Nextek operates as a software development company helping the financial services industry. Its Adaptek sales acceleration platform allows seamless interaction between clients who can also view the status of their accounts, share files and assess the next steps through its secure cloud platform. Nextek is based in Shoreview, Minnesota.
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Latest Nextek News
Nov 14, 2022
14.11.2022 / 08:30 CET/CEST The issuer is solely responsible for the content of this announcement. KATEK SE: 37.3% growth in Q3, operating result YTD at previous year's level - Management confirms forecasts for 2022 and announces acquisition of high-tech electronics company in the USA Revenue in Q3 +37.3% compared to Q3/2021; Nine-month period +23.3% year-on-year Operating result (EBITDA adjusted) after nine months level with prior year Sales and earnings forecast for 2022 still confirmed M&A activities successfully continued: SigmaPoint closing in August; Nextek signing in November Reinforcement in the management team in order to make even better use of opportunities and potential Munich, November 14, 2022 - In the third quarter of 2022, the KATEK Group was able to successfully continue and even accelerate its growth path. The Group recorded a 37.3% increase in sales compared to the same quarter of the previous year. For the nine-month period, revenue growth is 23.3% year-on-year or EUR 495.7 million achieved through the end of September 2022. KATEK thus broke the sales mark of EUR 500.0 million in October – that number was reached in December 2021. Significant growth impulses are again of organic origin: The strongest growth Q3/22 YTD is again delivered by the solar/renewables business (+131.8%), followed by tele-care (+170.6%). The eMobility business was only able to grow by around 10.9% due to customer supply chain issues. Various customer challenges also meant that the rest of the automotive business was only on a par with the previous year. Overall, all indicators point to continued strong organic growth: with a book-to-bill ratio of 1.1 and an order backlog for the next twelve months already at the level of current annual sales. The general economic situation is putting pressure on the earnings situation, since not all cost increases in the areas of energy, material and personnel can be passed on to all customers at the same time and in full. However, thanks to extensive countermeasures on the cost and price side, adjusted EBITDA at the previous year's level of EUR 21.2 million was achieved after the first three quarters. Based on the current order backlog and specific customer call-offs, KATEK expects a strong final quarter in 2022, as in previous years. Based on the Q3 and nine-month figures for 2022, despite the uncertainties in the current environment, the KATEK management continues to expect sales of more than EUR 635.0 million including the SigmaPoint consolidation. The EBITDA adjusted should continue to be at least 10% above the previous year and more than EUR 33.4 million. This is supported by three considerations: a) Order backlogs remain very high with first signs of easing in material shortages b) Seasonally very strong Q4 at KATEK as in previous years c) Sum of current bottom-up forecasts of operating units Due to two recent acquisitions in Canada (SigmaPoint, closing August 22) and USA (Nextek, provider of high-tech and high-value electronics, signing November 22), KATEK is now very well represented in the important North American market. This means that all European customers with international business can now be fully served in North America and the North American customers of SigmaPoint and Nextek can access all services of KATEK in Europe and Malaysia. The know-how and customer portfolio of both companies also strengthen KATEK's industry presence in the currently rapidly growing Homeland Security & Defense and Aerospace sectors. KATEK's North American business thus has a potential of more than USD 100.0 million as early as 2023, assuming that the market continues to develop well. In order to make targeted use of the opportunities arising in the current crises and to continue the strong growth, KATEK is expanding its management team with two top managers, each with an impressive track record. As Chief Sales Officer (CSO), Klauspeter Bader will bring together all go-to-market issues in the Group from January 2023 and drive them forward together with the operating units. Petra Becker has been on board as Chief Transformation Officer (CTRO) since November 2022. She will give priority to the bundled activities in the Group to bring down strategic inventories in a targeted manner as the situation on the components market eases, as well as coordinating all margin protection measures. The inventory build-up has already been slowed down considerably to the current level of EUR 236.1 million (Q2/2022: EUR 215.6 million; adjusted for the inventories of SigmaPoint, which was acquired in August), with EUR 21.4 million now being cash-neutral in the form of customer prepayments. The complete quarterly statement as of September 30, 2022 is published on the website of KATEK SE in the Investor Relations section. Today, Monday November 14, a webcast on the financial results for the third quarter of 2022 will be held at 14:00 CET for analysts, institutional investors and for representatives of the press. Interested participants please use the following link: + 49 160 970 88 676 Statements contained herein may constitute ”forward-looking statements“. Forward-looking statements are identified by words such as ”may“, ”will“, ”should“, ”plans“, ”expects“, ”anticipates“, ”estimates“, ”believes“, ”intends“, ”has in mind“, ”targets“ or their negative form or equivalent variations and comparable terminology. Forward-looking statements are based on current expectations and involve a number of known and unknown risks, uncertainties and other factors that may cause the actual results, levels of utilization, performance or achievements of the Group or the industries in which it operates to be materially different from those expressed or implied by such statements. Undue reliance should not be placed on forward-looking statements. The Group will not update or revise any forward-looking statements contained herein as a result of new information, future events or otherwise. 14.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com
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Nextek's headquarters is located at Shoreview.
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