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EQS-Ad-hoc: PSI Software AG / Key word(s): Change in Forecast/Half Year Results
PSI adjusts Outlook for 2023 Operating Result due to One-time Expenses
21-Jul-2023 / 10:49 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
PSI adjusts Outlook for 2023 Operating Result due to One-time Expenses
Berlin, July 21, 2023 – According to preliminary calculations, the PSI Group achieved slightly higher sales of 119 million euros (1st half year 2022: 116 million euros) and 13% higher new orders of 169 million euros (1st half year 2022: 150 million euros) in the first half of 2023. The operating result (EBIT) was impacted by non-recurring expenses in the context of the change in the Executive Board, further burdens from Redispatch 2.0 projects, as well as risk provisioning and impairments in legacy projects in the Electrical Networks business, resulting in a significant reduction to −5 million euros (June 30, 2022: 8 million euros). The business in the Production Management segment developed positively, with operating profit increasing by 5% to more than 8 million euros.
For the full year 2023, the Executive Board continues to expect that that the planned year-on-year increases in new orders and sales of 10% can be achieved. With regard to operating profit, the outlook has been reduced by non-recurring expenses to a budgeted figure of between 5 and 7 million euros. Corresponding the operating profit achieved in the 1st half of the year, the Production Management segment will slightly exceed its full-year targets at 18 million euros. In the long term, the management is maintaining its growth strategy for the PSI Group.
In the Electrical Energy business, a new management team was established effective July 1, 2023, and is working at full speed to clear the risks from old projects and to get the acceptance of the Redispatch 2.0 projects planned for 2023. Initial progress has been made in this respect. Furthermore important, lucrative new contracts have been won, which are subject to a modified process for accepting orders, which minimizes risks from order processing.
PSI will publish the half-year report as planned on Thursday, July 27, 2023, and explain it during an online conference for analysts and investors (starting at 11:00 a.m.).
Contact:
PSI Software AG
Karsten Pierschke
Head of Investor Relations and Corporate Communication
Dircksenstraße 42-44
10178 Berlin
Germany
Tel. +49 30 2801-2727
Email: KPierschke@psi.de
End of Inside Information
Information and Explanation of the Issuer to this announcement:
The PSI Group develops software products for optimizing the flow of energy and materials for utilities (energy grids, energy trading, public transport) and industrial companies (metals production, automotive, mechanical engineering, logistics). As an independent software producer, PSI has been a technology leader since 1969 for process control systems that ensure sustainable energy supply, mobility and production by combining AI methods with industrially proven optimization methods. The innovative industry products are sold both directly and via the cloud-based PSI App Store. In fiscal year 2022, PSI generated annual sales of just under 250 million euros with more than 2,200 employees in 17 countries. www.psi.de
21-Jul-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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