FONTENAY-AUX-ROSES, FRANCE – Icape Group announced €43.5 million ($47.3 million) in revenue for the first quarter, down 15.8% compared to the same period in 2023.

Of the company's revenue, 89% was generated by the group's PCB distribution business, while 19% was generated by Cipem, Icape's electromechanical parts distribution business.

"With a stable revenue in the 1st quarter of 2024 compared with the 4th quarter of 2023, and double-digit order intake since the beginning of March, the first months of 2024 are in line with the anticipated trend," said CEO Yann Duigou. "As expected, the general downturn in the global PCB market seems to be easing, lending credibility to the scenario of a return to growth in the second half of 2024. In this context, which is gradually becoming clearer, we intend to maintain and even step up our efforts to optimize our general costs, notably through the several synergies generated by the various acquisitions we have made to date. With a pipeline in advanced discussions representing a potential of around €127 million in additional revenue and backed by our proven ability to make acquisitions that contribute to the profitable growth of our Group, we remain fully committed to our value-creation trajectory and reaffirm all our commercial and financial objectives."