FONTENAY-AUX-ROSES, FRANCE – Icape Group reported revenue of €94.5 million ($99.4 million) for the first half of the year, a 12.1% decrease from the first half of 2022.

The company said the reason for the decrease was the unfavorable economy, which has impacted the entire industry.

Icape Group said it will not be able to achieve organic growth in 2023 due to the current unfavorable environment, but it is confident in its external growth objective for the current year, namely the acquisition of an additional €30 million in revenue, and is still on track for its goal of €500 million in revenue by 2026.

"Icape Group delivered a notable performance in the first half of the year, with a marked improvement in results despite the difficult context that affected the whole sector," said CEO Yann Duigou. "Despite the current industrial environment, we maintain our profitability indicators while pursuing our growth trajectory. Achievements in the first half are the result of the gradual activation of synergies arising from our acquisition strategy. With a stronger cash position, ICAPE Group intends to pursue this policy of external growth, which will provide us with substantial additional revenue in the short and medium term. Advanced discussions are in progress with several players in the PCB industry, some of which should be finalized before the end of 2023."