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Polytec Group results for the first half 2010
(PresseBox) (Hörsching, )
In the period under review, POLYTEC GROUP's key financial figures continued the upward trend showed in the previous quarter, with group earnings recording considerable growth. This led, (for the first time since the unfolding of the economic and financial crisis), to a positive net result for the period of EUR 4.3 million in Q2 2010 and to earnings per share of EUR 0.18. Group sales increased by 32.8% to EUR 201.1 million on a quarterly basis and by 25.6% to EUR 365.8 million in the first half of 2010 in line with the development shown in Q1 2010. All segments were able to profit from this outstanding performance by the automotive industry. Due to this dynamic trend and the positive effects of the costcutting measures implemented in the course of 2009, the group was able to achieve a considerable improvement of EBITDA, which grew by EUR 23.6 million to EUR 16.6 million in the first half of 2010. This corresponds to an EBITDA margin of 4.5%. Group EBIT rose by EUR 24.6 million to EUR 3.0 million in the period under review.
Outlook
Based on the dynamic development of the automotive and commercial vehicle industry throughout the first six months of 2010 and the forecasts for the second half of the year, total group sales of EUR 700 million are expected for the full year 2010. Although sales forecasts for the fullyear became firmer compared to March 31, 2010, the further development of the earnings situation remains largely uncertain. If the current market trend also continues in the second half of 2010, a further improvement of results can be anticipated.
The half year financial report incl. the segment reporting and the more detailed outlook can be downloaded from www.polytec-group.com.
Outlook
Based on the dynamic development of the automotive and commercial vehicle industry throughout the first six months of 2010 and the forecasts for the second half of the year, total group sales of EUR 700 million are expected for the full year 2010. Although sales forecasts for the fullyear became firmer compared to March 31, 2010, the further development of the earnings situation remains largely uncertain. If the current market trend also continues in the second half of 2010, a further improvement of results can be anticipated.
The half year financial report incl. the segment reporting and the more detailed outlook can be downloaded from www.polytec-group.com.
