DGAP-News: paragon Automotive Revenue Grows by Almost a Third
DGAP-News: paragon GmbH & Co. KGaA
/ Key word(s): 9 Month figures
paragon Automotive Revenue Grows by Almost a Third
- According to preliminary figures, revenue as of September 30, 2021, was € 109.7 million or 30.8% over the prior year; increase of 15.6% over pre-coronavirus year 2019
- Revenue and sales forecast for the year as a whole confirmed despite reduced OEM production volumes
- First large-scale production order for product innovation anti-virus filter DUSTPROTECT
- Publication of final figures on November 22, 2021
Delbrück, Germany, October 18, 2021 - According to preliminary figures, paragon [ISIN DE0005558696] has continued on its growth course in the first nine months of the current year. With revenue of € 109.7 million as of September 30, the direct supplier to the automotive industry saw 30.8% higher revenue than in the prior year and exceeded the revenue of the pre-coronavirus year of 2019 by 15.6%. The management therefore sees the sales target for 2021 of € 145 million and the margin target (EBITDA) of 12 to 15% as secured, even considering the current production disruptions in the automotive industry.
"Our strategy - of significantly increasing inventory levels at an early stage to guarantee supply security - is paying off, despite the capital commitment associated with it. We can still deliver." says Klaus Dieter Frers, founder and CEO of paragon. "We are very pleased with the results. Without the production difficulties at OEMs, revenues would have been even higher."
The Sensors unit had a breakthrough in the third quarter with its first large-scale production order from a German premium OEM for the innovative electrostatic DUSTPROTECT filters. The product, which is also effective against coronaviruses, will go into series production in 2024. The Digital Assistance unit nearly doubled its revenue with its AI solutions. In addition to two more development contracts, the further penetration of the platforms of a leading global automotive manufacturer led to increased sales.
In the Interior unit, the change in the product portfolio due to higher take rates at OEMs had a positive effect on revenues. The Kinematics unit also saw growth despite production disruptions with automotive manufacturers. paragon got its first order for an adaptive spoiler in the Chinese market. The start of production for the Chinese OEM will take place at paragon's factory in Kunshan, China, in the coming year.
With a view to the upcoming sale of the majority share of Voltabox, paragon is still waiting for regulatory approval. The recent publication by Voltabox AG on the loss of more than half its share capital has no effect on the equity in the separate financial statements of paragon GmbH & Co. KGaA because, in accordance with Section 253 (1) sentence 1 of the German Commercial Code, the principle of historical cost applies to equity investments. Voltabox has been in the books at € 1.13 per share for many years.
The final figures for the first nine months of the current year will be published on November 22, 2021.
About paragon GmbH & Co. KGaA
Capital Market & Press Contact
|Company:||paragon GmbH & Co. KGaA|
|Phone:||+49 (0)5250 97 62 - 0|
|Fax:||+49 (0)5250 97 62 - 60|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1241520|
|End of News||DGAP News Service|