Cancom Reports Increase in Profit and Revenue in Preliminary 2023 Results

Cancom, a leading German information technology company, has announced a notable rise in profit and revenue for the preliminary results of 2023. The company attributes this growth to its successful acquisitions strategy in Germany, Austria, and Switzerland.

Financial Results

Earnings before interest, taxes, depreciation, and amortization (EBITDA) experienced a significant increase, reaching €116.3 million ($125.3 million). This marks an 11% growth compared to the previous year. The EBITDA figure falls within the targeted range of €116 million to €126 million, which was set in August.

Gross profit also witnessed substantial growth, rising by 33% to €582.6 million. This falls within the expected range of €560 million to €610 million. Furthermore, sales showed a promising increase of 18% to €1.523 billion, aligning with the projected range of €1.52 billion to €1.58 billion.

Acquisition Strategy Driving Growth

Cancom attributes its positive financial results to its strategic acquisitions in Germany, Austria, and Switzerland. Leveraging this acquisition strategy, the company anticipates continued growth throughout the upcoming year.

Chief Executive Officer's Statement

Ruediger Rath, the Chief Executive Officer of Cancom, expressed confidence in the company's future success despite the challenging economic environment. He stated, "We have laid a solid foundation for our development in the 2024 financial year."

Publication of Full-Year 2023 Results

Cancom plans to publish its full-year 2023 results on March 28th.