Strong growth for Simtronics
Simtronics ASA, the Norwegian fire and gas safety company, posted a 27 per cent revenue growth for the first quarter of 2007. Net revenue for the quarter was NOK 20.0 million, compared to NOK 15.7 million the first quarter last year. The Company's EBITDA was NOK 0.2 million in the first quarter, compared to NOK -2.9 million in the same period last year.
Q1 2007 was Simtronics ASA's first quarter as an independent company, following the de-merger from Simrad Optronics ASA and listing on the Oslo Stock Exchange in January.
During the quarter Simtronics secured its first two contracts in the FPSO segment and the first contract in the turbine market. This is in line with the Company's strategy of expanding into new customer segments. Also within the promising mining market Simtronics received new deliveries in the first quarter. The offshore industry in the North Sea, where Simtronics enjoys an 80% market share, remains the Company's single most important market, still holding considerable potentials.
Commenting on the quarterly result, Simtronics' CEO Rune Martini said: "Simtronics is developing according to the previously announced strategy. We are in the process of building a leading fire and gas safety company. During the quarter we have moved in the right direction, both in terms of expansion into new segments and in improving the Company's financial results."
The Company ended the quarter with an order backlog of NOK 28.8 million, which is 24% higher than at the beginning of the quarter.
In April, Simtronics acquired Water Mist Engineering (WME) and in doing so expanded its business model from detection to extinguishing, according to the Company's strategy. The acquisition of WME creates considerable synergies, particularly in terms of distribution power and engineering capabilities.
The outlook for Simtronics is very favourable. A general positive market trend is combined with the Company's entry into new market segments and broader products offering. The synergies created by the WME acquisition are also expected to contribute to a positive development for Simtronics ASA going forward.
For further information, please contact Simtronics ASA by:
Mr Rune Martini, CEO, telephone +47 48 07 80 80
Mr Pål Selboe Valseth, CFO, telephone +47 91 70 02 70
Simtronics ASA (Oslo Stock Exchange: SIMTRO) works to prevent disasters from happening. The company is an international supplier of systems for detecting fires and gas leaks. Simtronics' flame and gas detectors represent the most accurate, reliable and robust safety technology available. The detectors 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.
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