GlobeNewswire by notified

Incap Group’s business review for January–September 2021: Continued strong growth and profitability

Share

Incap Corporation                               Stock exchange release                                   27 October 2021 at 8:30 a.m. (EEST)
Business review Q3/2021

Incap Group’s business review for January–September 2021:Continued strong growth and profitability

This release is a summary of Incap’s half-year financial report for January–June 2021. The complete report is attached to this release as a pdf file and available on the company’s website at www.incapcorp.com.

July–September 2021 highlights

  • Revenue for the third quarter 2021 amounted to EUR 47.0 million (7–9/2020: EUR 28.1 million), showing an increase of 67.5%.
  • Adjusted operating profit (EBIT) grew 118.8%, amounting to EUR 7.9 million (EUR 3.6 million) or 16.9% of revenue (12.9%).
  • Acquisition related purchase price allocation (PPA) amortisation amounted to EUR 0.1 million (EUR 0.4 million) and non-recurring costs were EUR 0.0 million (EUR 0.0 million).
  • Operating profit (EBIT) grew 139.4%, amounting to EUR 7.8 million (EUR 3.3 million) or 16.6% of revenue (11.6%).
  • Net profit for the period was EUR 6.4 million (EUR 2.4 million).
  • In September 2021, Incap revised its outlook for 2021. Incap estimated that its revenue, operating profit (EBIT) and adjusted operating profit (EBIT) in 2021 will be significantly higher than in 2020.
  • In October 2021, Incap specified the outlook and estimates now that revenue in 2021 will be EUR 166–171 million and operating profit (EBIT) EUR 24–26 million.

January–September 2021 highlights

  • Revenue grew 57.9 % and amounted to EUR 118.3 million (1–9/2020: EUR 74.9 million).
  • Adjusted operating profit (EBIT) grew 102.0%, amounting to EUR 18.1 million (EUR 9.0 million) or 15.3% of revenue (12.1%).
  • Acquisition related purchase price allocation (PPA) amortisation amounted to EUR 0.4 million (EUR 1.5 million) and non-recurring costs were EUR 0.2 million (EUR 0.1 million).
  • Operating profit (EBIT) grew 133.9%, amounting to EUR 17.6 million (EUR 7.5 million) or 14.8% of revenue (10.0%).
  • Net profit for the period was EUR 14.1 million (EUR 5.1 million).

Unless otherwise stated, the comparison figures refer to the corresponding period in 2020. This half-year financial report is unaudited.

Key figures

EUR million7–9/217–9/20Change1–9/211–9/20Change1–12/20
Revenue47.028.167.5%118.374.957.9%106.5
Non-recurring items0.00.2292.2%0.1
Operating profit (EBIT)7.83.3139.4%17.67.5133.9%12.6
EBIT, % of revenue16.6%11.6%14.8%10.0%11.8%
Adjusted operating profit (EBIT)*7.93.6118.8%18.19.1102.0%14.6
Adjusted EBIT*, % of revenue16.9%12.9%15.3%12.1%13.7%
Net profit for the period6.42.4167.7%14.15.1177.3%9.2

*Adjusted operating profit (EBIT) is an alternative performance measure. Adjusted EBIT excludes non-recurring items and purchase price allocation amortisation. Adjusted EBIT provides comparable information between different financial years on operating profit adjusted for acquisition-related expenses.

Outlook for 2021

Incap estimates that its revenue, operating profit (EBIT) and adjusted operating profit (EBIT) for 2021 will be significantly higher than in 2020. Revenue is estimated to be EUR 166–171 million, and operating profit (EBIT) is estimated to be EUR 24–26 million.

The estimates are given provided that there are no major negative changes in the coronavirus pandemic situation, currency exchange rates or in component availability and they are based both on improved visibility related to the customers' forecasts and the company's own assessments of the business development.

Otto Pukk, President and CEO of Incap Corporation:

“Our result for the third quarter was exceptional: revenue was all-time high. This is mainly due to increased demand and to a backlog from the second quarter, when the Indian factories were closed. The growth was largely enabled through capacity expansions of the Indian factory.

Profitability was on an excellent level. The EBIT was also all-time high, and the EBIT margin was among the highest in Incap’s history. The high profitability was related to the high volume and favourable product mix and to some extent supported with synergy effects in common functions such as purchasing.

My heartfelt thanks to the entire Incap team, who quarter after quarter prove their dedication to serving our customers and show great team spirit.

With the improved visibility related to our customers' forecasts, we have been able to further specify our outlook for 2021. We now estimate that our revenue, operating profit (EBIT) and adjusted operating profit (EBIT) will be significantly higher than in 2020. More specifically, we estimate that our full year revenue will be EUR 166–171 million and EBIT EUR 24–26 million.

