Following Record Revenue in 2019, paragon’s Automotive Division Is Systematically Preparing for the Post-Coronavirus Period
Delbrück, Germany, July 15, 2020 – paragon [ISIN DE0005558696] presented preliminary figures today for fiscal year 2019 and for the first quarter of 2020. According to these figures, the automotive business showed sales growth of around 16 percent last year. This was significantly better than the overall market, which was already declining at the time. The financial statements will be finalized after the presentation of the consolidated financial statements from the subsidiary Voltabox. paragon’s annual report is expected to be presented on August 7, 2020. paragon’s Management anticipates that the setback from the coronavirus pandemic will only be severe in the short term. The Group expects to already return to its original growth path in 2021.
According to preliminary figures, the automotive business increased by 16 percent to € 139.6 million in 2019 against the market trend
The EBITDA of paragon Automotive was € 9.2 million, corresponding to a margin of 6.6 percent – Group EBIT was burdened by value adjustments of the subsidiary Voltabox and special effects
Automotive revenue in the first quarter of 2020 was € 29.5 million, EBITDA margin of 6.8 percent
After six weeks of reduced working hours, capacity utilization for the coming months is almost back at the prior year’s Level
Substantial relief expected in the third quarter – forecast for 2020 nevertheless significantly influenced by the coronavirus pandemic: revenue of € 105 to 115 million with an EBITDA margin of 8 to 12 percent
Voltabox sale near completion – great interest from investors