Stemmer Imaging AG (DE:S9I) started its life as a listed company by posting the highest half-year results in its history. We expect further improvement as SI benefits from its broad product portfolio, customisation expertise and extensive customer base across many industries to take advantage of double-digit growth in the machine vision industry. We expect this organic growth to be supplemented with acquisitions, as management has allocated half of the €51m (gross) raised at the IPO in February for this purpose. Management already has an exemplary track record in this area, the most recent acquisition being that of Data Vision this January, which made SI the largest machine vision supplier in the Benelux region.
Record half-year results
Double-digit growth in revenues and EBITDA in H118
Revenue grew by 12.6% year-on-year during H118 to €47.4m. SI was able to take advantage of a positive market environment in the machine vision industry because of its broad customer base across numerous application areas. EBITDA climbed by 36.2% to €4.6m, supported by the revenue increase and a 1.6pp improvement in gross margin following a rise in the proportion of proprietary, higher-margin products such a software and services. Net cash increased by €1.6m during the period to €7.1m at the end of December 2017.
To read the entire report Please click on the pdf File Below: