EXEL COMPOSITES PLC’S INTERIM REPORT FOR JANUARY 1 - JUNE 30, 2010
April – June 2010 highlights
- Net sales from continuing operations were EUR 19.2 (19.3) million, down by 0.6 per cent on the previous year
- Operating profit from continuing operations was EUR 2.7 (2.4) million, representing 13.8 (12.4) per cent of net sales
- Net operative cash flow was positive at EUR +3.3 (+3.2) million
- Fully diluted earnings per share were EUR 0.16 (0.16), of which continuing operations accounted for EUR 0.16 (0.16)
January - June 2010 highlights and outlook
- Net sales from continuing operations were EUR 34.8 (37.8) million for the first six months of 2010, down by 7.9 per cent on the previous year
- Operating profit from continuing operations was EUR 3.6 (4.4) million in January - June 2010, representing 10.4 (11.6) per cent of net sales
- Net operative cash flow was positive at EUR +4.1 (+6.2) million
- Fully diluted earnings per share were EUR 0.22 (0.30), of which continuing operations accounted for EUR 0.22 (0.29)
- Due to the market uncertainty and poor visibility, Exel Composites will not give any profit guidance
Vesa Korpimies, President and CEO:
“An improvement could be seen in the market situation during the second quarter of the year compared to the first quarter as a number of market segments recovered. The Group’s net sales in the second quarter of 2010 were on the same level as in the corresponding period last year. At the same time, the Group’s profitability improved by 11 per cent and the return on capital employed increased to 26 per cent. Sales continued to improve in electrical industry, machine industry and the sports and leisure industry.
During the first half of 2010 our cash flow continued to be positive and our equity ratio and net gearing continued to improve.
The challenging market environment is expected to continue in the second half of 2010. We will continue to focus on sales and on developing new applications with our customers. Exel Composites long-term growth prospects remain favorable, as there are many potential opportunities in for example airport products, the electrical industry as well as in the window and door profile market. As an international player, Exel Composites is able to provide unique service to customers both locally and globally. Exel Composites is now well positioned to take advantage of the growth opportunities as the markets gradually recover.”
The interim report can be read in full here:
Exel Composites Interim Report Q2 2010