Comet delivers improved FY 2020 results ahead of recent guidance, anticipates continuing strength in FY 2021
Key figures full-year 2020 (preliminary and unaudited)
Comet announces today the preliminary and unaudited results for full-year 2020. The company achieved net sales and an EBITDA margin that exceeded the company's guidance. As expected, the good results were driven by continued strength in the semiconductor-related Plasma Control Technologies division (PCT) and stabilization in the primary markets served by the x-ray technology-related divisions X-Ray Modules (IXM) and X-Ray Systems (IXS) during the second half-year.
Net sales of CHF 395.8 million were 6.5% higher than the figure of CHF 371.6 million achieved in full-year 2019. At the EBITDA level, Comet increased the margin by 4 percentage points from 10.8% to 14.8% as a result of top-line growth and focused cost discipline. The improved operating performance translated into a significantly higher net income of CHF 27.7 million, 131% above previous-year's level of CHF 12.0 million.
The company achieved a higher order backlog at year-end 2020 compared to the prior year. Further strength in the semiconductor cycle and the stringent execution of the focused growth strategy suggest that 2021 will be another year of significant improvement in Comet's results.
The final results for the full-year 2020 and an in-depth insight into management's expectations for 2021 will be provided on March 18, 2021, during the planned webcast/phone conference for media, financial analysts and investors.