Another all time high for Simtronics
Simtronics ASA, the Norwegian fire and gas safety company, posted a 56 per cent revenue growth for the third quarter of 2007, which is another all time high quarter. Net revenue was NOK 39.3 million, compared to NOK 25.2 million the third quarter last year. Simtronics' margins developed strongly and EBITDA ended at NOK 4.5 million ( 11,4% ), compared to a loss of NOK 0.5 million last year.
[26.10.2007]EBIT came in at NOK 3.5 million (8,8%) (2006: NOK -0.9 million).
For the first nine months of 2007, Simtronics had net revenue of NOK 94.4 million, compared to last year's NOK 67.0 million. EBITDA for the first nine months was NOK 7.4 million ( 7,9% ), up from a loss of NOK 1.9 million in the first nine months of last year. EBIT came in at NOK 4.8 million ( 5,1% ), up from a loss of 3.9 million last year.
"We are extremely pleased that our growth and diversification strategy proves successful. We have developed into a systems supplier for fire and gas safety, and the response from the market is more, larger and more sophisticated contracts," said Simtronics CEO Rune Martini.
The third quarter was marked by a strong order flow as well as continued improvement of operational efficiency. During the quarter Simtronics secured its position in the new FPSO market and also entered into a new segment, when the Company was awarded the contract for fire and gas safety systems at the Guyana Space Centre in French Guyana. In the quarter Simtronics also entered into a frame agreement with ABB, opening up the global ABB organisation to Simtronics system and product portfolio. The quarter ended with a solid order backlog of NOK 89.4 million.
"The market outlook remains very positive and we expect to see further growth following our combined business model and more aggressive sales efforts. We are confident that Simtronics will deliver strong organic growth also in the months ahead," Rune Martini said.
For further information, please contact:
Mr Rune Martini, CEO of Simtronics ASA, telephone +47 4807 8080
Simtronics ASA (Oslo Stock Exchange: SIMTRO) works to prevent disasters from happening. The company is an international supplier of fire and gas safety systems. Simtronics' flame and gas detectors represent the most accurate, reliable and robust safety technology available. The Company's products are used by the oil and gas industry as well as in shipping, petrochemical and other process industries and in mining. Simtronics has a well established market base in Europe with Norway, France, UK and Germany as the single most important markets. Simtronics' heritage goes back to 1948.