OLDENBURG (dpa-AFX) - The photo services provider Cewe currently sees no influence of the persistently high inflation on the ordering behavior of customers and thus on the development of sales. Nevertheless, the company is entering the new year with caution, especially since there are uncertainties on the merchandise input and cost sides due to the inflation-related increase in prices. In terms of sales, Cewe expects a figure of between EUR 720 million and EUR 780 million in the current year, as the SDax-listed company announced in Oldenburg on Thursday.

If the average is reached, this would be slightly more than last year. After-tax earnings are expected to be between 47 million euros and 55 million euros. Here, the midpoint is at the 2022 level. Last year, the company was able to increase sales and earnings - as already known. The targets are in line with the expectations of experts surveyed by Bloomberg. The figures were well received on the stock market. In a friendly environment, the share price recently rose three percent to 96.80 euros.

The share price is thus once again moving towards the upper end of the trading range of around 90 euros to almost 100 euros. The share has been trading within this range for several months following a previous recovery. In September, the share price temporarily fell to 70 euros. The last time the share price exceeded 100 euros was a year ago.

The company benefited in 2022 from the resurgence of celebrations and increased travel after the Corona pandemic. People took more photos again at events and on vacation and used them to design products developed by Cewe, such as photo books or calendars. As a result, Christmas business, which is traditionally strong anyway, was particularly strong.

Annual sales climbed a little above the upper end of the forecast issued by management and the operating result landed in the upper third of the announced range. Compared to the previous year, sales increased by seven percent to 741 million euros. At 75.6 million euros, operating earnings before interest and taxes (Ebit) were almost five percent higher than a year earlier.

Below the line, the Group earned 51 million euros, around four percent more than in the previous year. Shareholders are to receive a dividend increased by ten cents to 2.45 euros. "Subject to the approval of the Annual General Meeting, this is the fourteenth dividend increase in a row," it said. Cewe is thus among the top 5 German index companies that can boast a dividend that has increased over so many years, it added.

The heirs of company founder Heinz Neumüller, who hold around 27 percent of the 7.4 million shares, are the main beneficiaries of the higher dividend. They will thus receive a direct share in profits totaling five million euros. The share package currently has a stock market value of almost 200 million euros.

In recent months, the photo service provider has been burdened by a dispute at the top management level. This seems to have ended since the beginning of March. The Chairman of the Board of Trustees of the Cewe Foundation, Rolf Hollander, has resigned as a member and Chairman of the Board with immediate effect. With his decision, he said, he wants to make his contribution to pacifying the dispute over the appointment of Cewe's supervisory board.

"The company should be spared the threat of many years of legal disputes all the way to the Federal Court of Justice," the statement continued. Former CEO Christian Friege had fallen out with Hollander. Friege had to leave the company at the turn of the year. On Wednesday, Yvonne Rostock took over as CEO of Cewe, as previously announced./zb/lew/mis