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Strong Growth in Q1 2021/22

RTX A/S
·4 minuto per la lettura

Announcement
To Nasdaq Copenhagen A/S and the press

Nørresundby, Denmark, 27 January 2022
Announcement no. 02/2022

Interim report for Q1 2021/22
(the period 01.10.2021 - 31.12.2021)

“We are pleased that the demand situation continues to improve with revenue more than doubling in the first quarter compared to last year. Especially in the Enterprise segment demand has rebounded after the impact of COVID-19. The global electronics component shortage and other supply chain impediments continues to impact RTX both regarding revenue and gross margin, and I appreciate the dedication with which the whole RTX organization is working to reduce the impact. With a very strong order book but still uncertain component situation, we maintain our outlook for the year and continue to see the financial year 2021/22 as a year where we gradually get back to our positive long-term trajectory. The strong demand rebound confirms the belief that we have in the strategic direction of and growth opportunities for RTX.”

ANNUNCIO PUBBLICITARIO

Peter Røpke, CEO

HIGHLIGHTS Q1 2021/22

  • Net revenue increased by 106.2% to DKK 126.4 million in Q1 2021/22 (Q1 2020/21: DKK 61.3 million). The demand situation continued to improve and normalize in the quarter. Supply challenges primarily related to component scarcity had an adverse impact on revenue in Q1. In total the combined effect of the component scarcity and other supply chain challenges has postponed revenue of approx. DKK 55 million from Q1 into Q2. As similar supply challenges had postponed revenue of approx. DKK 45 million from Q4 of 2020/21 into Q1 2021/22, the net effect on Q1 2021/22 from supply challenges was a negative revenue impact of DKK 10 million.

    • Enterprise segment: Revenue increased significantly by 153.1% to DKK 89.8 million. The increase is seen broadly in the segment. The effect of COVID-19 on demand is now limited in the segment. Revenue was negatively impacted by the component scarcity in the electronics industry.

    • ProAudio segment: Revenue increased by 34.1% to DKK 25.6 million. The effects of COVID-19 on demand is decreasing but still impacts parts of the segment. Recurring revenue from product sales and royalty increased over last year due to continued increase in demand for RTX’s product platforms in the ProAudio segment in accordance with the strategy for the segment. Revenue from engineering services decreased compared to last year in line with the strategy to focus on creating recurring revenue.

    • Healthcare segment: Revenue increased by 63.7% to DKK 11.1 million. The growth is primarily seen in the full ODM products in the segment.

    • FX corrected revenue growth was 96.0% as revenue compared to last year was positively impacted by the stronger US dollar.

  • Gross profit increased by 98.1% to DKK 60.3 million in Q1 2021/22 (Q1 2020/21: DKK 30.5 million) driven by the revenue growth. The gross margin decreased to 47.7% (Q1 2020/21: 49.7%) negatively impacted by the revenue mix with a lower share of revenue from engineering services and by increased component costs compared to last year due to the developments in the global electronic industry. The increased component costs stem both from increases to regular supplier price lists as well as from higher costs when securing additional components through the spot buy market or other channels in order to secure further deliveries.

  • Operating performance improved significantly over last year driven by the increase in revenue with EBITDA of DKK 5.0 million in Q1 2021/22 (Q1 2020/21: DKK -18.8 million) and EBIT of DKK -4.8 million in Q1 2021/22 (Q1 2020/21: DKK -25.3 million).

  • Cash flows from operations (CFFO) amounted to DKK 14.3 million in Q1 2021/22 compared to DKK 30.7 million in Q1 2020/21. Compared to last year, CFFO was positively impacted by the increased earnings and negatively impacted by the working capital development.

OUTLOOK FOR 2021/22

  • RTX maintains the outlook for the financial year 2021/22, as communicated on 30 November 2021 in our annual report for 2020/21, with revenue above DKK 520 million, EBITDA above DKK 50 million and EBIT above DKK 10 million. As stated in the annual report, uncertainty for the financial year remains higher than normal especially due to the component situation.

  • The order book for 2021/22 is very strong and thus the demand for RTX’s products provides a strong visibility for the year. Until now there has not been any negative impact om demand for 2021/22 from new COVID-19 waves. However, the global component shortage – especially related to semiconductors and other electronic components – continues to create uncertainty for the financial year. The component shortage situation and other supply chain impediments appear to continue throughout 2022. Also, the increasing component prices – including also increasing costs for securing components in the spot buy market or other channels – creates added uncertainty for the year. For a full list of assumptions behind the outlook, refer to the annual report for 2020/21 (pages 22-23).

  • As in prior years, the revenue and earnings distribution over the financial year is expected to be backloaded towards the second half of the year.

PROPOSED SHARE CAPITAL REDUCTION

  • The Board of Directors has proposed to the Annual General Meeting that the Company’s share capital is reduced with a nominal amount of DKK 875,000 from DKK 43,214,190 to DKK 42,339,190 by annulment of 175,000 treasury shares of nominal DKK 5 each acquired by the Company through share buy-back programmes. The proposed share capital reduction will be considered at the Annual General Meeting on 27 January 2022.


RTX A/S

PETER THOSTRUP PETER RØPKE
Chair President and CEO


Investor and analyst conference call
On Friday, 28 January 2022 at 11.00 am, RTX will hold a conference call for investors and analysts hosted by Danske Bank. In this conference call, the Company’s management will comment on the interim report for the first quarter of the financial year 2021/22.
To register for the conference call, please e-mail vonh@danskebank.dk.


Enquiries and further information:
CEO Peter Røpke, tel +45 96 32 23 00
CFO Morten Axel Petersen, tel +45 96 32 23 00
RTX’s homepage: www.rtx.dk

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