For the Cicor Group, the year 2021 was characterized by important milestones: The change in shareholders and the Board of Directors, as well as the shift towards accelerated growth with strengthened profitability, have already led to an initial result with the acquisition of Axis Electronics Ltd. at the end of November 2021. Despite massive headwinds from the COVID-19 pandemic and material bottlenecks, the operating business returned to growth already in the first half of the year, and the pace picked up even further in the course of the year. In the process, the operating margin recovered to a level already approaching the pre-crisis level. Order intake at an all-time high was the result not only of longer-term customer ordering behavior but also of the bulging new project pipeline. With this tailwind and the integration of Axis Electronics Ltd., Cicor has started strongly into 2022.
The cross-industry trends toward electrification and digitization in 2021 enabled the electronics industry to move through the pandemic more successfully than some other manufacturing sectors. This is all the more remarkable because the past year was also characterized by supply shortages and impaired goods traffic.
The Cicor Group has demonstrated resilience in 2021 and continued to drive forward its announced organic and inorganic growth strategy, even in these challenging times. With the acquisition and integration of Axis Electronics Ltd. from Bedford, UK, the company has succeeded in taking
an excellent first growth step. Thanks to the record-high order intake in 2021 and the high order backlog at the end of the year, Cicor is looking positively into the future, despite ongoing shortages of raw materials and components. The letter to shareholders on pages 8-11 of the present annual report provides a detailed insight into the 2021 business year.