Annual Report 2021

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.

Development of the Cicor Group - Resilience and profitable growth in challenging times