Just moderate recovery needed for 2020 profit targets
Wessling, July 22, 2020 – Mensch und Maschine Software SE (MUM - ISIN DE0006580806), a CAD/CAM specialist company, in H1 solidly remained on the growth path - in spite of significant retarding effects from Corona in Q2, as expected - with +8.5% sales and +19% EBIT increase, exceeding last year’s record figures, most spectacularly for cash flows by +79%.
Sales increased to EUR 130.38 mln (PY: 120.21 / +8.5%), with EUR 37.87 mln (PY: 37.51 / +1.0%) from M+M Software and EUR 92.51 mln (PY: 82.70 / +12%) from VAR Business. After a strong +24.5% in Q1, sales in the second quarter came in -9.3% below the previous year.
Operating profit EBIT grew to EUR 16.72 mln (PY: 14.01 / +19%). Software contribution to this new half year record was EUR 9.95 mln (PY: 9.23 / +7.7%), while the VAR Business achieved EUR 6.77 mln (PY: 4.77 / +42%). After a strong +36% in Q1, EBIT only reduced by -3.7% in Q2.
Net profit after minority shares increased by +18% to EUR 9.99 mln (PY: 8.44), or 60 Cents (PY: 50) per share, with -4.4% in Q2 after +34% in Q1. Operating cash flows jumped to a new record of EUR 24.46 mln (PY: 12.76 / +79%).
M+M Chairman Adi Drotleff is quite confident for the second half of 2020: ‘After the solid first half year, with new profit records in spite of Corona and the very successful cost elasticity test of the M+M business model, we just need a moderate recovery of customer demand in the second half year to achieve our profit and dividend targets for 2020. Therefor we are still aiming to increase net profit by +18-24% to 117-123 Cents per share and to pay out a 100-105 Cents dividend after 85 Cents in the previous year.'