08/13/2008 07:33:00 CEST
Revenues in H1 2008 more than triple to € 101.6 million
- EBIT up more than 210% to around € 12.0 million
The Manz Group successfully continued its dynamic on-track growth in the first half of 2008. The high-tech engineering company lifted its revenues from € 28.07 million in the first half of 2007 by more than 260% to € 101.60 million. Growth was again driven by the systems.solar division, where Manz recorded revenues of € 59.05 million (previous year: € 17.63 million). In addition, the systems.lcd segment also enjoyed substantial growth with revenues of € 17.52 million (previous year: € 4.98 million), which was also due to the subsidiary Intech Machines Co., Ltd., consolidated for the first time in the second quarter of 2008. At the same time, the group's total operating revenue increased to € 102.44 million, more than triple the figure in H1 2007 (€ 30.94 million).
In the first six months, EBIT also climbed significantly by around 210% to € 12.02 million (previous year: € 3.88 million). Compared to revenues, Manz Automation recorded an EBIT margin of 11.8% compared to 13.8% last year. The anticipated short-term dilution of the EBIT margin is due, in particular, to the consolidation of acquired companies and their existing product ranges. The capacity used for these lower-margin products will be used for high-profit solar applications during the course of the group's further growth. Pre-tax earnings (EBT) were up by € 7.53 million to € 11.38 million (previous year: € 3.85 million). This resulted in net income for the period of € 8.82 million compared to € 2.40 million last year. This corresponds to earnings per share of € 2.41 (previous year: € 0.73). Taking the strong expansion of the group's operating business into account and the associated requirements for working capital, the cash flow from operating activities totaled € -1.2 million (previous year: € 5.08 million).
As a result of the sustained growth, the Managing Board has reconfirmed its revenue forecast of € 235 – 240 million for fiscal year 2008. The Managing Board is also forecasting a sustained increase in EBIT.
"We are very pleased with the strong first half of 2008. In addition to integrating the companies we have acquired and the associated increase in capacity, our recent capital increase has laid the foundations for sustained dynamic growth. Moreover, we have concluded new, landmark strategic alliances and will further increase the vertical integration in our production lines. This will reinforce our position on the market, allowing us to also benefit from opportunities for growth in Germany and abroad," commented CEO Dieter Manz.
The full report for the first half of 2008 can be downloaded from www.manz-automation.com in the Investor Relations section.