FAAC TECHNOLOGIES APPROVES RECORD BUDGET FOR 2023

ALMOST €700 MILLION IN REVENUE, EBITDA +16.4%, OPERATING PROFIT +22.3%. TWO MAJOR PROJECTS LAUNCHED IN ATLANTA, USA

The Shareholders of FAAC SpA, parent company of FAAC Technologies, approved the financial statements for the year 2023, which mark new records for the Group. FAAC Technologies is a leader in the industries of automations and access control for vehicular and pedestrian use, comprised of 56 companies in 30 countries, spanning 5 continents.

Consolidated revenues for 2023 amounted to €693 million (+€35.5 million compared to consolidated revenues in 2022). EBITDA amounted to €125 million, an increase of +16.4% from €107.5 million in 2022. Likewise, Operating Profit for 2023 totalled €87.2 million, an increase of +22.3% from the previous year.

As the numbers show, the Bologna-based multinational continues to pave the road to profitable and sustainable growth – and does not plan on stopping anytime soon. The company created a new record in 2022 only to break that record in 2023 with even stronger numbers. These results are the fruition of gains and synergies following significant acquisitions in recent years, including the newest entry of a New Zealand company into the Group just last year.

“The 2023 financial year was characterized by FAAC Technologies Group’s ability to successfully manage and overcome the majority of the critical challenges already presenting themselves in 2022, particularly the difficulty in procuring certain materials, namely electronic components, and those caused by the increased price of raw materials, and of energy and labor costs,” Andrea Moschetti, Executive Chairman of FAAC Technologies, comments. “The growth in revenue and volume was accompanied by a significant gain in operating profitability, mainly achieved through improved direct margins. The good results achieved in terms of profitability are associated with an excellent cash performance, with an operating cash flow of €106.3 million. The outlook for 2024 remains positive, with prospects for further growth.”

Two Major Projects Launched in the USA Worth $26 Million

In terms of turnover, the Group’s leading market remains the United States, where two ambitious projects were developed at the end of 2023, to be realized between this and the following year. Both are situated in Atlanta, capital of the state of Georgia and Coca Cola world headquarters. Especially in preparation for hosting the 2026 World Cup, Atlanta is currently redeveloping its mobility infrastructure, and FAAC Technologies has won the contract with MARTA (Metropolitan Atlanta Rapid Transit Authority) for the supply of pedestrian gates for the Atlanta metro, and many bus stations, with about 600 of FAAC’s high-tech turnstiles to be at the service of users in the stations. Furthermore, FAAC Group has been chosen to equip the parking lot of the domestic terminal of Hartsfield-Jackson Airport, the most highly trafficked airport in the world, with the latest parking management solutions. Overall, the estimated worth of these two projects in the United States, in which FAAC will be involved, is 26 million dollars.