Key figures

	First half op 2024	First half of 2023	Full financial year 2023
Revenue	137,495	133,696	282,748
Gross margin	74,851	70,469	147,051
Normalised operating result*	13,576	10,801	28,198
Normalised operating result %	10%	8%	10%
Operating result (EBIT)	11,670	6,312	22,026
Net result attributable to shareholders	8,651	4,201	15,693
Investments in tangible/intangible fixed assets	3,736	4,869	11,622
Solvency ratio	45.7%	35.0%	42.6%

*Normalisation relates to reorganisation costs (first half of 2024: €0.9 million, first half of 2023: €4.4 million and full financial year 2023:
€6.2 million) and Hydratec delisting costs (first half of 2024: €0.9 million).

Bart Aangenendt, CEO of Hydratec Industries: “The margin saw a marked increase at Industrial Systems in particular. Revenue showed a marked decrease within Hightech Components, on the one hand because of the deliberate choice to cease certain activities, and on the other due to the ongoing cautiousness in the supply chain. Meanwhile, interest rates and geopolitical tensions have increased. This has led to increased uncertainty, which had a dampening effect on order intake. Despite that, demand for food, health and mobility remains as strong as ever and we have a well-filled order book.”

Industral Systems

	First half op 2024	First half of 2023	Full financial year 2023
Revenue	78,212	69,329	162,214
Gross margin	39,692	32,183	76,072
Normalised operating result*	11,092	7,445	24,575
Normalised operating result %	14%	11%	15%
Operating result (EBIT)	11,092	7,445	24,575

Revenue at Industrial Systems rose to €78.2 million, which is 13% higher than in the first half of last year. This revenue increase is mainly due to the delivery of previously received major orders from the US. A total revenue of €162 million was generated over 2023 as a whole. The gross margin as a percentage saw a marked increase compared to 2023. There were fewer supply chain disruptions compared to last year, plus there were more possibilities to pass on increased costs in new projects. Operating costs were significantly higher than last year mainly due to increased salary costs. This led to an operating result of €11.1 million (14.2% of revenue) over the first half of the year, compared to €7.4 million (10.7%) last year. A total operating result of €24.6 million (15.1%) was realised over 2023 as a whole. The project-based nature of the activities can lead to significant fluctuations in revenue and results. Higher interest rates and increased geopolitical tensions have worsened the investment climate. Despite this, the order book remained at a good level, while order intake was under pressure because of investment decisions taking longer.

Hightech Components

	First half op 2024	First half of 2023	Full financial year 2023
Revenue	59,605	64,657	121,273
Gross margin	35,160	38,344	70,979
Normalised operating result*	3,572	4,590	5,514
Normalised operating result %	6.0%	7.1%	4.5%
Operating result (EBIT)	2,604	101	-658

Over the course of last year, certain structural measures were taken to increase profitability in due course. It was decided to have fewer locations with higher revenue per location, plus it was decided to cease certain activities. The first quarter of 2023 was still strong, after which our clients started winding down the additional stock levels they had built up. This is why Hightech Components saw a 7.8% revenue drop this year compared to the same period last year. Revenue totalled €59.6 million over the first six months, compared to €64.7 million in 2023. A total revenue of €121.3 million was generated over 2023 as a whole. The gross margin expressed as a percentage of revenue was similar to that for the first half of 2023 and for 2023 as a whole. The operating costs decreased significantly in 2024, especially due to a €4.3 million reorganisation provision in the first half of 2023. The normalised operating result totalled €3.6 million (6.0% of revenue) compared to €4.6 million (7.1% of revenue) in the first half of 2023 and €5.5 million over 2023 as a whole (4.5% of revenue).

Expectations for 2024

Hydratec Industries got the year off to a good start and has a well-filled order book. In view of macroeconomic developments, such as volatile exchange rates, trade restrictions, supply chain uncertainties, higher interest rates and rising geopolitical tensions, we are unable to make any concrete statements about 2024.

2024 halr-year report available online

This half-year report is also available on the website

Half year report

 

The figures in the half-year report have not been audited.

Bart Aangenendt
CEO

 

Hydratec Industries NV is listed on the Euronext Amsterdam stock exchange (ISIN NL0009391242, ticker: HYDRA.)