SLM Solutions reports record revenues in first half 2023

August 22, 2023

SLM Solutions has reported record revenues of €51.9 million for the first six months of 2023 (Courtesy SLM Solutions)
SLM Solutions has reported record revenues of €51.9 million for the first six months of 2023 (Courtesy SLM Solutions)

SLM Solutions Group AG, headquartered in Lübeck, Germany, has released its financial results for the first half of 2023, reporting record revenues of €51.9 million for the first six months, up 22% when compared to the company’s results for the same period in 2022. The first half figures followed strong revenues in Q1, alongside a 7% improvement year on year in the second quarter with revenue of €27.9 million.

“We continue to grow the business at a steady pace, which is evident in the robust nature of revenue growth delivered,” stated Sam O’Leary, CEO of SLM Solutions. “The integration with Nikon has made good progress and we expect this to continue further as we begin to realise synergies between the businesses. Overall, we remain confident about the long-term prospects of the business.”

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For the first six months of 2023, the company posted an EBITDA of -€8.4 million (H1 2022: -€3.03 million). Operational profitability during the first half of 2023 was said to be impacted by adverse currency effects, a significant discount on a one-off order with a major customer along with an order for an NXG XII 600 with a notable component of variable compensation which would be due upon fulfilment of specific preconditions that were not fulfilled during the reporting period.

Additionally, EBITDA for H1 2023 was also impacted by a significant increase in electricity expenses as well as extraordinary expenses due to the Nikon takeover.

As communicated in SLM Solutions’ Annual Report 2022, the company expects to continue on its growth path in FY 2023 and expects notable sales growth. Furthermore, the company’s management board is said to expect a significantly improved EBITDA for FY 2023.

The full Q2/H1 results are available here.

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