Phoenix Mecano expects double-digit sales growth and a significant increase in profit in financial year 2021 - DewertOkin Technology Group IPO set for 2023 at the earliest

Kloten/Stein am Rhein, 30 July 2021. The Phoenix Mecano Group recorded sustained high demand in its key end markets and market regions in the first half of 2021. The positive trend in incoming orders and sales continued in all divisions in the second quarter. The Group achieved double-digit sales growth and a significant year-on-year increase in operating result in the first half of 2021.

A very high EBITDA in H1 will allow the Phoenix Mecano Group to continue resolutely pursuing its successful growth strategy. This has implications for the time frame for raising additional funds to finance the expansion strategy of the DewertOkin Technology (DOT) Group division.

It is becoming apparent that the best time to raise growth capital through the planned partial IPO of the DOT Group in China will be 2023 at the earliest. The Phoenix Mecano Board of Directors has therefore decided not to submit an application for listing before 2023.

The outlook for the year as a whole remains characterised by uncertainties and risks linked to the COVID-19 pandemic. Nevertheless, Phoenix Mecano anticipates sales growth well into double digits and a sizeable increase in profitability for the 2021 financial year. Operating profit is set to exceed EUR 43 million, significantly above the equivalent figures for the crisis-hit year 2020 and the pre-crisis year 2019.

Phoenix Mecano will publish detailed figures for the first half of 2021 on 10 August 2021.