Athens-based THEON, a world-renowned manufacturer of Advanced Optronics, Night Vision and Thermal Imaging Systems, continued to deliver on growth and profitability in the 9-months ended September 2024. Order intake grew 47.4% vs 9-month 2023 to €121.0 million with significant new orders anticipated over the next few months. Soft backlog of €400 million providing good visibility for the current year and already covering part of FY 2025 revenue with an expected increasing backlog number.
The company accomplished record revenue of €222.6 million in 9-month 2024, 92% up vs 9-month 2023 (€115.8 million) as a result of newly signed contracts and the exercise of options on existing contracts.
THEON recorded strong profitability in the first nine months of the year with a 115.3% increase in Adjusted EBIT to €50.6 million. This resulted in an Adjusted EBIT margin of 22.7%, up from 20.3% recorded in the same period of 2023, providing confidence in delivering the FY 2024 mid-twenties profitability target.
In 9 months 2024, THEON’s capital expenditure amounted to €11.5 million, with the company now anticipating capital expenditure for FY 2024 to be slightly increased at €15 million as it looks to accelerate the development of state-of-the-art platform-based products to capture further revenue opportunities. Net Cash position (including the term deposit of €50.0 million) as of 30 September 2024 totaled €35.9 million. Net working capital has increased to €136.5 million, up 15.9% from H1 2024 but 16 percentage points lower as percentage of revenue. This is partially explained by the conscious decision to increase inventory, enabling the Company to take advantage of ad-hoc opportunities that frequently arise around the world in Q4.
THEON also achieved two notable milestones in its strategy during September 2024, with the acquisition of Harder Digital, a Germany-based manufacturer specialising in Image Intensifier Tubes (IIT) and the long-term commercial agreement with Exosens, a worldwide leader for image intensifier tubes.
Christian Hadjiminas, founder and CEO of THEON commented on the 9-month results: “The financial performance once again demonstrates that THEON is well-positioned to outpace market growth while delivering a robust profitability margin. We anticipate this positive trend to continue, with recent and upcoming orders already offering strong visibility for 2025. Furthermore, we have been negotiating several acquisitions to expedite growth in our core and adjacent markets over the coming years.”
THEON SENSORS S.A., part of THEON INTERNATIONAL PLC, started its operations in 1997 from Greece and today plays a key role in the industry with international presence, including offices in Greece, Germany, Denmark, Cyprus, USA, UAE, Switzerland and Singapore. THEON SENSORS S.A. has 3 production facilities in Athens, Wetzlar (Germany) and Plymouth (USA). Through this network, THEON has more than 300,000 systems in service with Armed and Special Forces in 70 countries around the world. ΤΗΕΟΝ has listed its shares on the Euronext Amsterdam regulated market, achieving one of the first IPOs in Europe for 2024. THEON was also included on FINANCIAL TIMES & STATISTA list with the 1000 Fastest Growing companies in Europe for 2024.