2G Energy: Pandemic causes declining numbers, forecast confirmed

For the first half of 2020, 2G Energy reports a decline in sales from 95.8 million euros to 85.6 million euros and a decline in earnings before interest and taxes from 2.9 million euros to 2.3 million euros. According to the provider of combined heat and power systems, the background is that “many technically completed projects had not yet been finalized” on the half-yearly balance sheet date. Due to the effects of the COVID-19 panic, there were delays in order processing, primarily due to the closure of construction sites. In contrast, incoming orders increased from 82 million euros to 94.9 million euros. According to the company from Heek, the increase resulted entirely from domestic business.

2G Energy also confirmed the forecast for 2020 on Thursday. “The order books are well filled with EUR 159.5 million at the end of July, so that production capacity utilization in 2-shift operation is guaranteed beyond the first quarter of 2021”, says it on the part of society. A turnover is expected to be between 235 million euros and 250 million euros. Before interest and taxes, 2G Energy is aiming for a profit margin between 5.5 percent and 7.0 percent.

2G Energy intends to present the full half-year figures on September 17th.
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