11 Nov 2010 |
Press release - Grontmij first nine months 2010
European markets remain tough, but Grontmij re-confirms outlook.
- Total Revenue + 3.6% € 627 million (2009: € 605 million)
- EBITA € 28 million (2009: € 33 million) *
- EBITA margin 4.5% (2009: 5.5%) *
- Acquisition Ginger complete
- Order book stable
- Outlook 2010 – underlying EBITA € 43m - € 46m
Sylvo Thijsen, CEO Grontmij N.V.: ‘The nine months of 2010 have seen considerable management action to position the business for growth in profitability and scale; in a still tough European market with difficult conditions and uncertainties. Our diversified exposure to end markets in Europe and RoW, continues to give us added resilience to market fluctuations and uncertainties and we remain well prepared for a period of tight government spending in some of our countries.
During the third quarter, the acquisition of the remaining shares of Ginger was successfully completed, and good progress was made on developing front line synergies and on the integration of the business. Revenues for the group exceeded levels in 2009 due to the acquisition, compensating for the lower levels of activity in the Nordics, the UK and the Netherlands. As governments start to implement their budget cuts we expect our markets to remain challenging, and we will be consistent with our previous approach to monitor demand levels, and take action where necessary with resource levels. It is likely that our public clients take some time to work through the full effects of the changed economic climate, whilst we expect to see the improvement from the fourth quarter 2010 as cost savings impact.’
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