Corporate News: SYZYGY AG confirms provisional figures / Sales of EUR 55.5 million and EBIT of EUR 4.0 million
- Group sales EUR 55.5 million (-14 per cent compared to previous year)
- Core German market: Sales of EUR 45.5 million (-8 per cent on previous year) and an EBIT margin of 14 per cent
- Operating income of EUR 4.0million with an EBIT margin of 7.2 per cent; SYZYGY thus exceeds profitability forecast of mid single-digit range
- Net income EUR 2.1 million
- Outlook for 2021: Sales growth of around 10 per cent and an EBIT margin in the high single-digit range
- Virtual Annual General Meeting of SYZYGY AG on May 28, 2021
- Proposed dividend: EUR 0.15 per share
The figures for 2020 as confirmed by the Supervisory Board and the auditor indicate that the SYZYGY GROUP generated sales of EUR 55.5 million, representing a decline of around 14 per cent compared to the previous year.
Operating income (EBIT) came in at EUR 4.0 million, leading to a slight reduction in the SYZYGY GROUP’s EBIT margin from 8.6 per cent to 7.2 per cent. Financial income was EUR -0.7 million, meaning that total net income after taxes is EUR 2.1 million. This corresponds to earnings per share of EUR 0.15.
Core German market
A sharp drop in sales in the second quarter of 2020 was followed by a strong recovery, resulting in sales of EUR 45.5 million. This represents a decline in sales of 8 per cent, but with continuing high profitability as demonstrated by a 14 per cent EBIT margin. Within the segment, the technology division grew significantly, while the consulting business reported a drop in sales.
International sales were down EUR 4.6 million at around EUR 10.0 million. Although the operating results of SYZYGY London and SYZYGY New York were negative over the full year, positive operating results were generated in the fourth quarter and continued on a stable basis in 2021. The Polish subsidiary posted a drop in sales of approximately 10 per cent. In December 2020, SYZYGY Poland acquired a major new client for e-commerce-related work, meaning that the business prospects for 2021 are positive.
|EBIT margin||7.2%||8.6%||-1.4 pp|
|Financial income (kEUR)||-697||-303||n.a|
|Net income (kEUR)||2,083||3,540||-41%|
|Earnings per share (EUR)||0.15||0.26||-26 %|
The full annual report for 2020 (English language) will be available from April 14, 2021 at http://ir.syzygy.net