- 2017 revenue: EUR 46.9 million compared with EUR 35.5 million in 2016 (+ 32%)
- 2017 EBITDA: EUR 7.2 million compared with EUR 7.0 million in 2016
- va-Q-tec sees itself remaining on its growth and internationalisation path in 2018
Würzburg, 20 March 2018. va-Q-tec AG (ISIN DE0006636681 / WKN 663668), a technologically leading supplier of highly efficient products and solutions in the thermal insulation and cold chain logistics area, today publishes preliminary figures on its 2017 business trends. According to these results, the Würzburg-based company reports further strong revenue growth. The va-Q-tec Group grew its revenue by 32% in 2017, from EUR 35.5 million in 2016 to EUR 46.9 million, based on preliminary unaudited IFRS figures. With this growth, the company reached the upper end of the adjusted expectations for 2017 of a rate between 28% and 32% (originally: 35% – 40%). In terms of earnings before interest, tax, depreciation and amortisation (EBITDA), va-Q-tec achieved its adjusted forecast. EBITDA was up by 3% from EUR 7.0 million (adjusted) to EUR 7.2 million (adjusted). This corresponds to a 13% EBITDA margin, compared to 16% in the previous 2016 financial year. The strong growth in the product business as well as further operative special effects thereby led to a positive, albeit weaker, overall earnings trend than forecast at the start of 2017.
Dr. Joachim Kuhn, founder and Management Board Chairman (CEO) of va-Q-tec, comments: “We continued to report very dynamic growth in 2017. We also expanded our container fleet – as planned – opened additional logistics hubs and acquired new customers. This, together with our unique technology, forms an excellent basis from which to continue our growth story in 2018 and beyond. Although the year developed differently to how we originally expected, we are satisfied overall with the positive business trend in 2017.”
The revenue growth achieved in 2017 is especially attributable to a strong Products business as well as a strong Services business. The former benefited from higher demand for high-performance insulation for refrigeration equipment and storage water heaters. Revenue from selling vacuum insulation panels (VIPs) was up by 59% from EUR 11.3 million in the previous year to EUR 18.0 million. In the strong Services business – comprising the rental of thermal containers and thermal boxes – the positive trend in container rentals at the UK subsidiary and the continuation of the success of the box rental business made significant contributions. Revenue in this operating segment amounted to EUR 17.4 million in the 2017 financial year, up 32% compared with the previous year, when the company generated EUR 13.2 million of revenue. Revenue generated with Systems (sales of thermal packaging) rose by 4% to EUR 10.8 million (previous-year period: EUR 10.4 million). As a consequence, the very strong previous year in 2016 with its large-scale projects was surpassed by regular orders.
For the current 2018 financial year, va-Q-tec AG continues to anticipate strong and profitable growth. va-Q-tec has already laid important related foundations in 2017. The temperature-controlled air freight container fleet reached a volume of almost 1,500 as of the year-end, an increase of around 50%. The company also invested in machinery and plant capacities and in a new production and logistics headquarters, from which it expects significant efficiency benefits. With the opening of a production site in the USA at the start of 2018, va-Q-tec reached an important milestone in its further internationalisation. The new fulfilment centre in Langhorne, Pennsylvania, represents a central element in the company’s growth strategy and offers an ideal infrastructure situated close to renowned US biotechnology, healthcare and pharmaceutical centres. The good start to the current financial year is also underscored by the successful start to a project entailing temperature-controlled air freight transports for a leading semiconductor industry supplier. This project is exerting a major impact on its entire sector.
The figures that have been published for the 2017 financial year are preliminary and subject to audit. The final financial and results figures for the 2017 financial year, as well as the outlook for the 2018 financial year, will be published on 12 April 2018, and will be made available on the website at ir.va-q-tec.com.