FONTENAY-AUX-ROSES, FRANCE – Icape Group's 2023 revenue amounted to €179.5 million ($194.2 million), down 18.3% compared to 2022.

The deflationary effects on PCB manufacturing prices in China in 2023 accounted for around 45% of the decline, the company said, while falling global demand for electronic products and the environment of high central bank interest rates in the West explain the fall in order volumes, which accounted for 55% of the decline of revenue.

"The crisis in the components market during the pandemic, the shortage of containers, and various other factors pushed industrial companies to increase their orders as a precaution against possible shortages," said CEO Yann Duigou. "After the pandemic, 2023 was a year of general decline for the global PCB market, largely due to this overstocking and the economic slowdown. Despite these adverse conditions, we managed to close the 2023 financial year with an improved EBIT margin. This performance, which reflects the deployment of purchasing synergies from acquisitions made since 2021, can also be seen at operational level, thanks to our policy of strict cost control. Our main financial indicators are showing significant progress, demonstrating the adaptability and resilience of our business model. Various signs point to the end of the downturn and, in 2024, the group intends to reactivate its growth momentum while continuing to improve profitability, in particular by stepping up the rationalization of general operating costs. The group's efforts will also focus on further improving WCR to strengthen cash generation. In addition, we recorded an increasing number of new references in 2023, a guarantee for our future growth. On these solid foundations, we are in a position to reiterate all our growth and profitability targets."

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