Corporate News: SYZYGY posts first-half sales of EUR 30.3 million and confirms forecast for 2017

The SYZYGY Group has increased its sales compared with the first quarter, but recorded a slight decline of 2 per cent year-on-year. The other units in the Syzygy Group were unable to fully compensate for the loss of a major client, despite positive new business performance. Notwithstanding substantial restructuring costs, strong operating income (EBIT) of EUR 2.1 million was posted, with an EBIT margin of 7.0 per cent.

Financial income was above the previous year's level, contributing EUR 0.9 million (previous year EUR 0.8 million) to the results. A high annualised return of 9.7 per cent was achieved.

Liquid funds and securities declined from EUR 22.2 million to EUR 14.3 million in the period covered by the report. This includes the distribution of a dividend of EUR 4.9 million on June 30, 2017, equivalent to EUR 1.11 per share.

Earnings before tax amounted to EUR 3.0 million, while net income was EUR 2.2 million.

As in the previous year, earnings per share were EUR 0.20, or EUR 0.11 in the second quarter, since the negative performance mainly affected companies with significant minority shareholdings.

  Q2-2017 Q2-2016 Change H1-2017 H1-2016 Change
Sales in kEUR 15,485 16,405 -6% 30,280 30,830 -2%
EBIT in kEUR 1,102 1,479 -25% 2,106 2,954 -29%
EBIT margin 7.1% 9.0% -1.9pp 7.0% 9.6% -2.6pp
Financial income in kEUR 405 404 +0% 908 800 +14%
Earnings before tax in kEUR 1,507 1,883 -20% 3,014 3,754 -20%
Net income in kEUR 1,097 1,376 -20% 2,168 2,723 -20%
Earnings per share in EUR 0.11 0.10 +10% 0.20 0.20 +0%
Operatiing cash folw in kEUR -642 1,070 n.a. -2,748 1,211 n.a.

The SYZYGY Group expects a significant rise in operating income in the second half of the year, when many new business wins will begin to be reflected in the figures.

The SYZYGY Group continues to expect a slight increase in sales over the current financial year, despite the loss of a major client. Operating income (EBIT) will rise slightly ahead of sales. All the individual segments and services will contribute in roughly equal measure to this growth.