NECKARSULM (dpa-AFX) - The IT service provider Bechtle has felt the caution of its customers in the first quarter. In Germany, according to company CEO Thomas Olemotz, a delayed budget release resulted in fewer orders from the state. This should ease during the rest of the year. However, the mood among domestic customers is also depressed in other respects. Sales fell unexpectedly in the first three months compared to the previous year. Although the management expects an improvement and confirmed the forecast, investors caused the share price to fall to a low for the year.

In the morning, the share lost around five percent to 43.76 euros in the MDax closing group. The price gains achieved since the beginning of the year have thus been wiped out. The quarterly figures were weaker than the market had expected, particularly in terms of turnover, wrote Stifel analyst Yannik Siering. Based on the figures, the lower end of the annual forecast now seems more realistic, noted Baader Bank expert Knut Woller.

In the first quarter, turnover fell by 2.3 percent to 1.5 billion euros, as Bechtle announced in Neckarsulm on Wednesday. Analysts had expected an increase on average. "In Germany in particular, the delayed release of the budget has led to a postponement of government orders," said CEO Olemotz according to the statement. The manager expects this to ease as the year progresses.

In contrast, the business volume, which also increasingly includes trading in software licenses, grew by 3.4 percent in the first quarter thanks to good business abroad. Pre-tax profit climbed by 2.8 percent to 82 million euros. According to Stifel expert Siering, this was helped by the fact that the software business generates a higher margin. Profit after tax also grew by 2.8 percent to 58.5 million euros.

Olemotz confirmed his forecast for the year. This envisages a "significant" increase in revenue and pre-tax profit, which at Bechtle means an increase of between 5 and 10 percent. "We want to and can pick up speed in the course of the year. The second half of the year will be decisive for our success," said Olemotz./men/stw/ngu