The Correa Group has achieved revenues of 109.9 million euros, consolidating its turnover at over 100 million euros and placing it among the Top 5 European manufacturers of its product type in terms of volume. In 2023, the group achieved record profitability figures with a consolidated EBITDA of EUR 14.1 million and a pre-tax result of EUR 12.8 million. The Group´s financial strength has enabled it to increase the dividend by 17%, proposing a dividend of 0.27 cents per share at the next Annual General Meeting.
The Correa Group maintains the positive trend of previous years, achieving record figures in terms of profitability, EBITDA and profit, as well as in terms of sales, order intake and order book.
Significant commercial achievements coupled with the high order book with which the Group closed the year 2022 have enabled it to maintain double-digit growth in consolidated turnover, reaching 109.9 million euros, an increase of 12% compared to the same period last year. In this way, the Correa brand consolidates its strategic positioning as a manufacturer of high added value machining centres.
Despite the impact of inflation, which has led to a significant increase in both fixed and variable costs, the increase in volume and the efficiency of its production processes has enabled the Correa Group to improve its results and profitability over the previous year. The 2023 financial year closed with an EBITDA 29% higher than in 2022, reaching 14.1 million euros, which represents a margin of 13% over revenues.
The Group´s profit before tax was EUR 12.8 million, 24% higher than in the same period of the previous year. In percentage terms, these figures represent a 12% return on revenues, which puts the Group ahead of its European competitors in terms of profitability.
At the commercial level, we must also highlight very good results. The Group has also achieved record order intake figures, reaching 132.2 million euros in 2023, 19% higher than the intake achieved in 2022. As a result of this excellent order intake, the Group ended 2023 with an order backlog of 107.7 million euros, an increase of 15% compared to the figure at the beginning of the year. This order book figure means that the Group has practically committed the production for the financial year 2024 and is already working on challenges for 2025.
Controlled debt levels and high liquidity continue to demonstrate the Group´s financial strength, which has enabled it to continue its commitment to shareholder remuneration, as well as its organic and profitable growth. The Board of Directors will propose for approval at the Annual General Meeting the payment of a dividend of EUR 0.27 per share, an increase of 17% over the previous year.
In 2024, once the demolition and site preparation work has been completed, the Group plans to begin construction of the hall for the new machining subsidiary, which will have modern, digitised and automated facilities. In addition to being a new plant that will make the Group´s production process more efficient, it will also serve as a showroom to see the "factory of the future" in situ.
At the commercial level, the importance of the Group´s export activity continues to be key, representing more than 92% of its turnover, with a very significant diversification, both by sector and geography.
"The year 2023 has been a key year for our company in which we have managed to consolidate our leadership by positioning ourselves among the major European manufacturers, not only because of our product, which has always enjoyed recognition, but also because of our reputation as an organisation at all levels. Our commitment to new technologies to maintain competitiveness in a global world, based on the generation of qualified and stable employment, with the focus always on profitability, has allowed us to grow significantly. We will also undertake important investments in the coming years that will make our manufacturing much more efficient, allowing us to increase our production capacity, in order to consolidate this path of growth and job creation. I would also like to emphasise that, in this new stage, not only productivity will lead the way, but also our commitment to our society and our environment, and of course the search for alternatives that allow us to be more efficient and cleaner in terms of emissions will also be a priority for us", concludes Carmen Pinto, CEO of Grupo Correa.
