20-08-2020 | Financial news | Press releases | Corporate & Ad-hoc news

paragon Solidly Reaches Double-Digit Growth in 2019 Even With Shrinking Overall Market – Robust First Quarter of 2020 Despite Coronavirus

Delbrück, Germany, August 20, 2020 – paragon [ISIN DE0005558696] presented the consolidated financial statements for fiscal year 2019 and the financial statements for the first quarter of 2020 today. In 2019, the company was able to successfully continue its growth in the automotive business in recent years. In the first quarter of 2020, the company only barely missed the revenue from the previous year despite the widespread production stops implemented by vehicle manufacturers. For the second half of the year, the Management expects a significant improvement of the revenue and earnings situation – also considering the increasing effects from the efficiency enhancement program. In this context, the company refers to the half-year report due for publication on September 4.

  • The automotive business shows strong development in a declining overall market – growth of 16% to € 139.5 million

  • Mechanics operating segment with significant growth in external revenue of around one-third – revenue in the Acoustics segment increases by 37%

  • EBIT considerably burdened in particular by the announced balance sheet adjustment at subsidiary Voltabox – unadjusted EBIT of € -119.9 million, adjusted EBIT margin of -3.3%

  • Adjusted EBITDA margin of 8.9% – unadjusted -4.4%

  • First quarter only around 3% below the prior year despite production standstill in the second half of March; revenue of € 29.5 million with an EBITDA margin of 6.8%

  • Focus on target “The paragon 2021” sharpens market presence and expands portfolio

  • Forecast for 2020 confirmed: Automotive revenue between € 105 and 115 million with an EBITDA margin of 8 to 12%