Imtech maintains forecasts for further growth in 2009
Imtech CEO Dr René van der Bruggen said: 'Imtech is holding its own in the face of unfavourable economic conditions by growing its activities in all European divisions and in the global maritime market. The order book developed well in the first quarter of 2009. Our financial position remains healthy. While we are not immune to the consequences of the economic crisis, our portfolio of technical core competences combined with strong positions in numerous market segments spread across more than 19,500 customers makes us less sensitive and highly flexible. We believe in our own strength and that is why we are maintaining our outlook for further growth in 2009 and our long-term growth objectives for 2012.'
Further growth across a broad front
As expected all Imtech divisions achieved further revenue growth. In the Benelux countries Imtech is successfully focusing in the energy market on technical solutions - including total solutions - for projects like high-tech power stations and 'green' low-energy lighting. In Germany Imtech won sizeable contracts not only in the energy market, but also from the pharmaceutical industry, for conference and sports centres and in the healthcare sector. The European soccer championship in Poland in 2012 will have a positive effect for Imtech, including new orders in the hotel sector. In the UK & Ireland, too, Imtech is successfully directing its efforts towards the energy market, in projects including the building of advanced bio-fermentation stations that generate energy from sludge. Besides, Imtech is benefiting in the UK from the Olympic Games in London in 2012. In Spain, Imtech has grown into one of the strongest players in the maintenance market, especially in industry (oil, gas, chemical and petrochemical industries). NVS, acquired last year in Scandinavia, is developing well with a widely based stream of midsize and smaller contracts and a growing position in the energy market. Two well-performing companies were taken over to strengthen the portfolio in Scandinavia, i.e. a maintenance company and a mechanical engineering process specialist. In the ICT market, Imtech is comfortably holding its own in Europe, thanks in part to a strong portfolio that combines hardware, software and managed IT services in numerous market segments. The large number of long-term maintenance contracts and intelligent traffic solutions in the Traffic market are generating a more or less stable flow of income. Imtech made progress in the maritime market with orders for German navy frigates, a large cruise ship and luxury yachts (including some mega-yachts). Imtech has noticed in a number of markets the first cautiously positive signals of reviving government investments as a result of economic stimulation programmes.
Healthy financial position
Imtech's financial position remains stabile and is still well within the margins of the covenants concluded with banks. Partly in response to the prevailing economic conditions, Imtech is directing a lot of attention towards the development of its cash position and to the control of its working capital and indirect costs.
Confidence in Imtech's strength
Imtech is not immune to the effects of the economic crisis and a few of its 19,500 customers have either time-shifted projects or temporarily postponed them. As a result of increasing competition Imtech expects to experience in due course some pressure on its prices. Against this, however, the Imtech portfolio (the strong combination of electrical engineering, ICT and mechanical engineering spread across numerous of countries and market segments) and flexible project organisation make Imtech resilient. Imtech is maintaining a good balance and believes in its own strength. This is underscored by the success of large-scale recruitment campaigns for technical personnel.
Imtech maintains outlook and long-term growth objectives
According to its current views, Imtech expects a further increase of its EBITA in 2009 through organic growth and acquisitions. Imtech is fully maintaining its long-term strategic plan for reaching in 2012 revenues of 5 billion euro (2008: more than 3.8 billion euro) with an operational EBITA margin target of 6% (2008: 5.5%).
- 11 August 2009: Half-year results 2009
- 28 October 2009: Trading update for third quarter 2009
- 16 February 2010: Annual results 2009
Imtech Contracting GmbH
Imtech N.V. is a European technical services provider in the fields of electrical engineering, ICT and mechanical engineering. With over 22,500 employees, Imtech achieves annual revenue of around 3.8 billion euro. Imtech holds strong positions in the buildings, industry and infrastructure/mobility markets in the Netherlands, Belgium, Luxembourg, Germany, Eastern Europe, Nordic, the UK, Ireland and Spain and in the global marine market. In total Imtech serves 19,500 customers. Imtech offers added value in the form of integrated and multidisciplinary total solutions that lead to better business processes and more efficiency for customers and the customers they, in their turn, serve. Imtech also offers solutions that contribute towards a sustainable society, for example in the areas of energy, the environment, water and mobility. Imtech shares are listed on the Euronext Stock Exchange Amsterdam, where Imtech is included in the Midkap Index. Imtech shares are also included in the Dow Jones STOXX 600 index.