The Spanish Azkoyen Group, parent company of the German primion Technology GmbH, closes 2022 with a net profit of 15 million Euros. This is 15.5 % more than in the previous year 2021. Turnover increased by 23 % to 170.8 million Euros in the same period. primion records the best half-year result in its history.
Azkoyen’s solid financial position, its geographical diversification and its willingness to invest in market-oriented technologies are paying off: The gross margin increased by 19.6 % to 71.9 million Euros and is 43.3 %. EBITDA is at 28.1 million Euros, which is 16.4 % of turnover and thus an increase of 24.1 %. The Group has achieved an EBITDA cash conversion of around 42%. As of 31st December 2022, debt was less than 1.5 times EBITDA.
The primion group also contributed to this positive development. 25.5 % of the consolidated turnover is accounted for by Germany. This increased by 3.2 % compared to the previous year; despite the delay of projects in the first quarter due to the effects of the Covid 19 pandemic with interruptions in the supply chains. In the second half of 2022, growth of 8.4 % was achieved compared to the same reporting period last year. Overall, this was the best half-year result to date for the primion group with branches in France, Spain, Belgium and the Netherlands. Order intake increased by 2.4 % from 59.7 million Euros in 2022 compared to 58.3 million Euros in the previous year. At the end of 2022, the order backlog, including projects and maintenance contracts, amounted to 43 million Euros. This is 10.7 % more than in the same period of the previous year.
Innovative Cloud Solutions and the Integrated Solutions for Security and Hazard Management, Access Control and Time & Attendance as well as Building Automation support companies and authorities in maximizing the protection of people and assets as well as significantly streamlining administrative processes and making them more effective. The economic upward trend at primion is supported by the constant willingness to invest: Around 15 % of turnover is invested in Research and Development, 60 new employees were hired last year and a further 58 positions are currently being created.
Darío Vicario, CEO of the Azkoyen Group: "2022 was an exceptional year for the Azkoyen Group. The record business figures are proof of this. Both our solid financial position and our management and innovation capacity have enabled the group to achieve excellent results. And this in an environment that is more uncertain and unstable than ever." One of the group's main objectives for 2023 is to strengthen its commitment to sustainability. Vicario: "We are working at all levels to include environmental, social and governance criteria. This is not only a strategic commitment, but also boosts our position in the markets and contributes to a resource-efficient economy."