SON, THE NETHERLANDS – Neways Electronics International reported net revenue up 7.1% to €264.5 million (US$291 million) for the first half of 2019.

The increase is attributed to the semiconductor and automotive sectors. Medical and defense remained stable.

For the six months ended June 30, EBITDA was €15.6 million, an increase of 3.3% compared to the first half of 2018.

Orders were 6.8% higher than in the first half of 2018 as a result of new e-mobility orders. The order book stood at €342.6 million at the end of June, compared to €300.8 million at the same time last year.

The book-to-bill-ratio was 1.15, largely driven by new orders in the automotive sector.

“Following the record turnover recorded in 2018, we continued on our growth path in the first half of 2019, due in part to the strong demand for e-mobility solutions,” said CEO Huub van der Vrande. “Our order book remains well filled across the board, and pressure on deliveries is continuing, although geopolitical tensions have led to a slight decline in the pace of growth, and certain clients are postponing orders, mainly in the semiconductor sector. The fact that we are continuing to grow despite a deterioration in market conditions shows we have a good spread of our turnover, not just across market sectors but also within those sectors. Our continuing growth in the e-mobility segment within the automotive sector shows we are making the right strategic choices.”

Net debt stood at €56.5 million at the end of June, an increase of 45.6% year-over-year.

“Neways is well positioned to continue to profit in the coming years from the expected growth in the market sectors in which we are active. The order book is currently at a clearly higher level than at end-June 2018, but the uncertain economic conditions in Europe and Asia, together with geopolitical tensions, are expected to play a significant role in a number of the markets in which Neways is active in the second half of 2019. In this context, our priority is to ensure the Neways organization is able to respond more effectively to the potential postponement of orders by its clients, and in the second half of 2019 we will intensify the measures initiated to improve our productivity levels. Barring any unforeseen deterioration in the market, we expect to record higher turnover for the full year 2019 compared to 2018, and an improved result in the second half of the year, when compared to the first half of 2019.”

Ed.: €1 = US$1.10

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