Landis + Gyr informs about new goals
Landis + Gyr confirmed the outlook for the financial year ending in March at an investor's day. In addition, the provider of solutions for energy management has defined new medium-term goals. He also reports an acquisition in Germany and a major order from England.
On the occasion of an investor's day on Wednesday, Landis + Gyr confirmed the previous outlook for the 2020/21 financial year ending at the end of March. According to its press release , the Zug-based company continues to expect net sales of between 1.3 and 1.4 billion dollars. In addition, it continues to expect an improved EBITDA margin in the second half of the year compared to the first.
In the first half of the current fiscal year (to the end of September 2020) sales had dropped 27 percent to $ 623.5 million. Customers had suspended or slowed down the installation of meters due to the pandemic. But there have been no major cancellations. The resurgence of COVID-19 cases in Landis + Gyr's second largest UK market is "particularly worrying".
Landis + Gyr has defined new medium-term goals for the period up to 2023. The company is aiming for "organic sales growth in the low single-digit range". In addition, it is committed to a “progressive” dividend development. The 2019-2022 share buyback program remains suspended. The partnership with Google will accelerate the transition to cloud-based services.
In addition, Landis + Gyr announces the 100% acquisition of Rhebo , a German provider of cybersecurity solutions. On Monday, the company announced that it is by partnering with one of the largest energy suppliers Britain, EDF has secured a major contract. It stipulates that Landis + Gyr will deliver a further 650,000 of them by June 2025 after the first order of 500,000 intelligent electricity meters of the latest generation.