FONTENAY-AUX-ROSES, FRANCE – Icape Group saw €94.1 million ($103.5 million) in revenue for the first half of the year, down 11.7% compared with the first half of 2022.

The company said the drop in revenue can be explained by the adverse economic environment, marked by multiple exogenous factors, e.g. rising interest rates, persistent inflation, prolongation of the war in Ukraine and the components crisis.

Icape said it is confident in its external growth objective for 2023 of an additional €30 million in revenue, as well as its long-term objectives for revenue of around €500 million by 2026, around €30 million of additional revenue per year through external growth in 2023 and 2024, and around €20 million of additional revenue per year through external growth in 2025 and 2026.

"The first six months of 2023 once again provided an opportunity to demonstrate the resilience of our business model in an adverse economic climate, as evidenced by the deterioration in industrial production indexes and leading us to revise our organic growth objective for this year," said CEO Yann Duigou. "In fact, we were able to continue improving our gross margin, a remarkable performance given the economic conditions experienced by the sector which fully illustrates the relevance of the Group's strategy, based on a high value-added proposition and tangible synergies thanks to an offensive acquisition policy. The integration of the acquisitions made over the past two years is progressing well, and the resulting synergies are gradually coming on stream, with the potential to generate additional profitable revenue in the short to medium term. These various factors, coupled with a consolidating cash position, enable us to reaffirm all our objectives for 2024 and 2026."