Best quarter ever for Simtronics
Simtronics ASA, the Norwegian fire and gas safety company, posted a 35 per cent revenue growth for the second quarter of 2007, which is the Company's best quarter ever. Net revenue was NOK 35.2 million, compared to NOK 26.0 million the second quarter last year. Simtronics' margins developed even stronger and EBITDA ended at NOK 2.8 million, up 132%.
[15.08.2007]EBIT came in at NOK 1.8 million (2006: NOK 0.1 million). Second quarter numbers include Water Mist Engineering (WME), which was acquired in April.
For the first half of 2007, Simtronics had net revenue of NOK 55.1 million, corresponding to an increase of 32% over last year. EBITDA for the first half year was NOK 2.9 million, up from a loss of NOK 1.4 million in the first six months of last year. EBIT came in at NOK 1.3 million, up from a loss of 3.0 million last year.
The second quarter was marked by a strong order flow as well as continued improvement of operational efficiency. While operating income grew by 35% in the quarter, costs increased by only 30%. Focus has been on improving the margins by reducing material costs, including renegotiating contract terms with suppliers, and internal focus on reducing operating costs.
"Our broad product offering following the acquisition of WME has been well received by the market. We have been awarded a number of significant contracts in the quarter and the outlook remains very positive," said Simtronics CEO, Rune Martini.
Simtronics ended the second quarter with a record order backlog of NOK 108.5 million.
The Company' expects its double digit growth to continue and will focus even more on improving operational efficiency going forward.
For further information, please contact Simtronics ASA:
Mr Rune Martini, CEO, 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.
Q2 2007 SIMTRO - Presentation - 15 08 2007 FINAL (.pdf)