- Sales reduced by 13.7% to 50.3 million euros due to cyber attack
- Operating result negative at −14.8 million euros as a result of the cyber attack
- Operating cash flow improved by 25% to 15.9 million euros
Berlin, August 30, 2024 – PSI Group achieved 13.7% lower sales of 50.3 million euros in the first quarter of 2024 (March 31, 2023: 58.2 million euros). The operating result (EBIT) was negatively impacted by the cyberattack in February 2024 and was clearly negative at −14.8 million euros (March 31, 2023: 4.0 million euros). The consolidated result was correspondingly −16.4 million euros (March 31, 2023: 3.3 million euros). Incoming orders fell by 19.5% year-on-year to 95 million euros as a result of the cyberattack (March 31, 2023: 118 million euros). The order backlog at March 31, 2024 was on a par with the previous year at 212 million euros (March 31, 2023: 212 million euros).
| Performance indicators (KEUR) | Jan. 1 – March 31, 2024 | Jan. 1 – March 31, 2023 | Change |
|---|---|---|---|
| Sales | 50,268 | 58,230 | -13.7% |
| EBIT | -14,788 | 4,008 | >100% |
| Group net result | -16,410 | 3,282 | >100% |
| Earnings per share (EUR) | -1.06 | 0.21 | >100% |
The Energy Management segment (energy grids, energy trading, public transport) achieved 19.3% lower sales of 23.8 million euros (March 31, 2023: 29.4 million euros) and a significantly lower operating result of −11.1 million euros (March 31, 2023: 0.7 million euros). With the exception of the PSI subsidiary in Southeast Asia, all of the segment's business units were severely affected by the cyberattack from mid-February onwards.
Sales in the Production Management segment (metals, industry, logistics) decreased by 8.0% to 23.8 million euros (March 31, 2023: 28.8 million euros). The segment's operating result deteriorated to −2.9 million euros (March 31, 2023: 3.9 million euros). Although all Production Management business units were also affected by the cyberattack, the impact on sales and earnings was lower than in Energy Management due to the more product-based business.
The number of employees in the Group increased slightly to 2,335 (March 31, 2023: 2,257). Cash flow from operating activities improved by 25% year-on-year to 15.9 million euros (March 31, 2023: 12.7 million euros). At 62.8 million euros, cash and cash equivalents were 1.8 million euros higher than in the previous year (31/03/2023: 61.0 million euros).
PSI Group was the target of a cyberattack in February 2024. The majority of the PSI Group's IT systems were taken offline and had to be shut down. PSI Group was temporarily only able to carry out central activities of its business model to a limited extent. In the meantime, productive operations have been largely resumed since the beginning of May. In the course of the restart, further measures were adopted which will significantly increase the security of the IT systems as part of a revised IT strategy.
As already announced at the beginning of June, the Executive Board expects, taking into account the negative effects of the cyberattack, a reduction in sales of around 20 to 30 million euros and a negative operating result in the upper single-digit to lower double-digit million range for the full year.
The PSI Group develops software products for optimizing the flow of energy and materials for utilities and industry. As an independent software producer with more than 2,300 employees, PSI has been a technology leader since 1969 for process control systems that ensure sustainable energy supply, mobility and production by combining AI methods with industrially proven optimization methods. The innovative industry products can be operated on-premises or in the cloud.
