va-Q-tec continues on growth track in Q1 2017
- Q1 2017 revenue at EUR 11.4 million compared with EUR 8.2 million in 2016 (+39%)
- EBITDA Q1 2017: EUR 2.4 million compared with EUR 1.6 million of adjusted EBITDA in Q1 2016 (+50%)
- Very strong Products business and strong Services business contribute to growth
- Continued investments to expand container fleet and boost efficiency of the existing production and logistics infrastructure
- Formation of a subsidiary in Switzerland to expand service business
Würzburg, 23 May 2017. va-Q-tec AG (ISIN DE0006636681 / WKN 663668), a technologically leading provider of highly efficient products and solutions in the area of thermal insulation and cold chain logistics, has today published its quarterly statement on business trends during the first three months of 2017 and announces further strong growth in both revenue and EBITDA.
The va-Q-tec Group grew its revenue by 39% in Q1 2017, from EUR 8.2 million in Q1 2016 to EUR 11.4 million, according to unaudited IFRS figures. Total income was up by 33% from EUR 10.0 million in the previous year to EUR 13.3 million in Q1 2017. Earnings before interest, tax, depreciation and amortisation (EBITDA) grew from EUR 1.6 million (adjusted for special effects due to the IPO) to EUR 2.4 million. The EBITDA margin amounts to 18%, compared to 16% (adjusted) in Q1 2016.
The growth is attributable to the very positive performance of the Products and Services businesses. Growth in the Product business – the sale of vacuum insulation panels (VIPs) – was driven by higher demand for high-performance insulation for refrigerators and hot water storage. Revenue in the Products business amounted to EUR 3.9 million during the first three months of 2017, up 95% compared with Q1 2016, when the company generated EUR 2.0 million of revenue. The Services business (rental of thermal containers and thermal boxes) reported strong growth, too. Thanks to the higher number of container rentals at the UK subsidiary as well as further success in the box rental business, revenue with Services rose to EUR 4.2 million during the first three months of the year. It was thereby 40% higher than in Q1 2016 at EUR 3.0 million. Revenue with Systems (sale of thermal packaging) of EUR 3.2 million remained at the level of the prior-year period (EUR 3.2 million).
Christopher Hoffmann, CFO of va-Q-tec AG, comments on the growth momentum in Q1 2017: “The accelerated growth in our Products business – the industrial basis of va-Q-tec – enables us to achieve economies of scale in purchasing and production. It underscores the high quality of our products and our reliability in supplying large industrial customers. We also further expanded our attractive Services business with existing and new customers. We are now on track to achieving our targets for the full 2017 year – 35-40% revenue growth and an improvement in the EBITDA margin.”
A start was also made in the first quarter with consolidating the five sub-locations in Würzburg into a central technology and logistics headquarters. This step serves to boost operating efficiency, to expand capacities for production and logistics, and to bundle technological competencies. The fleet of rental containers for the global “Serviced Rental” of thermal containers was also expanded further.
Dr. Joachim Kuhn, founder and Management Board Chairman (CEO) of va-Q-tec, adds: “We continued successfully on our growth track in Q1 2017 and realised investments in technology and process efficiency. We have expanded our international presence with the founding of a Swiss subsidiary, to further exploit opportunities in the dynamically growing cold chain logistics business. While we are driving forward on day-to-day execution, we are also not losing sight of the strategic challenges ahead. Our goal remains to revolutionise cold chain logistics with our products and solutions, and boost their thermal energy efficiency.”
An update of the financial guidance will prospectively be announced with the publication of the half-year financial report in August 2017. The existing guidance continues to be valid until then.
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va-Q-tec is a leading supplier of high-performance products and solutions in the area of thermal insulation and cold chain logistics. The company develops, produces and markets innovative, thin vacuum insulation panels (VIPs) as well as phase change materials (PCMs) for the reliable and energy-efficient controlling and insulation of temperature. In addition, va-Q-tec produces passive thermal packaging systems (containers and boxes) through optimally integrating VIPs and PCMs, which can maintain constant temperatures, depending on type, between 24 and more than 200 hours, without external energy input. To implement temperature-sensitive logistics chains, va-Q-tec – within a global partner network – operates a fleet of rental containers and boxes meeting demanding thermal protection standards. Along with healthcare & logistics as the main market, va-Q-tec addresses the following further markets: Appliance & Food, Technics & Industry, Building and Mobility. The high-growth company, which was founded in 2001, is based in Würzburg, Germany. Further information is available at: www.va-q-tec.com