EQS-News: Wolftank Group doubles sales and significantly improves profitability in H1 2024
EQS-News: Wolftank Group AG / Key word(s): Half Year Results
Wolftank Group doubles sales and significantly improves profitability in
H1 2024
25.09.2024 / 09:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Wolftank Group doubles sales and significantly improves profitability in
H1 2024
• Sales increased to EUR 62m, up from EUR 30.1m in H1 2023
• EBITDA almost quintupled to EUR 4.8m, EBITDA margin of 8% (H1 2023:
EUR 1.05m, 3.5%)
Wolftank Group AG (ISIN: AT0000A25NJ6), a global leader in environmental
and energy solutions, posted robust growth and significant operational
improvements in its key business segments in the first half of 2024. Sales
reached EUR 62.0m, more than doubling from EUR 30.1m in the same period of
2023. EBITDA almost quintupled to EUR 4.8m (1-6/2023: EUR 1.05m),
demonstrating significant operational growth and efficiency. The EBITDA
margin of sales increased to 8% (1-6/2023: 3.5%). This performance
reflects the successful integration of the strategic acquisition of
Petroltecnica, which is now consolidated in the Group’s figures.
The company’s operating result (EBIT) also improved significantly,
shifting from EUR -0.60m in H1 2023 to EUR 1.4m in H1 2024. The EBIT
margin of sales improved accordingly to 2.2% (1-6/2023: -2.0%). Profit
before tax turned positive to EUR 0.25m (01-06/2023: EUR -1.03m), while
profit after tax stood at EUR -0.8 m (01-06/2023:
-1.4 m). Group equity increased by a third to EUR 25.5m from EUR 19.1m in
H1 2023, with an equity ratio of 22.1%, reflecting the expanded scope of
consolidation following the acquisition of Petroltecnica. Net cash flow
was EUR 6.1m (1-6/2023: EUR 1.2m).
“We have achieved strong results that demonstrate the success of our
strategy. With the acquisition of Petroltecnica, we have further
strengthened our market position and revenue base. This gives us even more
headroom to grow consistently in all business areas”, says Peter Werth,
CEO of Wolftank Group. “Following the pandemic-related decrease in sales,
we have consistently adapted to the changing market conditions year after
year and are now reporting the strongest figures since I took over as CEO
of the Wolftank Group ten years ago.”
All segments improve performance
Wolftank Group’s operations are divided into three business segments:
Environmental Services, Hydrogen & Renewable Energies and Industrial
Coatings & Maintenance. The Group’s core businesses, environmental
remediation and industrial coatings, remain the foundation of its
operations. The stability and maturity of these segments provide a
competitive advantage, supporting the strong order backlog in hydrogen and
renewable energies.
Environmental Services experienced robust growth, driven by market
expansion and the strategic integration of Petroltecnica. Sales increased
2.5-fold to EUR 41.0m (01-06/2023: EUR 17.1m). Hydrogen & Renewables
witnessed a 12.5% increase in sales to EUR 10.8m (01-06/2023: EUR 9.6m),
reflecting growing customer demand and the gradual materialization of
project pipelines. Industrial Coatings & Maintenance accounted for sales
of EUR 10.2m (01-06/2023: EUR 3.4m).
Strategy Advisory Board established
In September 2024, Wolftank Group took an important step to strengthen its
strategic direction by establishing a Strategy Advisory Board. Chaired by
Peter Werth, it consists of four senior C-level executives from leading
companies in the areas of high-performance fluid and gas refueling
equipment, hydrogen and methanol fuel cells, the oilfield service
industry, as well as environmental remediation technologies. The Strategy
Advisory Board will provide high-level guidance and direction on growth,
innovation and risk management. This will enhance Wolftank Group’s ability
to navigate the evolving energy and environmental services markets,
identify new growth opportunities and improve the company’s strong
competitive edge.
“The formation of our Strategy Advisory Board underscores our commitment
to long-term growth and innovation in the energy and environmental
sectors”, says Peter Werth. “By integrating diverse high-level expertise
from different industries, we are well positioned to capitalize on
emerging opportunities and create sustainable value for our shareholders.”
