RESULTS FOR THE 1st HALF 2024
TURNOVER = 79,1M€ (+9%)
EBITDA = 4,1M€ (-7,0%)
EQUITIES = 57,8M€ in H1 2024 vs 56,8M€ in H1 2023 (+1,7%)
SOGECLAIR, supplier of innovative solutions with high added value for a safer and less-consuming mobility announces today its results for the 1st half ended June 30, 2024. The Board of Directors, meeting on September 02nd 2024, approved the 1st semester accounts for 2024 closed on 30 June 2024. The limited review procedures on the half-year accounts have been accomplished.
Investment in the transformation plan (processes, digital tools, HR, etc.) was stepped up in H1 2024. Note the rebalancing of structural costs, which weigh on BUs and geographical zones, in favor of the parent company.
By Geographical Area of subsidiaries
❖ Europe/Africa (70.9% of turnover):
- Delay in signing a defense contract
- Commercial aviation activity below plan, due to supply-chain issues in this sector
❖ America (25.6% of turnover):
- Business aviation held up well.
- Reorganization of structure and renegotiation of prices with customers contributed to improved turnover and a doubling of profitability
❖ Asia-Pacific (3.5% of turnover):
- Weak order intake in the rail sector weighed on turnover and profitability.
- A corrective action plan is currently being rolled out, with positive effects expected by 2025.
By Business Unit
❖ BU Engineering :
- Supply-chain-related delays in commercial aviation have given priority to production over engineering, particularly in R&T.
- Business aviation is doing very well in the America and Europe/Africa, generating turnover and profitability ahead of plan.
- The space sector is suffering from an unfavorable environment in Europe.
❖ BU Solutions :
- Rail business profitability fell sharply due to the delay in order intake in previous years, and to the extra cost of developing OKSYGEN software
- The Vehicle activity suffered in H1 from the delay in signing a major defense contract.
PERSPECTIVES
- The America area, which is driving growth (+25.8% on turnover vs. H1 2023), should continue to perform well in terms of both turnover and result
- The Rail business, which accounted for €1.5M of EBITDA in H1, should significantly reduce its losses, approaching breakeven and returning to profitability by 2026.
- After a H1 2024 EBITDA of -0.6M€, the Vehicle business should increase its volume of business thanks to the signing of new contracts from H2 2024, and thus return to breakeven by 2025.
- Commercial aviation production rates, whose delay cost 0.4M€ of EBITDA in H1, should only increase from 2025- 2026 onwards, given the difficulties associated with the supply chain.
Sogeclair is continuing to invest in its transformation. The first results will be seen in 2025 and should enable to enhance the offer and customer support.
Our markets are dynamic, our technologies are promising for low-carbon mobility and will support our diversification.
Our business growth will be driven in particular by the development of our commercial offering worldwide and the upgrading of our business prices.
SOGECLAIR reiterates its confidence in growth for 2024 and more generally for the execution of its 2030 ONE SOGECLAIR plan, which targets sales of €250 million, with an EBITDA margin of 12%.
Next announcement: turnover for Q3 2024, on October 30th 2024 after closing of the Stock Market
