Equipment specialist, SAF-Holland SE, has started the financial year better than expected.
It generated sales of €480.4 million in the first quarter – 29.9 per cent above the previous year’s level, and significantly above market expectation.
SAF-Holland said solid organic growth combined with efficiency improvements in production-related areas and cost savings in administrative functions led to an increase in adjusted EBIT of 84.6 per cent.
The preliminary result, before income tax, increased to €28.6 million and was also above market expectations.
The outlook for 2023, according to the company, is an expectation of sales tending around the upper end of the range.
After suffering a recent cyber-attack, the company temporarily lost sales of €40 million, of which approximately €15 million was attributed to the first quarter of 2023 and a greater effect occurring in the second quarter.
It continues to expect to recover the majority of lost revenue over the course of the second and third quarters of 2023, although there was a one-time expense in the low single-digit million-euro range for IT security and consulting services.
Last month, Jurate Keblyte was appointed as a new member of the Supervisory Board.