KROMI Logistik AG reports significant revenue and earnings growth in first quarter of 2011/2012
- Revenue up 47.8% to EUR 12,042 thousand
- Positive EBIT of EUR 372 thousand
- Managing Board confirms existing forecast
KROMI Logistik AG, a provider of end-to-end tools logistics solutions for manufacturing companies, reports significant revenue growth in the first quarter of its 2011/2012 fiscal year. In the period from July until September 2011, the Group generated revenue of EUR 12,042 thousand, compared with EUR 8,148 thousand in the previous year (+47.8%). KROMI Logistik benefited particularly from its existing customers' continued high production levels. In addition, some of the new customers that were acquired in the previous fiscal year delivered positive revenue contributions. KROMI Logistik also recorded tangible operating profit growth in line with this revenue trend. The Group reported earnings before interest and tax (EBIT) of EUR 372 thousand (previous year: EUR -159 thousand). As a consequence, after the first quarter of 2011/2012, KROMI is in line with its budget of exceeding the 22% revenue growth that it realised in its previous fiscal year.
In parallel with the strong growth in revenue, of which approximately one third is now being generated with customers abroad, the cost of materials underwent a significant increase from EUR 5,894 thousand to EUR 8,783 thousand. In overall terms, this results in satisfactory earnings before interest and tax (EBIT) of EUR 372 thousand, compared with EUR -159 thousand in the previous-year period. As a consequence, KROMI Logistik has achieved its best quarterly earnings since it first felt the tangible effects of the economic crisis in January 2009. The Group reported a consolidated net profit of EUR 196 thousand after taking finance costs, other income, and taxes to be paid into account. The company was still reporting a loss of EUR -155 thousand in the comparable period of the previous year.
"KROMI Logistik looks back on a first quarter of 2011/2012 that witnessed extremely strong growth: the targets that we set out in the annual report, in other words, the expansion of our supplies to our existing customers, and the gradual introduction of the KROMI system to new customers, were fulfilled absolutely over the past quarter," was how Jörg Schubert, CEO of KROMI Logistik AG, commented on business trends. "Although current upsets on international capital markets might place a brake on business growth, we are confirming our existing forecast: in the full 2011/2012 fiscal year, we are expecting that we will exceed the 22% revenue growth that we achieved in the previous fiscal year. We also continue to aim for a positive EBIT margin in the low single-digit percentage range - given unchanged macroeconomic conditions."
Over the course of the day, KROMI Logistik AG will make its full report for the first quarter of the 2011/2012 fiscal year available for downloading on its website at www.kromi.de within the Investor Relations area.
KROMI Logistik AG
KROMI Logistik AG offers manufacturing companies end-to-end outsourcing for their supply of precision machining tools, both in Germany and abroad. The company focuses on technically advanced machining tools for metalworking and plastics (consumable and cutting tools, e.g. drills). KROMI combines conventional tool retailing with a decentralised tool supply system that includes output machines in the customer's production area and an IT-based tool management and controlling system. KROMI's aim is to sustainably optimise the supply of resources (particularly tools) for its customers and to secure the availability of the appropriate resources at the right time and in the right place. The company is currently represented at five locations in Germany and four abroad (Slovakia, Czech Republic, Brazil and Spain), and is active in five other European countries. To date, KROMI has primarily focused on customers in the general machine engineering, marine engine construction and aerospace sectors, as well as on automotive suppliers.
Visit us online at: www.kromi.de