SKAN Group (SKAN) H1 2024 earnings summary

Executive summary

• Net sales grew 17.2% year-over-year to CHF 163.7 million, with both segments contributing and Services & Consumables outpacing Equipment & Solutions.

• Order intake reached CHF 177.2 million (+1.1% year-over-year), maintaining a strong book-to-bill ratio of 1.1 and a robust order backlog of CHF 328 million (+5.1% from year-end 2023).

• EBITDA increased 15.7% to CHF 21.5 million (margin 13.1%), and EBIT rose to CHF 15.2 million.

• Investments surged to CHF 22.2 million, mainly for Pre-Approved Services and increased stake in Aseptic Technologies.

• Strategic projects in integrated process systems, standardization, and workforce expansion advanced.

Financial highlights

• Net sales: CHF 163.7 million (+17.2% year-over-year); at constant exchange rates, growth was 20.7%.

• EBITDA: CHF 21.5 million (+15.7% year-over-year); EBITDA margin 13.1%.

• EBIT: CHF 15.2 million, up from CHF 12.4 million in HY 2023.

• Order backlog: CHF 328 million (+5.1% from year-end 2023).

• Cash position declined from CHF 85.1 million to CHF 48.1 million, mainly due to investments and acquisition of Aseptic Technologies shares.

Outlook and guidance

• Full-year 2024 guidance confirmed: net sales growth in mid-to-upper teens, EBITDA margin 13–15%.

• Demand for aseptic filling solutions expected to remain high, driven by biopharma market growth and injectable drug trends.

• Second half of 2024 anticipated to be stronger in revenue and profitability due to project periodicity.

• Strong order pipeline of CHF 1.5 billion, with 25–30% expected to convert to orders over 12–18 months.

• Pre-Approved Services facility expected to start commercial production in early 2026, with ramp-up over several years.