FONTENAY-AUX-ROSES, FRANCE – Icape Group reported revenue of €51.7 million ($56.1 million) for the first quarter, a 5.8% decrease from the €54.8 million ($59.5 million) in revenue for the same quarter in 2022.

The company said the slight decrease in revenue is the result of the current economic context, persistent inflation, war in Ukraine and the components crisis, as well as the high level of inventories within its main customers.

"ICAPE Group maintained and strengthened the dynamics of continuous optimization of its purchases, significantly improving its profitability despite the slight decrease of the commercial activity recorded at the beginning of this fiscal year, linked to the economic context and the level of inventories held by our main customers," said Icape Group CEO Cyril Calvignac. "These convincing results in terms of strengthening the gross margin are the result of the purchasing synergies generated by the recently completed acquisitions. Operational and commercial synergies with these new integrated entities are also gradually being activated, leading to the generation of additional and profitable revenue. We intend to stay on this course, in particular through our offensive external growth strategy in the coming months, with no less than 12 international targets currently under discussion."