Gloster's open order book up 70%
Gloster closed the third quarter of 2024 with a net order backlog of HUF 2,584 million, up 70% compared to the same period in 2023. This represents a significant increase of 54% (CAGR) on average in the growth rate of the first half open order book since 2021.
All products and services for which all subsidiaries of the Gloster Group have a valid order but have not yet been delivered to customers are included in the open order backlog. Gloster's open order backlog for the quarter was as follows:
| Quarterly | Business year | Open order backlog (mHUF) | % change compared to the same period of the previous year |
| Q1 | 2021 | 90 | |
| 2022 | 823 | +814% | |
| 2023 | 1320 | +60% | |
| 2024 | 3470 | +163% | |
| Q2 | 2021 | 594 | |
| 2022 | 1100 | +85% | |
| 2023 | 1410 | +28% | |
| 2024 | 3369 | +139% | |
| Q3 | 2021 | 710 | |
| 2022 | 1303 | +84% | |
| 2023 | 1519 | +17% | |
| 2024 | 2584 | +70% | |
| Q4 | 2021 | 670 | |
| 2022 | 1530 | +128% | |
| 2023 | 4134 | +170% | |
| 2024 |
all data in millions of HUF, unaudited, unconsolidated data
Source: Gloster Financial Department
The Company open order backlog by 70%, to reach 1519 million euros in Q3 2023. to HUF 2584 million in Q3 2024 . The given Order backlog orders to be fulfilled by the end of 2024 Includes. At the same time, orders with out-year deliveries carried forward to 2025 with open orders of more than HUF 5.5 billion. which provides a strong basis for our future growth plans.
The systems integration business reached a milestone in the first half of the year in terms of service activities (installation, operation and engineering). Management expects significant growth in the second half of 2024 compared to the first half, opening up new opportunities for the business. In addition, high value long-term contracts have been signed, further strengthening the stability of the business. Changes in the economic environment and new technological trends have created new opportunities but also challenges. However, long-term contracts and increasing project volumes can provide a solid basis for future growth and innovation. Overall, the third quarter results are encouraging and confirm our commitment to continuous improvement and innovation.
The open order book in the cloud business is stable compared to the previous period, with a balanced sales performance. This positive trend reinforces the reliability of the business and provides a solid basis for further growth. Systemfarmer Zrt. has signed a three-year contract worth more than EUR 600,000 with an international energy company with 200,000 employees in more than 50 countries. We have included the first year of this in our open order book report.
The International software development business of both Gloster - P92 Informatikai Kft. and Gloster - Minero IT Hungary Kft. is stable and we expect continuous orders from our customers. Our framework contracts are all in force, and we are confident of continued orders for this year.
ASony Music just signed up the current development teams for two years in September. The order is for a total of 40 people and is worth around HUF 2.5 billion over two years. The first orders have also started to arrive under the framework agreements with BMW and Audi, which were renewed this year. We expect a similar order book from our other customers next year as this year. New customers are also on the horizon, but only one or two smaller customers have been signed so far. Mostly next year we expect the work of the international sales teams to bear fruit.
Analysts target prices
Gloster is followed by the independent investment provider Erste . Full analysis link and the target price can be found in the table below:
| Erste | |
| 12-month target price | 1183 HUF 19.12.2023 |
| Recommendation | Purchase |
| Full analysis | link to the analysis |
In this information, the quarterly stock of open orders represents the amount of orders already contracted at group level but not yet fulfilled as at 30.09.2024. The quarters included in the report are calendar quarters. This report contains preliminary, unaudited, unconsolidated data.
Next, scheduled appearances
2024.Q4 Order backlog report - second week of January 2025
Present This prospectus has been prepared by Gloster Infokommunikációs Nyrt. Nagytarcsa, Csonka János u. 1/A. A/2. building). factual information and reasonable information based on reasonable calculations and reasonable and reasoned conclusions, which may be relied upon by persons entitled to do so under the applicable obligations under the applicable legal provisions. This (Act CXX of 2001 on the Capital Market), § 5 (1) paragraph 5(5)(9) of the Stock Exchange Act does not constitute an "investment recommendation" and is not subject to the provisions of the Bszt. (on investment firms and commodity exchange service providers and on the and the rules governing the activities they may carry out) Article 4(2)(8) does not include investment analysis, financial instruments, exchange-traded products or their issuers or other information, the disclosure of which would in itself or in any other way, may influence the investor to decide for himself or or other person's money or other assets from the effects of the capital market, in whole or in part to depend on the effects of the market. Gloster Infocommunications Plc and its representatives shall not are not responsible for any conclusions drawn from the information contained in this prospectus. for investment decisions based on the conclusions of the information contained in this report, their adverse legal consequences, or financial losses.
Nagytarcsa, 9 October 2024.
More Information:
dr. Adrienn Karlovich-Szabó
Investors relations officer
