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AT&S significantly increased sales and profits in 2022/2023

AT&S significantly increased sales and profits in 2022/2023
AT&S manufactures printed circuit boards for smartphones and cars.
Image: factory

Compared to the same period of the previous year, revenues rose by 13 percent to EUR 1.79 billion, and the consolidated result increased by 32 percent to EUR 137 million. In order to counteract the effects resulting from the currently difficult market environment, such as price pressure and inflation, the company has cost-cutting programs “significantly intensified and accelerated”, said AT&S boss Andreas Gerstenmayer in a broadcast on Tuesday. The circuit board manufacturer wants to further differentiate its customer base in order to be more broadly based. You can achieve this “faster than planned”, said Gerstenmayer. The new customers will be supplied from the Leoben plant. The R&D center currently under construction in Leoben will be expanded to include series production thanks to financial contributions from new customers.

However, the dividend for shareholders is expected to be significantly lower. The AT&S Management Board intends to propose a dividend of EUR 0.40 per share for the 2022/23 financial year at the Annual General Meeting on July 6. In the previous year there was a dividend of EUR 0.78 per share and a special dividend of EUR 0.12 per share.

AT&S expects the clouding of the market environment from the second half of 2022/23, particularly in the market for IC substrates, to continue in the first half of 2023/24. Additional uncertainty factors for the end markets continue to be high inflation rates, rising interest rates, risks of recession and geopolitical developments. The printed circuit board manufacturer then expects inventory levels in the supply chain to normalize in the second half of 2023/24, which will lead to an improvement in demand. AT&S expects sales of between EUR 1.7 and 1.9 billion for 2023/24. Excluding the effects from the start-up of the new production capacities in Kulim and Leoben of around EUR 100 million, the company expects an adjusted EBITDA margin of between 25 and 29 percent.

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