● Solid revenue generation at €51.7 million in the first quarter of 2023

●Strong improvement in gross margin over the period to €13.4 million, or 25.9% of revenue

●Activation of purchasing synergies with recent acquisitions and continuation of the external growth strategy to generate profitable growth

Cyril Calvignac, ICAPE Group’s CEO, stated: "ICAPE Group maintained and strengthened the dynamics of continuous optimization of its purchases, significantly improving its profitability despite the slight decrease of the commercial activity recorded at the beginning of this fiscal year, linked to the economic context and the level of inventories held by our main customers. These convincing results in terms of strengthening the gross margin are the result of the purchasing synergies generated by the recently completed acquisitions. Operational and commercial synergies with these new integrated entities are also gradually being activated, leading to the generation of additional and profitable revenue. We intend to stay on this course, in particular through our offensive external growth strategy in the coming months, with no less than 12 international targets currently under discussion."

During the first quarter of 2023, Group revenue amounted to €51.7 million, down 5.8% compared to the first quarter of 2022. This evolution is the result of the current economic context, persistent inflation, war in Ukraine and the components crisis, as well as the level of inventories within the Group's main customers.

In line with its policy of continuous cost optimization, in particular through the activation of synergies generated by recent acquisitions, the Group succeeded in significantly reducing its purchasing costs, reaching €38.3 million compared to €44.1 million over the same period in 2022. As a result of this improvement, the Group recorded a 23.9% increase in gross margin over the period, reaching €13.4 million.

Reaffirmation of business and financial objectives

In 2023, the Group intends to pursue its external growth policy and is already in advanced discussions with several international targets meeting the following criteria:

- a moderate size,
- a large portfolio of local customers,
- a gross margin above 25% while being profitable,
- a strong potential for commercial synergies with the Group.

The Company also confirms all its objectives communicated for 2024 and 2026 as stated in its registration document.

Further information from PCB UNION relate ICAPE:

①. ICAPE GROUP achieves record-breaking success in fulfilling IPO objectives

②. ICAPE Group Diversifies Its Supply Sources and Invests in Its Factory Network

③. Icape Italia Moves into New Facility

④. ICAPE Group Announces Full-year Revenue Growth of Over 34% and in Line With Its Objectives

⑤. ICAPE Group acquires German PCB supplier SAFA2000

⑥. A new logistics center for ICAPE Group in France!

⑦. Møn Print joins ICAPE Group

⑧. ICAPE Group acquires LUSODABEL in Portugal

⑨. ICAPE Group acquires Swedish manufacturer and trader MMAB