LACROIX’s Revenue Has Exceeded €500 Million for the First Time in
Its History and Has Hit Its Target for 2021. Growth of 13.7% for
2021. Profitability for 2021 Expected at the Top End of the Range.
14/02/2022
LACROIX’s Revenue Has Exceeded €500
Million for the First Time in Its
Historyand Has Hit Its Target for
2021
Growth of 13.7% for
2021Profitability for 2021
Expected at the Top End of the
Range
€500 million
revenue threshold
exceeded for the
first
time
ever in 2021
Driven by continued strong business momentum,
and softened only by the impact of supply pressures, LACROIX’s
revenue grew by 6.4% in the 4th quarter of 2021, to €136.3 million,
an increase of 8.7% compared to the same period in 2019. And beyond
business momentum, the acquisition of new customers and structural
projects in 2021 will further strengthen the Group’s confidence for
2022.
For the full year, in line with the stated
objective, LACROIX exceeded the annual revenue threshold of €500
million for the first time in its history. The exact figure is
€501.5 million, an increase of 13.7% compared to the same period in
2020 (from 1 January to 31 December 2020), driven by all of the
Group’s activities.
Lastly, with growth of 2.2% on the comparable
period in 2019, this performance completely erases the pandemic’s
impact on revenue.
Revenue in Millions of Euros |
2021 |
2020 |
Variation |
Total 2021 |
Total 2020 |
Variation |
1st quarter |
127.6 |
113.4 |
+12.5% |
127.6 |
113.4 |
+12.5% |
2nd quarter |
127.2 |
80.1 |
+58.7% |
254.8 |
193.5 |
+31.7% |
3rd quarter |
110.3 |
119.4 |
-7.6% |
365.1 |
312.9 |
+16.7% |
4th quarter |
136.3 |
128.1 |
+6.4% |
501.5 |
441.0 |
+13.7% |
Total LACROIX Group |
501.5 |
441.0 |
+13.7% |
501.5 |
441.0 |
+13.7% |
Note: Due to the change in closing date, the
2019–2020 financial year had an exceptional duration of 15 months,
from 1 October 2019 to 31 December 2020. For comparison purposes,
the figure for the 1st quarter of 2020 shown in the above table
corresponds to revenue for the period from 1 January 2020 to 31
March 2020, for the 2nd quarter from 1 April 2020 to 30 June 2020,
for the 3rd quarter from 1 July 2020 to 30 September 2020, and for
the 4th quarter from 1 October 2020 to 31 December 2020.
It must be emphasized that the acquisition of
FIRSTRONIC does not affect the revenue data for 2021. Thus, across
the 4th quarter, LACROIX did not register any impact from
scope.
The Group’s
three
activities
grew over the
quarter, as over the
year
After a slight downturn in the 3rd quarter, all
of the Group’s activities saw renewed growth in the 4th quarter,
driven primarily by the Electronics and City activities.
Revenue in Millions of Euros |
Q42021 |
Oct.–Dec.2020 |
Variation |
Total 2021 |
Jan.–Dec.2020 |
Variation |
Electronics Activity |
83.2 |
79.2 |
+5.0% |
321.5 |
275.3 |
+16.8% |
City Activity |
33.3 |
29.2 |
+14.2% |
109.9 |
98.1 |
+12.0% |
Environment Activity |
19.7 |
19.7 |
+0.2% |
70.1 |
67.5 |
+3.8% |
Total LACROIX Group |
136.3 |
128.1 |
+6.4% |
501.5 |
441.0 |
+13.7% |
Note: Due to the change in closing date, the
period from 1 October to 31 December 2020 corresponds to the 5th
quarter of the 2019–2020 financial year.
Electronics Activity
The Electronics Activity posted revenue of €83.2
million in the 4th quarter, an increase of 5.0% on the period from
October to December 2020, and 4.2% up on 2019. Over the period, the
activity benefitted from the reinvoicing of extra costs principally
relating to electronic components.
In total, the Electronics Activity posted
revenue of €321.5 million, a rise of 16.8% on the comparable period
in 2020 and a stable figure compared to 2019 (-0.2%). Once again,
this is a generally highly satisfying performance given the supply
situation and an aeronautics market still lagging 30% below its
2019 levels. In this context, the activity also brought in a
significant number of new customers and new programmes that will
have a positive impact on future financial years, especially at its
new French production site.
It should be noted that the contribution of
Firstronic to Electronics Activity revenue will be applied from 1
January 2022. As a reminder, FIRSTRONIC had revenue around $140
million in 2021.
