Gelsenkirchen, May 11, 2022 - The Masterflex SE (ISIN: DE0005492938) recorded a dynamic start to the 2022 financial year, generating revenue of EUR 23.9 million in the first quarter, compared with EUR 19.5 million in the same period of the previous year. This corresponds to a year-on-year increase in revenue of 22.5%.
All markets and industries addressed by Masterflex contributed to the growth. Masterflex grew particularly strongly in North America and in the aviation business in the first quarter of 2022. Due to the high order backlog, significantly more high-tech hoses were sold than in the same period of the previous year, which was impacted by the Corona pandemic. The order backlog also continued to grow at a double-digit rate in the first quarter, reaching EUR 26.7 million as of March 31, 2022, compared to EUR 22.9 million as of December 31, 2021. The continued strong order situation underpins the revenue and earnings targets for 2022.
The successful implementation of the Back to Double Digit program (B2DD) is taking full effect as planned. This is particularly reflected in significantly higher profitability in the first quarter. At EUR 3.1 million, consolidated operational EBIT was 38.7% higher in the first quarter of 2022 than in the same period of the previous year (3M/2021: EUR 2.2 million). This corresponds to an EBIT margin in the Group of 12.8%, compared with 11.3% in the first quarter of 2021. The main reasons for the increased EBIT are margin improvements due to volume growth as well as cost discipline and productivity improvements. In addition, the share of high-margin medical technology in total revenue increased to 18% (3M/2021: 17%). The bottom line was a net profit of EUR 2.1 million, representing growth of 41.2% compared with the previous year’s figure of EUR 1.5 million. Consolidated earnings per share for the first three months thus amounted to EUR 0.22, compared to EUR 0.16 in the first quarter of 2021.
Dr. Andreas Bastin, CEO of the Masterflex Group: "We have had a successful start to the year. The first quarter underpins our ambition to achieve a double-digit EBIT margin this year. In addition, the growing order backlog gives us confidence that the positive development will continue. Although the geopolitical situation in particular presents us with certain uncertainties and challenges, especially with regard to the availability of raw materials and energy prices, the continuing good order situation combined with active and flexible cost management makes us fundamentally optimistic for the rest of the year. We are well on track to achieve the targets we have set ourselves for 2022."
Forecast 2022 reaffirmed
For the rest of the year, the Corona pandemic has become less disrupting, apart from a few isolated cases of higher sickness rates at individual sites. However, certain uncertainties remain regarding the further course of the Covid-19 pandemic. With regard to the war in Ukraine, there are hardly any direct effects on Masterflex, as traditionally only a small volume of revenue is generated in Russia and Ukraine. The indirect consequences mainly concern energy and raw material prices and the availability of raw materials. Masterflex has taken precautions to meet these challenges and is in permanent exchange with critical suppliers. Despite all the challenges, the order backlog and order intake continue to indicate a positive development in the financial year 2022. In view of the very good development in the first quarter, Management confirms the forecast for 2022, which expects an increase in revenue to between EUR 83 million and EUR 87 million. At the same time, thanks to the significantly improved EBIT margin of 12.8% in the first quarter, Management confirms the target of an operational EBIT in a range of EUR 8.3 to 9.0 million.
Selected key figures in EUR thousand
EBIT margin (operational)
Consolidated earnings per share (EUR)
Group equity ratio
Consolidated total assets
A conference call for media, analysts and institutional investors will be held today at 10:00 am (CEST). The quarterly statement and a company presentation on the financial figures for the first quarter of 2022 will also be published on www.masterflexgroup.com in the Investor Relations section.