FONTENAY-AUX-ROSES, FRANCE – Icape Group reported revenue of €136.2 million ($143.9 million) for the first nine months of the year, down 16.3% compared to the same period in 2022.

The downward trend is due to several factors impacting the entire PCB distribution sector, notably persistent inflation, the continuing war in Ukraine, the slowdown in global demand, and persistently high inventory levels amongst Icape's main customers, the company said.

"Our performance shows an increase in gross margin despite a business impacted by multiple exogenous factors," said CEO Yann Duigou. "This success fully highlights the relevance of the Company's business model, which is based on the optimization of our organization’s costs and on the gradual activation of existing synergies with our recent acquisitions. We remain confident in our ability to generate revenue of around €500 million by 2026, despite this difficult economic climate, in particular through our external growth strategy, which proved its worth for over 2 years now. We thus confirm our profitability targets for 2026, and intend to pursue our acquisitions, thus confirming our pipeline of potential targets in advanced discussions."

• Prev
• Next