- Revenue growth of 19% in the second quarter
- Improved Normalized EBITDA; nearing break even
- Group cash position at €23.5 million
- Long term business transformation progressing: process improvements enable further cost reductions with annual savings of c. €10 million over the next three quarters
- Accelerated exit from non-core activities leads to adjusted revenue guidance of c. €180 million for the full year 2015
- Industrial core business revenue is building up momentum with growth projected at 5% for the full year
3W Power S.A. (ISIN LU1072910919, 3W9K), the holding company of AEG Power Solutions Group, a global provider of UPS systems and power electronic solutions for industrial, commercial, renewable and distributed energy markets, announces preliminary headline results for Q2 2015 and provides a revised revenue guidance for the full year 2015.
The revenue for the Group grew by 19% in the second quarter from €38.4 million in Q1 to €45.7 million. We are building up opportunities in our core industrial markets as we strengthen our vertical market focus both organizationally and with new product developments. In addition, the Group is seizing on exciting opportunities in the field of energy storage which are starting to emerge. Normalized EBITDA for the Group improved from Q1 and will be closer to break even for the second quarter. Normalized EBITDA for the industrial business has reached break-even. The Group cash position at June 30 was at €23.5 million. A part of that will be used to fund restructuring expenses.
The ongoing business transformation is on track. The Company continues to upgrade and improve key personnel with recent additions in leadership for global service and product management. Efforts to improve processes as well as performance will enable the Group to achieve further cost improvements with expected annual savings of c. €10 million already to be achieved in the next three quarters. This involves further headcount reduction of between 120 and 150 people. Based on the current run rate of order intake, the Group expects full fiscal year 2015 revenue to be approx. €180 million. The revised outlook reflects focus on core activities with discipline to pursue profitable revenue versus loss making volume.
The Company will publish its condensed consolidated interim financial statements for the first six months of 2015 on August 13, 2015.
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About 3W Power/AEG Power Solutions:
3W Power S.A. (WKN A114Z9 / ISIN LU1072910919), based in Luxembourg, is the holding company of AEG Power Solutions Group. The Group is headquartered in Zwanenburg in the Netherlands. The shares of 3W Power are admitted to trading on Frankfurt Stock Exchange (ticker symbol: 3W9K).
For more information, visit www.aegps.com
