Once again record revenues and strong operational performance: BOOSTER Precision Components GmbH reports preliminary financial results for 2023

Once again record revenues and strong operational performance: BOOSTER Precision Components GmbH reports preliminary financial results for 2023

• Revenue growth of 17.6% compared to 2022 significantly above forecast
• Improved EBITDA at EUR 21.1 million (2022: EUR 19.5 million)
• Strong order intake of EUR 128 million with 20% accounting for non-combustion products

Frankfurt a. M., 29 February 2024 – BOOSTER Precision Components GmbH (Bond; ISIN NO0012713520) today published its preliminary unaudited figures for the financial year 2023.

Full Year 2023: Record revenues and strong order intake

BOOSTER posts a strong order intake totaling EUR 128 million in 2023, with non-combustion products accounting for 20%.

With expected revenues of EUR 183.6 million in 2023, BOOSTER has exceeded the previous year’s revenues by 17.6% (2022: EUR 156.2 million), which is significantly above the forecast. The company’s EBITDA grew by 8.2% compared to 2022 to EUR 21.1 million (2022: EUR 19.5 million). The EBIT improved to EUR 13.0 million (2022: EUR 10.8 million). Increased interest expenses had a negative impact on group net income, which amounted to EUR 1.7 million compared to EUR 2.1 million in 2022.

Current assets grew slightly from EUR 65.9 million as per end of 2022 to EUR 70.2 million as at 31 December 2023, caused by a higher volume of stocks and receivables resulting from the significantly higher sales volume in 2023. As a result, total assets went up from EUR 107.2 million to EUR 115.2 million as per 31 December 2023 in the reporting period. Equity capital rose by 19.4% to around EUR 15.4 million as of 31 December 2023 compared to EUR 12.9 million at the end of 2022.

Dr. Ralph Wagner, CFO of BOOSTER Precision Components: "We are pleased to report a strong revenue and earnings performance for the full year 2023, exceeding our revenue guidance and achieving record revenues once again. With regards to earnings, we consider the EBITDA growth of 8% as a significant achievement given the overall demanding economic environment. All in all, we remain confident in our financial stability and our ability to manage challenges effectively.”

Sustained growth in Q4 2023

Although the momentum slowed somewhat compared to the first half of 2023, the demand for BOOSTER’s products continued to grow in Q4 2023.

The company’s revenues totaled EUR 45.1 million in Q4 2023 reflecting an increase of 9.3% compared to the previous year (Q4 2022: EUR 41.3 million). EBITDA improved significantly by 38.6% and amounted to EUR 5.0 million compared to EUR 3.6 million in Q4 2022. The EBIT showed a positive development from EUR 1.3 million in Q4 2022 to EUR 2.8 million in Q4 2023. Group net income was negatively affected by risen interest expenses, but reached a slightly positive level of EUR 0.03 million (Q4 2022: EUR -0.7 million).

“Our efforts to generate new business in the e-mobility market have once again paid off, with a major project for electric vehicle cooling system components secured at the end of 2023. As a result, total awards in non-ICE (Internal Combustion Engine) related businesses in 2023 have so reached more than 20% of total awarded new projects. BOOSTER continues to deliver solutions for the future and is actively transforming the automotive industry. We reaffirmed our commitment to continue on this path at our global leadership meeting in November, where we set out the strategy implementation plan for 2024,” says Jerko Bartolić, Managing Director and CEO of Booster Precision Components.

At the time of preparing the Preliminary Financial Report for 2023, the management assumes that the business environment for the automotive industry will remain challenging in 2024 and that overall economic demand will remain subdued, particularly in Europe but also in other regions of the world, due to geopolitical and macroeconomic uncertainties. However, given the strong order book for the coming years, the Group expects revenues to grow moderately in a single-digit percentage range compared to the previous year (2023: EUR 183.6 million). Assuming energy prices and raw material costs to remain stable, the management also expects a moderate increase in earnings (EBITDA 2023: EUR 21.1 million).

The final consolidated financial statements of BOOSTER Precision Components GmbH for the financial year 2023 will be published in April 2024.
 

Contact:
BOOSTER Precision Components GmbH
Bockenheimer Landstraße 93
60325 Frankfurt a. M.
T +49 69 76758193
mail@booster-precision.com
 

About BOOSTER Group
The BOOSTER Group is an international supplier focused on the production and distribution of highly precise metal parts. BOOSTER Group comprises nine companies in five countries with production sites in in China, Germany, Mexico and two locations in Slovakia. The BOOSTER Group’s activities currently focus on components for turbochargers, which are primarily used in the automotive sector. As part of BOOSTER’s growth strategy, the product portfolio has been expanded to include components for use in electrified or hydrogen-powered vehicles as well as for industrial or medical applications with a positive impact on efficiency and sustainability. BOOSTER Precision Components GmbH is the holding company of the BOOSTER Group and provides management, consulting and services for its domestic and foreign subsidiaries.

www.booster-precision.com