IMCD, a global leading distribution partner, formulator of speciality chemicals and ingredients, and solutions provider, today announces its first half-year 2023 results. Gross profit of EUR 583 million (+2% on a constant currency basis) showed resilience of IMCD's business model. Operating EBITA decrease of 6% to EUR 280 million (-3% on a constant currency basis). Net result decrease of 14% to EUR 153 million (-12% on a constant currency basis). Successful completion of acquisitions in the UK, Sweden, Israel, South Africa, Puerto Rico, Colombia and India, and agreements signed to acquire entities in Chile, Singapore, and Malaysia

Piet van der Slikke, CEO, said: "After an exceptional performance in 2022 and despite current challenging macroeconomic conditions, IMCD showed its resilience in the first six months of the year by achieving a gross profit of EUR 583 million (+2% forex adjusted) and an operating EBITA of EUR 280 million (-3% forex adjusted). IMCD delivered a healthy cash flow of over EUR 240 million (+105%), and a strong cash conversion margin of 84%. We remain confident about our diversified business model and continue to execute our growth strategy with diligence. With thirteen acquisitions this year, of which seven acquisitions in Latin America and Asia, we further expanded our global market presence and are well-positioned to deliver future business growth."

In the first half of 2023, revenue decreased by 1% to EUR 2,287.2 million, compared with the same period of 2022. On a constant currency basis, revenue increased by 1%, consisting of an organic decline of 6% and the impact of the first-time inclusion of companies acquired in 2022 and 2023 of 7%.

Gross profit, defined as revenue less costs of materials and inbound logistics, was EUR 582.5 million in the first half of 2023, compared with EUR 584.2 million in the same period of 2022. On a constant currency basis, the gross profit growth was 2%, consisting of an organic decrease of 3% and the impact of the first-time inclusion of businesses acquired in 2022 and 2023 of 5%.

Operating EBITA decreased by 6% from EUR 296.7 million in the first half of 2022 to EUR 280.1 million in the same period of 2023. On a constant currency basis operating EBITA decreased by 3%. The decline in operating EBITA, on a constant currency basis, is a combination of organic decline (-8%) and the impact of the first-time inclusion of companies acquired in 2022 and 2023 (+5%).

In the first half of 2023, free cash flow was EUR 240.9 million compared with EUR 117.6 million in the first half of 2022 (+EUR 123.3 million).