21 Aug 2008 |
Press release - Grontmij first half year 2008: profit increases by 20%
Comments of Sylvo Thijsen, CEO Grontmij N.V.: "In the first half year of 2008 we were successful in achieving our targets through increased turnover and profit. Virtually our entire turnover and earnings are generated in Europe."
- Result after income tax in first half year of 2008 increased by 20% to € 18.5 million (2007: € 15.4 million). Earnings per share also increased by 20%, from € 0.87 to € 1.04.
- Revenue first half year: € 418.4 million (2007: € 383.6 million).
- Net revenue increased to € 332.6 million (2007: € 294.6 million). Organic growth first half year of 2008: 10% (2007: 8%). Eliminating currency exchange rate effects, organic growth is calculated at 12.3%.
- Earnings before interest and tax (EBIT) increased in the first half year of 2008 by 23.6% to € 27.2 million (2007: € 22.0 million).
- EBITA increased by 15% to € 29.7 million, i.e. 7.1% of Revenue (2007: € 25.8 million, i.e. 6.7% of Revenue).
- Strong second quarter with 18% Revenue increase and 24.6% EBIT increase. Acquisitions contributed 3.5% of Revenue increase.
- All countries in Europe are well in line with expectations.
- Outlook for 2008 remains unchanged: approaching 8% EBITA on Revenue, excluding unforeseen circumstances.
Comments from Sylvo Thijsen, CEO Grontmij N.V.:
"In the first half year of 2008 we were successful in achieving our targets through increased turnover and profit. Virtually our entire turnover and earnings are generated in Europe. All countries have improved their performance as compared to the first half year of 2007. We were able to improve our market position especially in the United Kingdom, Denmark, Germany and Central Europe. Germany, Belgium and Sweden significantly increased their margins particularly by improving their business mix. In the Netherlands the organic growth of the net revenue rose by 12%.
Grontmij's order book continues to be good and growing. The current focus on world's climate remedies and conservation of food and natural resources drives the demand for our services including climate strategies for both governmental and private businesses. Despite the current climate of economic instability, we still see a continued demand for public investments in all our countries. I'm delighted with the excellent order inflow and contribution of our newly acquired companies in this second quarter. Grontmij’s solid positioning in Europe provides the prospect of a continued growth with sustained profitability.
The outlook for the second half year of 2008 is unchanged positive: growth in revenue and profit. We expect to approach an operational margin of 8% (EBITA on Revenue) over the full year 2008."