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KPS publishes results for the third quarter of the 2022/2023 financial year

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KPS publishes results for the third quarter of the 2022/2023 financial year

Unterföhring/Munich, 27 July 2023

  • Decline in revenues of 6.1 % to € 42.4 million: In the third quarter of the 2022/2023 financial year, customers were noticeably reluctant to take on new projects in the areas of Digital Strategy and Digital Customer Interaction due to high economic uncertainties.
  • EBITDA declined by 70.8 % to € 1.4 million - changed country mix, inflation-related personnel cost increases, insufficient staff utilisation in the areas of Digital Strategy and Digital Customer Interaction and severance expenses as burdening factors.
  • Measures implemented to increase efficiency: Staffing levels were adjusted to the current demand situation.

Unterfoehring/Munich, 27 July 2023 – KPS AG (WKN: A1A6V4 / ISIN: DE000A1A6V48), Europe’s leading consultancy for digital transformation and process optimisation in retail, today publishes its results for the third quarter of the 2022/2023 financial year.

In the third quarter of the 2022/2023 financial year, KPS achieved revenues of € 42.2 million (previous year: € 44.9 million). This represents a decline in revenues of 6.1 % compared to the third quarter of the previous year. KPS' existing projects are developing as expected. However, persistently high inflation, increased financing costs and uncertainty in geopolitical developments are slowing new client growth in the markets and client segments relevant to KPS.

Several negative factors lead to significant decline in earnings

Personnel expenses are still a significant part of the cost base. Based on the emerging order trend in the past, KPS built up staff in the financial year 2021/2022 in order to cope with the increasing order volume, especially in the area of Digital Customer Interaction. The rising wages and salaries in combination with underutilisation in this area were a significant cost driver. In the course of the development of the market and project situation, KPS has adjusted the number of employees. This was accompanied by corresponding severance expenses.

Overall, due to the aforementioned reasons, EBITDA declined by 70.8% to € 1.4 million in the third quarter of 2022/2023 (previous year: € 4.7 million). EBIT was € - 0.6 million (previous year: € 2.9 million).

Confirmation of the revised forecast for the financial year 2022/2023

Business development in the third quarter was in line with the expectations of the Executive Board. The Executive Board of KPS AG confirms the forecast revised on 26 April 2023. For the current financial year 2022/2023, the Executive Board of KPS AG currently expects consolidated revenues to be slightly below the previous year's level (FY 2021/2022: EUR 179.5 million) and consolidated EBITDA to be in a range between EUR 11 million and EUR 14 million.

27 July 2023

KPS AG

The Executive Board

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