Revenues of the 3rd quarter 2021
Published on October 28, 2021 – News
Groupe Gorgé generated revenues of €59 million in Q3 2021, up 8% and 6% on an organic basis. This growth is the combined result of:
- The increase in revenues generated by robotics, which had already reached a record level in 2020,
- The good performance of 3D Printing, which confirms the trajectory set in the first half of the year and now includes the company Créabis,
- The stability of revenues from the Engineering & Protection Systems division, which had achieved a good third quarter 2020 (+5% organic growth last year).
|(en millions d’euros)||T3
|9 mois 2020||9 mois 2021||Change
|Drones & Systems||21.0||23.2||+10.1%||+10.1%||64.1||81.9||+27.8%||+27.8%|
|Engineering & Protection Systems||19.8||19.7||-0.9%||-0.9%||58.3||63.0||+8.0%||+15.6%|
|Structure and intra-group eliminations||0.4||-0.5||n.s.||n.s.||0.0||-1.2||n.s.||n.s.|
|Backlog at the end of the period||615||589||-4.1%||-4.2%|
- The change in the scope of consolidation concerns the Engineering & Protection Systems division due to the sale of Van Dam in July 2020, and the 3D Printing division with the acquisition of Créabis in July 2021.
Drones & Systems
Revenues are still up thanks to the revenues generated by the robotics division. This activity, which had seen a strong increase in Q3 2020 (+26%), is growing by +11% this quarter compared to last year. The execution of the major contract with the Belgian and Dutch navies remains on track and the teams will be ready to enter the production phase in 2022. At the same time, tenders for the renewal of the demining fleets of several navies around the world are progressing. These projects should fuel the group’s future growth. In addition, the aeronautics business is continuing its gradual recovery. As a reminder, this activity was resized in 2020 to be profitable at the current level of activity.
The 3D Printing division recorded revenues of €16.4 million, up 26%. This increase is the combined result of:
- The good performance of its markets and activities,
- The solid, growing and highly recurrent revenue base,
- The acquisition of Créabis in Germany at the beginning of the third quarter.
More details on Prodways Group’s Q3 revenues are available in the company’s dedicated press release: link
On October 26, Groupe Gorgé, which holds 56.3% of the capital of Prodways Group, announced its plan to distribute most of its Prodways Group shares to its shareholders in kind (link to the dedicated press release). Subject to approval by the General Meeting, which is expected to be held in December, each Groupe Gorgé shareholder could receive approximately 1.5 Prodways Group shares for each Groupe Gorgé share held. This ratio is subject to change depending on the final parameters of the transaction and the Prodways Group share price at the time of detachment.
Engineering & Protection systems
The Engineering & Protection Systems division reported third-quarter revenues of €19.7 million. The stability of revenues (- €0.1 m compared to last year) is explained by an unfavourable base effect, as Q3 2020 was particularly supported by a catch-up effect (+5% organic growth in Q3 2020 vs. 2019). The Nuclear activity, with revenues of €4.8 million for the quarter, continues to underperform. The recovery of this activity will be relaunched by a new General Manager who arrived in early October.
The backlog remains at a high level of € 589 million, i.e. approximately 2.5 times annual revenues, allowing Groupe Gorgé to maintain a very good visibility on future revenues.
On the back of its good performance over the first nine months and the resilience of its markets, Groupe Gorgé confirms its 2021 guidance with a revenue growth target of over 15% on a like-for-like basis, i.e. more than €265 million (including Prodways Group). The profitability level should remain around the level of the first semester.