Fanfare weekend for SES-Imagotag. The world number one in electronic labels in distribution jumped 13%, to 77.60 euros, at the start of the session, in reaction to 2021 results above expectations and good prospects for 2022. After four years of loss , the group has finally returned to profit, recording 2 million euros in net profit last year. Operating profit, which includes €3.5 million in connection with the performance share plan allocated to employees, also returned to positive territory for the first time since 2016, at €5.2 million. euros. Finally, the gross operating surplus doubled, rising from 16 million to 32.3 million euros, for a turnover up 46%, to 422.9 million, i.e. 22.9 million more. beyond the objective set by management. ” This performance is driven by the solid momentum of all regions in Europe (53.3%), which represents 75% of total sales”, emphasizes the group. Growth outside Europe was less, at 26.5%, as the fourth wave of Covid-19 crippled activity at Jabil’s Vietnamese factory, which produces Vusion smart labels for the United States.
Visibility
The product mix experienced a favorable evolution. Value-added solutions, whose growth has exceeded that of label sales, now represent 15% of total activity, compared to 13% last year, which constitutes a weapon of defense against the increase in component prices. And support for the margin rate on variable costs, which stands at 21.6%. Beyond the results, the market also welcomes the balance sheet. SES-imagotag ended 2021 with a net cash surplus position, before IFRS 16, of €8.3 million, up €4.5 million year-on-year and securing almost €90 million. It is therefore confident that he is starting the new exercise. It has also set itself ambitious objectives, counting on a growth in activity of 30 to 50%, which would bring its turnover to a range of 550 million to 635 million euros. It also aims to improve profitability. in line with the Vusion-23 plan », representing an Ebitda margin of more than 15%.
The commercial dynamic, with existing customers and new prospects, remains excellent and the order intake, for more than 600 million euros, carried out in 2021 provides good visibility. The “book to bill”, essential ratio which compares the orders on the turnover, exceeds 140%. At the same time, the group says it is more serene about supplies, foreseeing the start of an improvement in the second half of the year. ” It should be noted that the exposure of the backlog to Russia and Ukraine is limited “, underlines the analyst of the cabinet Oddo BHF.
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