Following a weak Q1, Store Electronic Systems (SES) has delivered an improved second quarter with revenue up 13% year-on-year and 47% sequentially. Gross margin was 200bp lower y-o-y but better than we expected given the US dollar strength and mix of newer, lower-margin products. The order book stands at a record €101m, much of which is expected to be delivered in H2. Therefore, our revenue forecasts remain unchanged despite H1 reaching only 40% of our FY15e revenue forecasts.
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Record order book supports strong growth in H2
Following a weak Q1, Store Electronic Systems (SES) has delivered an improved second quarter with revenue up 13% year-on-year and 47% sequentially. Gross margin was 200bp lower y-o-y but better than we expected given the US dollar strength and mix of newer, lower-margin products. The order book stands at a record €101m, much of which is expected to be delivered in H2. Therefore, our revenue forecasts remain unchanged despite H1 reaching only 40% of our FY15e revenue forecasts.