Positive outlook
Wolftank Group’s strong performance in the first half of the year sets the
stage for continued success driven by the company’s deep industry
expertise. By leveraging its strengths across diverse sectors, the Group
is well positioned to continue its growth path. The company expects a
stable yet competitive business environment for the rest of 2024. Recent
measures to improve synergies, productivity, and efficiency across the
Group are beginning to deliver results. With robust project pipelines, the
overall outlook remains positive. All five research houses covering
Wolftank Group forecast a strong outlook with a consensus target share
price of EUR 20.68 and a „buy“ recommendation.
“We have set ourselves ambitious growth targets. Our strong order book
provides an excellent foundation on which we will continue to build. The
energy transition is a key driver for our business. Each of our segments
benefits from this, be it hydrogen, environmental services or industrial
coatings. It is clear that the global focus on the environment and climate
is creating long-term growth opportunities for us”, summarizes CEO Peter
Werth. “Wolftank is ideally positioned to play a key role in the
transition to sustainability and zero emissions in the years to come.”
Key Financial Highlights
H1 2024 H1 2023
Sales EUR m 62.0 30.1
EBITDA EUR m 4.8 1.0
EBITDA margin of sales % 8.0 3.5
EBIT (Earnings before interest and taxes) EUR m 1.4 -0.6
EBIT margin of sales % 2.2 -2.0
Profit before tax EUR m 0.25 -1.0
Profit after tax EUR m -0.8 -1.4
Net Cash flow EUR m 6.1 1.2
Equity ratio % 22.1 31.9
Access the Wolftank Group H1 Report online:
[1] https://insight.wolftankgroup.com/hy-report-2024/
About Wolftank Group
Wolftank Group is a leading technology partner for energy and
environmental solutions operating worldwide. In the field of energy
mobility and logistics, the Group supports customers in more than 20
countries to implement projects in an efficient and environmentally
friendly way. For this, it develops and implements tomorrow’s technologies
to decarbonize transport and build the infrastructure for zero-emission
mobility – such as turnkey delivery of modular hydrogen and LNG refueling
facilities. In the area of environmental solutions, the offering includes
due diligences for environmental risks, customized services for soil and
groundwater remediation, as well as recycling. The group’s subsidiaries in
eight countries on three continents are managed by Wolftank-Adisa Holding
AG, based in Innsbruck, Austria. The share of Wolftank Group AG (WKN:
A2PBHR; ISIN: AT0000A25NJ6) is listed in the direct market plus segment of
the Vienna Stock Exchange and in the m:access of the Munich Stock Exchange
and is traded on Xetra, the Frankfurt and Berlin Stock Exchanges. Further
information: [2] www.wolftankgroup.com
Contact:
Wolftank Group Investor Relations
phone: +43 512 345726
email: [3]investor-relations@wolftankgroup.com
Disclaimer:
This communication contains forward-looking statements based on current
knowledge, expectations, and projections of Wolftank Group AG’s management
about the future. All statements are subject to potentially uncertain
assumptions and risks that could cause actual results to differ materially
from those expressed or implied by such statements. Such statements can be
identified using words such as „expect“, „plan“, „anticipate“, „target“,
„estimate“, „assume“ or similar. Consequently, statements relating to the
future are only valid at the time they are made. The Company does not
assume any obligation to adjust, correct or monitor statements made in
this communication in the future.
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25.09.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
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Language: English
Company: Wolftank Group AG
Grabenweg 58
6020 Innsbruck
Austria
Phone: +43 512 345726
E-mail: investor-relations@wolftankgroup.com
Internet: www.wolftankgroup.com
ISIN: AT0000A25NJ6
WKN: A2PBHR
Listed: Vienna Stock Exchange (Vienna MTF)
EQS News ID: 1994825
Weitere Handelsplätze: München Freiverkehr m:access Frankfurt Freiverkehr,
XETRA
End of News EQS News Service
1994825 25.09.2024 CET/CEST
References
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3. investor-relations@wolftankgroup.com
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