This withdrawal is the direct consequence of the health crisis at the beginning of the year and the difficulties in sourcing components, which slowed down deliveries of finished products. Less affected by these tensions, the Services and Solutions division registered a record revenue growth of 15% compared with the same period in 2021. From a commercial point of view, order intake for the quarter remains dynamic in almost all sales areas and business sectors.

To date, the depth of our orderbook and our operational performance allow us to confirm our revenue growth forecast for 2022 of more than 20% compared to 2021. On the other hand, the impact of the conflict in Ukraine on the component, steel and energy prices is too volatile for the group to be able to confirm its current operating margin forecast for the year.”

Business review by division

With quarterly revenues of €355 million, the Product Division recorded a decrease of 9% (-10% at constant exchange rates and scope) compared to Q1 2021. Supply chain tensions and the health crisis had an impact on the division at the beginning of the year. The division has set up the necessary production resources to achieve the expected production volumes.

The Services and Solutions Division (S&S) reported a 15% increase in revenues (+13% at constant exchange rates and scope) compared to Q1 2021, to €95 million. The division is benefiting from a very strong demand from its markets, enabling it to achieve a historic level of activity.