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Integralis reporting further revenue and earnings growth in the first half of 2008
-Operating profit up 51.1%
-Substantial increase in cash flow from operating activities to € 2.6 million
-Highest order backlog in the Company’s history
Integralis achieved consolidated revenues of EUR 80.4 million in the first half of 2008 (previous year € 68.0 million). At 18.4%, revenue growth continued with unabated momentum despite muted economic conditions and the persistently strong euro. United Kingdom and the GAS region (Germany, Austria, Switzerland) accounted for the lion's share of consolidated revenues. After a weak first quarter, US business also turned the corner. The gross margin stood at 32.6% at the end of the first half, with a slightly higher figure of 33.0% achieved for the second quarter. As a result of the sharp rise in technology sales, the cost of materials rose to € 54.2 million (previous year € 43.1 million). However, at € 17.8 million (previous year € 16.6 million), personnel costs did not grow as quickly as revenues. As it was possible to lower other operating expenses slightly (€ 6.0 million vs. € 6.1 million), Integralis achieved EBITDA of € 2.5 million in the first half of the year (previous year € 2.2 million). The increase in EBIT was even more pronounced as amortisation charges recognised in connection with the order backlog of an acquired company had exerted additional pressure in the previous year. In the first six months of 2008, Integralis generated EBIT of € 1.6 million (previous year € 1.0 million), a year-on-year increase of 51.1 percent. At € 1.6 million, post-tax earnings, however, were exactly on a par with the previous year (€ 1.6 million) due to the fact that greater deferred taxes had been recognised in the previous year and the Group's now improved profitability has resulted in increased income tax expense. On an encouraging note, the strong net cash inflow from operating activities of € 2.6 million (previous year net cash outflow of € 0.3 million) is strengthening the Group's internal financing resources.
Despite the challenges posed by the economy, CEO Georg Magg considers Integralis to be well poised for the future. "We have the largest order backlog in our history and are expecting to receive further major MSS contracts in the third quarter. The recently announced portfolio extension and regional expansion into growth markets is reinforcing Integralis' future strategic orientation on its path to achieving greater sustained profitability," says Georg Magg, confirming that the company is on track to achieving its previous guidance.
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