init innovation in traffic systems SE
- WKN: 575980
- ISIN: DE0005759807
- Land: Deutschland
Nachricht vom 26.06.2020 | 14:18
init innovation in traffic systems SE: Digitalisation specialist in public transport defies coronavirus crisis
DGAP-News: init innovation in traffic systems SE
/ Key word(s): AGM/EGM/AGM/EGM
init expecting 15 per cent growth again in 2020
- Operating profit and earnings per share more than tripled in the first quarter
- Share price at all-time high
- First virtual Annual General Meeting confirms growth strategy
- Dividend increased to EUR 0.40 (previous year: EUR 0.12) and renewed authorisation to purchase own shares
As a digitalisation specialist in public transport, init innovation in traffic systems SE (ISIN DE 0005759807) is defying the coronavirus crisis and expecting growth of 15 per cent in 2020. By the end of the first quarter, the init group had already tripled its operating result and earnings per share. The growth strategy is also paying off for shareholders: within one year, the share price of init doubled and has been quoted at an all-time high since the beginning of June. At the company's first virtual Annual General Meeting, the direction proposed by the Managing Board was given a strong seal of approval. The increase in the dividend to EUR 0.40 per share (previous year: EUR 0.12) was unanimously approved, as was the authorisation of the Managing Board to purchase own shares.
The restrictions resulting from the coronavirus crisis required changes not only in terms of organising the AGM, but also had different effects on the business of init. For the observance of hygiene and distance regulations, init has a number of products that can support transportation companies. These products are now increasingly in demand and additional orders have already been received. In contrast, the direct effects in projects, e.g. vehicle installation, are very low. Negative effects were also recorded in the acquisition of personnel, and the training of foreign employees is proving more difficult, since trips to the Karlsruhe headquarters are still not possible at present.
"Together with our employees we have overcome these challenges. What we have also noted is a greater willingness on the part of our customers, born out of necessity, to accelerate digitalisation at their companies. And this will have a long-term positive effect on our business," init founder and CEO Dr Gottfried Greschner said to shareholders today.
init products help transport companies during the coronavirus crisis
This was also reflected in the figures for the first quarter: revenues during this period increased by around 14 per cent year on year to EUR 40.3m (Q1 2019: EUR 35.3m). Gross profit increased to EUR 14.3m (Q1 2019: EUR 10.6m). EBIT more than tripled to EUR 3.4m (Q1 2019: EUR 1.1m). This gives an earnings per share of EUR 0.22 (Q1 2019: EUR 0.07).
At the same time, init products have also been helping transport companies steer through the coronavirus crisis better. init solutions for contactless payment directly increase the safety of passengers and drivers. With passenger counting, passengers can be informed in real time about bus and tram occupancy, thus ensuring compliance with the contact restrictions on public transport. init has developed on-demand management services for buses, which means that bus lines can be served efficiently, even when passenger numbers are declining.
"Integrated. Innovative. International"- strategy for sustainable growth
Although the Managing Board cannot exclude the effects of the coronavirus crisis over the remainder of the year, it currently believes the init group is well on the way to achieving the targets set for the year as a whole. Greschner summed up the future strategy of init with the slogan "Integrated. Innovative. International". In the pioneering pilot project regiomove in Karlsruhe, init has integrated all regional mobility offers on to one booking and payment platform. With MOBILE-ITCS NextGen, init will roll out a modern control system that uses artificial intelligence (machine learning). With MOBILE-ITCSrail, init is also entering a new market in the rail sector.
Overall, the init Managing Board anticipates sustainable annual growth in revenues of 15 per cent on the long-term average, according to its road map. The Managing Board has also confirmed its forecast for the year 2020 as a whole with a revenues target of around EUR 180m with EBIT of EUR 18m to 20m and incoming orders of EUR 180m to 190m.
The shareholders showed their satisfaction with init's performance and outlook. This was demonstrated by the high approval of the actions of the Managing Board (90.00 per cent) and the Supervisory Board (91.86 per cent). 99.98 per cent approved the resolution to appropriate the accumulated profits to pay a dividend of EUR 0.40 per share entitled to dividend, equating to a total of almost EUR 4m.
The Managing Board's authorisation to purchase own shares was also renewed at this year's Annual General Meeting. Therefore, up to 10 per cent of the existing capital stock, i.e. up to 1,004,000 shares can be purchased. If necessary, this option can be used for company mergers or to acquire all or part of companies or shares in companies. Currently there are, however, no concrete plans to utilise the authorisation to use own shares for acquisitions.
Person making the notification:
|Company:||init innovation in traffic systems SE|
|Phone:||+49 (0)721 6100 0|
|Fax:||+49 (0)721 6100 399|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1080087|
|End of News||DGAP News Service|
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