- va-Q-tec’s FY 2021 consolidated revenue of EUR 104.1 million exceeds previous year’s level by a very significant +44 % as well as the EUR 100 million revenue mark
- Overall growth driven by double-digit growth rates in all divisions: Systems +87 %, Services +35 %, Products +20 %
- EBITDA growth outpaces revenue growth to rise by 64 % to EUR 18.7 million;
EBITDA margin on revenue increases to 18 % (previous year: 16 %)
- Further dynamic growth also expected outside vaccines business in 2022 and beyond
Würzburg, 28 February 2022. va-Q-tec AG (ISIN DE0006636681 / WKN 663668), a pioneer in highly efficient products and solutions in the thermal insulation (so-called super insulation) and temperature-managed supply chains (so-called TempChain logistics) area, confirms its profitable growth dynamic in 2021 on the basis of preliminary results. With an increase of 44 % to EUR 104.1 million (previous year: EUR 72.1 million), consolidated revenue in 2021 was well above the upper end of guidance of EUR 95 million to EUR 100 million. The Systems business (thermal packaging) recorded the fastest growth, with an increase of 87 % to EUR 36.4 million (previous year: EUR 19.5 million). This area benefited particularly from the global COVID-19 vaccine campaigns, such as through box and pallet solutions for one-way transports, which enabled autonomous temperature-stable transport over many days. In the Services business (“Serviced Rental” of thermal packaging systems), va-Q-tec recorded revenues of EUR 44.1 million in 2021, representing an increase of 35 % (previous year: EUR 32.7 million). Here, the rental of small thermal boxes for transports “on the last mile” recorded a very positive trend in the third and fourth quarters, while at the same time the rental of large thermal containers also benefited from an accelerated start-up of new projects in the second half of the year. In addition to vaccine distribution, va-Q-tec benefited from a further broadening of its overall customer base. In the Products division (vacuum insulation panels and phase change materials), revenues grew by 20 % year-on-year to EUR 22.0 million (previous year: EUR 18.3 million), driven mainly by strong demand for energy-efficient refrigerators and freezers. In addition, this trend is being bolstered by the new EU energy efficiency labels for refrigerators and freezers, which will come into force on 1 March 2021. Total income amounted to EUR 122.6 million, reflecting 46 % growth (previous year: EUR 84.1 million).
This significant business growth was reflected to a disproportionate extent in earnings, with va-Q-tec further improving its profitability in 2021. Earnings before interest, tax, depreciation and amortization (EBITDA) reported significant growth of 64 %, from EUR 11.4 million in the previous year to EUR 18.7 million. This corresponds to an EBITDA margin on revenue of 18 %, compared with 16 % in the prior-year period.
For the 2022 financial year and beyond, it is becoming apparent that the dynamic demand for products and services in TempChain logistics will continue. Dr. Joachim Kuhn, CEO of va-Q-tec AG, comments: “Already today, more than 70 of the world’s 100 best-selling pharmaceuticals require supply chains with stringently temperature management, so-called TempChains – and this demand is showing a strong upward trend. At the same time, mRNA technology is opening up numerous new applications for the pharmaceutical industry against diseases such as cancer and multiple sclerosis. This should ensure further pull effects in TempChain logistics.” In order to fully leverage the commercial market potential of high-tech insulation solutions, va-Q-tec is not only steadily expanding its position as a leading company in the area of high-performance thermal packaging for TempChain logistics, but is also strengthening its position as an innovation driver in the area of thermal energy efficiency through strategic industry and technology partnerships. In light of the fact that 60 % of primary energy consumption in industrialized countries is used for thermal purposes, the Management Board believes that va-Q-tec is excellently positioned, both technologically and strategically, to benefit significantly from the megatrend of climate protection through thermal energy efficiency over the coming years.
va-Q-tec will publish its final audited results for 2021, including guidance, with its annual report on 29 March 2022, and present then as part of a telephone conference with the Management Board.