4 percent to €55.4 million (previous year: €48.9 million). Gross profit rose to €45.2 million (previous year: €39.1 million), which corresponds to growth of 15.6 percent. The gross profit margin was 81.5 percent (previous year: 80.0 percent).
The development in Support was also positive. Revenue from support services rose by 12.6 percent to €13.7 million (previous year: €12.2 million). Gross profit was €9.8 million (previous year: €9.0 million), the gross profit margin was 71.3 percent (previous year: 74.3 percent).
In Managed Service, revenue amounted to €27.5 million (previous year: €30.1 million). Gross profit was €22.6 million (previous year: €23.4 million) and the gross profit margin was 82.3 percent (previous year: 77.6 percent).

Forecast confirmed, acquisition of K-Businesscom not yet included

“Despite the current factors of uncertainty, we are assuming a positive market development, and accordingly we are maintaining the forecast for the CANCOM Group,” said Rüdiger Rath. “The acquisition of K-Businesscom, which was announced after the reporting period, will not be reflected in the forecast until the transaction has been completed.” The forecast for the CANCOM Group’s financial year 2023 is therefore unchanged:

CANCOM Group Forecast 2023
Revenue €1,320 – 1,390 million 
Gross profit €460 – 485 million 
EBITDA €114 – 124 million 
EBITA €70 – 80 million 

The complete interim statement of CANCOM Group for the first quarter of 2023 is published on the website www.cancom.com in the Investors section.

* In connection with the sale of the business activities in the USA, the previous year’s figures have been adjusted. For more information, please refer to section A.2.2.3 of the notes to the 2022 consolidated financial statements of CANCOM SE.


As a leading Hybrid IT Service Provider, CANCOM accompanies organizations into the digital future. We support our customers to simplify complex enterprise IT and increase their business success through the implementation of modern technology. In order to comprehensively meet the IT needs of companies, organizations, and the public sector, CANCOM delivers tailor-made IT end to end from a single source.  The CANCOM Group’s range of IT solutions includes consulting, implementation, services, and the operation of IT systems. Customers benefit from the extensive expertise as well as a holistic and innovative portfolio that covers the IT requirements that are necessary for a successful digital transformation. As a hybrid IT integrator and service provider, we provide an integrated range of services and solutions including business solutions and managed services, such as cloud computing, analytics, enterprise mobility, IT security, hosting, and as-a-service offerings.  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 Ruediger Rath (CEO) and Thomas Stark (CFO). The company’s headquarters are in Munich. CANCOM generated annual revenues of around €1.3 billion in 2022. The Group parent company CANCOM SE is listed on the Frankfurt Stock Exchange in the TecDAX and SDAX (ISIN DE0005419105).