Inside Information, profit warning: Aspocomp lowers its guidance for 2023

Aspocomp Group Plc, Inside Information, July 17, 2023, at 8:10 a.m. (Finnish time)

Aspocomp Group Oyj lowers the financial guidance it gave on March 16, 2023, for the year 2023. Aspocomp estimates now, that its net sales for 2023 will be below the 2022 level. The operating result is estimated to be clearly below the 2022 level. In 2022, net sales amounted to EUR 39.1 million and the operating result to EUR 4.5 million.

In its previous outlook for 2023 (Financial Statement Release 2022, on March 16, 2023), Aspocomp estimated that its net sales for 2023 would increase from 2022 and its operating result for 2023 would be at the same level as in 2022. In 2022, net sales amounted to EUR 39.1 million and the operating result to EUR 4.5 million.

Reasoning for the updated financial guidance:

The updating of the financial guidance is due to the slower-than-expected recovery of the Semiconductor segment’s cycle and high inventory levels in different parts of Aspocomp’s value chain. Previously, Aspocomp estimated that the cycle of the Semiconductor Industry would return to growth in the second half of 2023. According to the updated estimate, the turnaround will take place about a quarter or two slower than expected, i.e., at the end of 2023 or the beginning of 2024. A temporary slowdown in the semiconductor cycle is typical for the industry. The industry’s long-term growth prospects are still strong.

In addition, inflation and interest rates, the risk of recession and the uncertainties posed by Russia’s war of aggression continue to affect the operating environment of Aspocomp and its customers in the financial year 2023.

New outlook for 2023
Aspocomp estimates that its net sales for 2023 will be below the 2022 level and its operating result for 2023 will be clearly below the 2022 level. In 2022, net sales amounted to EUR 39.1 million and the operating result to EUR 4.5 million.

Previous outlook for 2023
Aspocomp estimated previously that its net sales for 2023 would increase from 2022 and its operating result for 2023 would be at the same level as in 2022. In 2022, net sales amounted to EUR 39.1 million and the operating result to EUR 4.5 million

Aspocomp is currently observing a 30-day silent period prior to the publication of its Half-Year Report. Aspocomp’s Half-Year Report for January 1 – June 30, 2023, will be released on Thursday, July 20, 2023, at around 09:00 a.m. (Finnish time).

ASPOCOMP GROUP PLC
Board of Directors

Further information
For further information, please contact Mikko Montonen, President and CEO, mikko.montonen(at)aspocomp.com.

Aspocomp – heart of technology

A printed circuit board (PCB) is used for electrical interconnection and as a component assembly platform in electronic devices. Aspocomp provides PCB technology design, testing and logistics services over the entire lifecycle of a product. The company’s own production and extensive international partner network guarantee cost-effectiveness and reliable deliveries.

Aspocomp’s customers are companies that design and manufacture telecommunication systems and equipment, automotive and industrial electronics, and systems for testing semiconductor components for security technology. The company has customers around the world and most of its net sales are generated by exports.

Aspocomp is headquartered in Espoo and its plant is in Oulu, one of Finland’s major technology hubs.

www.aspocomp.com