Applus takes full control of Galician ITV

Applause already has full control over the concession for vehicle technical inspection (ITV) in Galicia. In its presentation of the results for 2022, the group states that last December it formalized the purchase of 20% of the capital of the stations for a technical review that was still in hand Finisterre investmentssurgery for which he paid 18.2 million euros and that also includes ITV Costa Rica.

The transaction was concluded five years after Applus acquired 80% of Inversiones Finisterre from Fomento de Iniciativas, a group controlled Castro’s lover and heirs of Epiphanius field, for 89 million euros. In fact, in that contract signed in the summer of 2017, both parties had already included a mechanism for the potential purchase of 20% from July 2022, subject to certain milestones being met, which was finally activated.

Results 2022

Applus achieved a net profit of EUR 48.6 million in 2022, which is 50.8% more than the previous year, when the group’s profit was EUR 32.2 million, the company reported on Monday. National Securities Market Commission (CNMV).

The Group’s revenue was close to EUR 2,050 million, 15.4% more (with an increase of 8% at constant currency), thanks to the activities of the four Applus divisions and the “repositioning” of the business portfolio towards more attractive markets.

The group’s adjusted net result increased by 18.9% to EUR 111 million, while the adjusted operating result improved by 15.3% to EUR 202 million.

The company noted that this “solid operating performance” was achieved in a year characterized by a high inflation, especially in the price of energy, which had a “significant” impact in the second half of 2022; due to the quarantine policy in China and the completion of a highly profitable MOT contract in its automotive division.

With these good results, the Management Board of Applus will propose dividend distribution of EUR 0.16 per shareabove EUR 0.15 per share in 2021.

Looking ahead to 2023, the company expects to achieve “mid to high single-digit” organic revenue growth, maintain its operating profit margin and continue to improve the composition of its service portfolio through new acquisitions and divestitures.