The health and safety of our employees, suppliers and customers remains our first priority. We continue to take all precautions against the coronavirus at all our sites. As part of our commitment to the safety of our personnel, we have for instance organised vaccination programs for our employees.

To meet the growing demand, we have been increasing the production capacity in India. One expansion project has already been finalised and the second one is close to being finalised and the third factory project is proceeding as planned.

Component availability situation in the market continues to be challenging, and the emerging energy crisis in China might make the development more difficult to foresee. We are working closely with our suppliers and customers to keep adequate inventory levels to mitigate the risks.

In a longer perspective, we see the strong market growth trend continuing. The increasing need for sustainable energy solutions, medical equipment, emerging 5G and IoT ecosystems and the proliferation of electric vehicles contribute to the demand growth.

Our solid financial position makes it possible for us to continue to actively evaluate potential M&A opportunities. We are concentrating in companies with a strong cultural fit and good profitability. We look for opportunities for geographical expansion in markets with a well-functioning operating environment.

At this time of the year, I am happy to state that we have been well able to navigate through rough waters and I am confident that with the help of our highly professional employees we will continue to be able to offer our customers the excellent services we are known for.”

Financial reporting in 2022

Incap will publish the 2022 financial reporting schedule in December 2021.

In Helsinki, 27 October 2021

INCAP CORPORATION
Board of Directors

For additional information, please contact:
Otto Pukk, President and CEO, tel. +372 508 0798

Distribution:
Nasdaq Helsinki Ltd.
Principal media
www.incapcorp.com

INCAP IN BRIEF
Incap Corporation is a trusted partner and full service provider in Electronics Manufacturing Services. As a global EMS company Incap supports customers ranging from large multinationals and mid-sized companies to small start-ups in their complete manufacturing value chain. Incap offers state-of-the-art technology backed up by an entrepreneurial culture and highly qualified personnel. The company has operations in Finland, Estonia, India, Slovakia, the UK and Hong Kong and employs approximately 1,900 people. Incap’s share has been listed on Nasdaq Helsinki Ltd stock exchange since 1997.

ATTACHMENT
Incap Business Review January-September 2021

Attachment

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

JLT Mobile Computers acquires French sales partner ID Work8.12.2021 23:30:00 CET | Press release

With an own sales office JLT strengthens its local presence in the French market, which has grown to become one of the largest and most important regionsin Europe for JLT Växjö, Sweden, 8Dec2021 * * * JLT Mobile Computers, a leading supplier of reliable computers for demanding environments, today announced that they have signed the agreement to acquire of ID Work, their French sales partner with effect from January 2022. Since its start in 2013 ID Work has successfully been driving sales in France through a country-wide network consisting of system integrators and resellers. Since then, the French market has grown to become one of JLT’s largest and most important markets in Europe. JLT will be taking over the business and establish a local sales office with own personnel. Through the acquisition JLT will get closer to its customers and sales partners in France. The founder of ID Work, who is running the company today will have a continued involvement in JLT over the next couple of year

JLT Mobile Computers förvärvar sin franska säljpartner ID Work8.12.2021 23:30:00 CET | Pressemelding

Frankrike är ett av de största och viktigaste länderna i Europa för JLT ochsyftet med förvärvet är att etablera ett säljkontori egen regi för att stärkaden lokala närvaron Växjö, Sverige, 8:e december2021 * * * JLT Mobile Computers, ledande leverantör av stryktåliga datorer för krävande miljöer, annonserar idag att man har tecknat ett avtal om förvärv av sin franska säljpartner ID Work med tillträde i januari 2022. Sedan starten 2013 har ID Work framgångsrikt drivit försäljningen av JLT:s produkter i Frankrike genom ett landstäckande nätverk bestående av systemintegratörer och återförsäljare. Den franska marknaden har sedan dess vuxit till att bli en av JLT:s största och viktigaste marknader i Europa. JLT kommer att ta över ID Works verksamhet och etablera ett säljkontor med egen personal. Förvärvet gör att JLT kommer närmare sina kunder och säljpartners. Grundaren av ID Work som idag driver företaget kommer att ha ett fortsatt engagemang i JLT under de kommande åren. För mer informati

Better Collective initiates share buyback program to cover future payments relating to completed acquisitions and incentive programs8.12.2021 18:00:00 CET | Press release

