MUNICH (dpa-AFX) - IT service provider Cancom has achieved its sales target at the lower end of the forecast range in a difficult environment. Revenue climbed by almost 18 percent to 1.52 billion euros, mainly thanks to acquisitions, as the SDax company announced in Munich on Tuesday on the basis of preliminary figures. In terms of operating earnings before interest, taxes, depreciation and amortization, Cancom also just reached its own forecast range with an increase of almost eleven percent to an expected 116.3 million euros. Analysts had expected these figures. However, Cancom fell short of its own forecast for another key earnings figure, earnings before interest, taxes and goodwill amortization.

Thanks to acquisitions in the German-speaking core market, Cancom was also able to grow in 2023, said Group CEO Rüdiger Rath according to the press release. "We have thus laid the foundation for successful development in the 2024 financial year in a difficult economic environment," he said. The Bechtle competitor will present its annual report with detailed figures and the new forecast on March 28./men/stk