CANCOM SE (CNCXY.PK), a German IT services provider, announced that it has lowered its forecast for the 2024 financial year due to increased uncertainties in the general market conditions, particularly the recent political developments in its core markets of Germany and Austria.
In the third quarter of 2024, CANCOM reported sales of 422.6 million euros, compared to 415.8 million euros in the same period last year. Gross profit was 174.0 million euros up from 161.7 million euros in the previous year. EBITDA amounted to 31.0 million euros, down from 35.0 million euros in the prior year.
CANCOM Group has updated its 2024 financial forecast. The company now expects turnover to be between 1.650 billion euros and 1.750 billion euros, down from the previous estimate of 1.750 billion euros to 2.000 billion euros.
Annual EBITDA is expected to fall within the range of 112 million euros to 130 million euros, compared to the previous range of 130 million euros to 155 million euros.
Annual EBITA is forecasted to be between 57 million euros and 75 million euros, down from the previous estimate of 75 million euros to 100 million euros.
The CANCOM Group will publish its full quarterly report for the first nine months of 2024 on 12 November 2024.
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