• In the third quarter, as well as over the first three quarters, revenue was 7% lower than in the same period last year.
• Recurring revenue over the first nine months was up 20% compared to the same period in 2023 and accounted for 40% of total revenue.
• Nedap anticipates that revenue for the second half of 2024 will be in line with the second half of 2023.
In the third quarter of 2024, revenue decreased by 7% compared to the same period in 2023, mainly in the Livestock and Security key markets. Less favorable market conditions within Livestock have led to reduced product demand, a trend that has persisted since the last quarter of 2023. While market recovery is taking longer than anticipated, the first signs of improvement are visible. In the Security key market revenue was down compared to the strong comparable base driven by last year's catch-up effect. The Healthcare and Retail key markets showed growth compared to the third quarter in 2023.
Outlook
We anticipate that improving market and economic conditions specifically in the dairy sector will strengthen investment appetite, though the speed at which our revenue responds to the improved conditions remains uncertain. We are confident in the growth opportunities for all our key markets on which we will elaborate during our Capital Markets Day on 7 November 2024.
We anticipate that total revenue in the second half of the year will be in line with the second half of 2023.
Read the full press release here:
https://nedap.com/wp-content/uploads/2024/10/Press-release-Trading-update-Q3-2024.pdf
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