City Activity
The City Activity enjoyed a good end of the year
with revenue growth of 14.2% in the 4th quarter alone, amounting to
€33.3 million; this level of activity was driven primarily by a
continued solid trend in V2X and Street Lighting, as well as the
project postponements that had negatively impacted the previous
quarter. This equates to an increase of 22.6% when set against the
comparable period in 2019. It should be noted that in the last
quarter, the activity also signed new contracts, both in France and
internationally, that will be deployed in 2022.
Total annual revenue amounts to €109.9 million,
up 12.0% on 2020, and 5.5% on 2019. Although all segments have made
a positive contribution, this strong annual performance is more
specifically driven by structural tailwinds in smart Street
Lighting (+20% on its 2019 pre-pandemic level) and “smart”
offerings such V2X (connection of road infrastructure and
vehicles), just like in the last two quarters.
Environment Activity
Lastly, the Environment Activity and its Water,
Energy and Smart Grid segments confirm a historically high level of
activity, with Environment revenue of €19.7 million for the
quarter, a very slight increase of 0.2% on the previous financial
year, but a significant increase of 7.8% on the 4th quarter of
2019.
Since 1 January, boosted by structurally buoyant
markets and despite the COVID-19 pandemic and its impact on export
activity, the Environment Activity posted total revenue of €70.1
million, which is an increase of 3.8% on 2020 and 9.1% on 2019.
2021 was also characterised, for the activity’s water segment, by
the first promising sales of its new products aimed at
international markets.
Update on the
supply
situation for
electronic
components
Like other market players in sectors that use
electronic components, LACROIX continues to face acute supply
pressures, reducing its ability to fully meet the strong demand in
most of its markets. After reaching a peak in the summer of 2021,
pressures still persist, and a gradual improvement isn’t expected
before the 2nd half of 2022.
Profitability for 2021
expected at the
top end
of the range
As a reminder, the Group had a recurring EBITDA
margin target of between 5.8% and 6.1%.
With demand still strong across all of its
activities and supply chain pressures showing signs of abating
towards the end of the year – primarily boosting its biggest
activity in terms of revenue, Electronics – LACROIX confirms
its target and anticipates a recurring EBITDA margin towards the
top end of the range. The final figures will be announced at the
same time as the guidance for 2022, when the annual results are
published on 23 March this year.
Beside new clients and projects in France and
internationally that will positively impact 2022, LACROIX will
continue in the longer term to benefit from the positive effects of
the execution of its strategic plan, especially from the
strengthening of its position in the United States with the
incorporation of FIRSTRONIC over the full year. Under these
circumstances, the Group is fully in line with its strategic
objectives for 2025.
Upcoming
datesAnnual results for the 2021
financial year: 23 March 2022 after the market closes
Find
financial
information in
our
investors’
zonehttps://www.lacroix-group.com/investors/
About LACROIX
Convinced that technology must help to make our
living environments simpler, more sustainable and safer, LACROIX
supports its customers in building and managing smart life
ecosystems, thanks to its connected devices and technologies.
A listed intermediate-sized family enterprise
with turnover of 501.5 million euros in 2020, LACROIX combines the
agility that is vital to innovating in an ever-changing
technological sector, the ability to industrialise reliable and
secure devices, cutting-edge know-how in industrial IoT solutions
and electronic devices for critical applications, and the long-term
vision to invest in and build the future.
LACROIX designs and manufactures electronic
devices for its customers’ products, as well as IoT (hardware,
software and cloud) and AI solutions, especially for the industry,
automotive, home automation, avionics and health sectors. The Group
also supplies connected and secure solutions for managing critical
infrastructure such as smart roads (street lighting, signalling,
traffic management, V2X) and for managing and controlling water and
energy infrastructure.
With its proven technological and business
expertise and experience, LACROIX works with its customers and
partners to connect the present with the future. It helps them to
build the industry of the future and benefit from the innovation
opportunities around them by providing them with the devices and
solutions for a smarter world.
LACROIX shares (ISIN: FR0000066607, ticker:
LACR:FP) are listed on compartment B of the Euronext regulated
market and are included in CAC Mid & Small 190 and CAC Small 90
indices.
Contacts
LACROIX COO & Executive
VP Finance Nicolas Bedouininvestors@lacroix.group
Tel.: 02 72 25 68 80 |
ACTIFIN
Press Relations Jennifer Jullia jjullia@actifin.fr
Tel.: 01 56 88 11 19 |
ACTIFIN
Financial Communication Simon Derbanne
sderbanne@actifin.fr Tel.: 01 56 88 11 14 |
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