Regulatory Release no. 38/2021 December 8, 2021 Better Collective A/S (the “Company”) has today initiated a share buyback program for up to 10 mEUR, to be executed during the period from December 9, 2021 to February 24, 2022. The purpose of the buyback program is to cover future payments relating to completed acquisitions and to cover established Incentive Plans. The buyback program is being initiated pursuant to the authorization granted by the shareholders at the annual general meeting held on April 26, 2021 to repurchase up to nominal 4,694,532 shares of EUR 0,01 each of the Company’s share capital in the period until the annual general meeting in 2022. The Company has appointed Nordea as lead manager of the buyback program. Under the agreement with Nordea, Nordea will purchase shares on behalf of the Company and will make its trading decisions independently of, and without influence by the Company. The buyback program is subject to the following terms: The purpose of the program is

Nextensa Nv/sa: Shares Repurchase8.12.2021 17:40:00 CET | Press release

NEXTENSA NV/SA: SHARES REPURCHASE Nextensa NV announces that the board of directors has decided to initiate a share repurchase programme to acquire up to 65,000 shares for a total amount of no more than 4,800,000 euros within the limits set down in the (renewed) share repurchase authorization as granted by the extraordinary general meeting of shareholders of 19 July 2021. The goal of the share repurchase is to enable Nextensa to meet its obligations resulting from the purchase plans for the benefit of its executive management. Nextensa recognizes the need for active and committed managers that are able to guide the transformation into a mixed property investor and developer. Furthermore, based on previous experience and current market practices and trends, the nomination and remuneration committee and the board of directors are convinced that managers are more engaged and committed when they are able to participate in the capital of Extensa NV, as this aligns their interests with those

Millicom files standard form for notification of major holdings8.12.2021 17:13:53 CET | Press release

Millicom files standard form for notification of major holdings Luxembourg,December 8, 2021 – Millicom International Cellular S.A. announced today the CSSF regulatory filing of the form: ANNEX A: Standard form for notification of major holdings (attachment) -END- For further information, please contact Press: Vivian Kobeh, Director Corporate Communications +1-786-628-5300 press@millicom.com Yocasta Valdez, Group Manager Digital Media & Communications +1-305-929-5417 press@millicom.com Investors: Michel Morin, VP Investor Relations +1-786-628-5270 investors@millicom.com Sarah Inmon, Director Investor Relations +1-786-628-5303 investors@millicom.com About Millicom Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile services dedicated to emerging markets in Latin America and Africa. Millicom sets the pace when it comes to providing high-speed broadband and innovation around The Digital Lifestyle® services through its principal brand, TIGO. As

Volta Finance Limited - Result of AGM8.12.2021 16:04:30 CET | Press release

8 December 2021 Volta Finance Limited (VTA / VTAS) RESULTS OF THE FIFTEENTH ANNUAL GENERAL MEETING Volta Finance Limited announces that at the Fifteenth Annual General Meeting held earlier today all resolutions proposed were duly passed. One of these resolutions was a special resolution. The full text of the resolutions can be found in the Notice of Meeting contained within the Annual Report and Accounts 2021, copies of which are available for viewing on the Company’s website http://www.voltafinance.com. Further information on the votes cast for each resolution will be available on the Company’s website shortly. CONTACTS For the Investment Manager AXA Investment Managers Paris Serge Demay serge.demay@axa-im.com +33 (0) 1 44 45 84 47 Company Secretary and Administrator BNP Paribas Securities Services S.C.A, Guernsey Branch guernsey.bp2s.volta.cosec@bnpparibas.com +44 (0) 1481 750 853 Corporate Broker Cenkos Securities plc Andrew Worne Daniel Balabanoff +44 (0) 20 7397 8900 ***** ABOUT V

New Kisqali® data shows consistent overall survival benefit across genomic and clinical subtypes of interest in HR+/HER2- metastatic breast cancer8.12.2021 15:30:00 CET | Press release

Data from the MONALEESA Phase III program provide further evidence of the unique profile of Kisqali, the CDK4/6 inhibitor with the longest reported median overall survival (OS) in HR+/HER2- metastatic breast cancer (over 5 years) and proven OS benefit across patient subgroups1-5 Kisqali pooled data at the San Antonio Breast Cancer Symposium confirms OS benefit across most common genomic intrinsic subtypes of HR+/HER2- metastatic breast cancer, including the aggressive, ET-resistant HER2-enriched subtype6 Data supports rationale for HARMONIA, the first prospective, head-to-head Phase III trial seeking to identify the best therapeutic option between Kisqali and Ibrance®* for patients with the HER2-enriched subtype Kisqali remains the only CDK4/6i with consistent OS benefit across the entire MONALEESA program, regardless of site and number of metastases, prior treatment, endocrine partner, line of therapy or menopausal status1-5,7-8 Basel, December 8, 2021 — Novartis today announced new K