TOSTEDT (dpa-AFX) – The pipeline and plant manufacturer for natural gas, electricity and hydrogen FRIEDRICH VORWERK has again raised its targets for the full year after strong growth in the third quarter. The investment company MBB (MBB SE), which holds a good half of the company, also benefits from the good business development. The family-run company has now also increased its targets for 2025. The news was well received on the stock market. Shares of both companies rose sharply in early trading.
Friedrich Vorwerk’s shares recently rose by around 17.4 percent to 99.10 euros, thus reaching a record. In 2025 alone, the value of the securities will have more than tripled. MBB shares rose in price by around 10 percent to 185 euros. Their price increase since the turn of the year has totaled a good four fifths.
Friedrich Vorwerk is now targeting sales of 650 to 680 million euros for 2025, as the SDax group surprisingly announced on Tuesday. Most recently, the natural gas, electricity and hydrogen applications were targeting revenues of 610 to 650 million euros. Analysts are calculating with the lower end of the new sales forecast.
In the three months to the end of September, the company’s revenues climbed 39 percent year-on-year to 202 million euros. After nine months, the turnover of MBB’s holding (MBB SE) totaled 505 million.
Earnings before interest, taxes, depreciation and amortization (Ebitda) more than doubled in the third quarter to 51.3 million euros. The corresponding margin improved by eight percentage points to 25.4 percent. For the year as a whole, the company is now targeting an Ebitda margin of 20.0 to 22.0 percent – after the previously expected 17.5 to 18.5 percent. The new forecast exceeds analysts’ expectations.
It was said that the success in recruiting new employees contributed to the good business development. According to its own information, the company was able to increase the number of employees by 13 percent in the first nine months compared to the previous year. The group also referred to the “high-quality” order backlog at the end of September of around 1.1 billion euros.
At 419 million euros, incoming orders in the first nine months were below the previous year’s figure of 516 million. However, the company was able to increase the total project volume by 45 percent to 886 million euros.
Meanwhile, the largest shareholder MBB is also becoming more confident and is now targeting sales of 1.1 to 1.2 billion euros for the current year, as the SDAX-listed company also announced on Tuesday. Most recently, MBB had its sights set on revenues at the upper end of the range of 1.0 to 1.1 billion euros, after just under 1.1 billion in the previous year.
According to preliminary calculations, in the three months to the end of September, sales climbed by 6.5 percent year-on-year to 316.8 million euros, primarily thanks to good business with infrastructure investments such as Friedrich Vorwerk and DTS. In the first nine months, revenue totaled 862.3 million euros.
Earnings before interest, taxes, depreciation and amortization (Ebitda), adjusted for special effects, increased by 80 percent to 67.4 million euros in the third quarter. The corresponding margin increased by 8.7 percentage points to an expected 21.2 percent. The investment company is now targeting an adjusted Ebitda margin of 15 to 17 percent for the year as a whole. Most recently, the company had its sights set on the upper end of the forecast range of 11 to 14 percent (previous year: 14 percent).
Both companies want to present their complete balance sheets for the first nine months on November 13th./mne/err/jha/
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