Landis+Gyr Announces First Half FY 2021 Financial Results

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Landis+Gyr (SIX: LAND) today announced unaudited financial results for the first half of financial year 2021 (April 1st – September 30th, 2021). Key highlights included:

  • Order intake of USD 1,786.9 million corresponding to a book-to-bill ratio of 2.55, primarily driven by major US contract wins
  • Record committed backlog of USD 3,235.6 million, an increase of 55.5% Year-over-Year (YoY)
  • H1 FY 2021 net revenues increased 9.1% YoY in constant currency to USD 700.9 million driven by the recovery in the EMEA region and despite supply chain related headwinds
  • Adjusted EBITDA* grew 41.3% to USD 70.8 million, a margin of 10.1% compared to 8.0% in H1 FY 2020
  • Net income was USD 35.0 million or USD 1.21 per share compared to USD (2.0) million or USD (0.07) per share in H1 FY 2020
  • Free Cash Flow (excl. M&A) was USD 41.6 million compared to USD 45.3 million in H1 FY 2020
  • Strong balance sheet with low net debt of USD 79.3 million and net debt / Adjusted EBITDA of 0.5x after several acquisitions
  • Guidance for FY 2021 confirmed with results pointing towards the lower end of the guided ranges due to ongoing and increasing supply chain challenges
  • Transformation with strategic acquisitions and initiatives on track

“Landis+Gyr delivered respectable results in the first half of our financial year 2021 in a very challenging global environment dominated by the COVID-19 pandemic and global supply chain constraints. We are especially proud of the wins of major orders in the United States, which, after regulatory delays, finally came through and are proof of our industry-leading expertise and technology helping our customers manage energy in a more informed and sustainable way. Together with other relevant contract wins, this leads to a record-high backlog, further supporting solid business performance in the mid- and long-term and our teams all over the world remain dedicated and passionate to enable our customers’ success”, said Werner Lieberherr, Chief Executive Officer of Landis+Gyr.

“We are also excited about the progress of our ongoing transformation in H1, including several strategic acquisitions, which will enable additional growth in new segments and geographies. However, the global supply chain constraints negatively impacted our positive development and we expect the negative financial impact from the supply chain situation to increase in H2 compared to H1 of FY 2021. With various measures in place, we confirm our guidance for FY 2021 and expect results towards the lower end of the guided ranges”, Lieberherr concluded.