Continued high growth for Simtronics
Simtronics ASA, the Norwegian fire and gas safety company, posted a 250% revenue growth in the first quarter. 85% of the growth was organic, while the remaining growth is a result of acquisitions. Simtronics profitability also improved substantially in the quarter.
[09.05.2008]
We are extremely pleased to see that our acquisitions have resulted in improved operational efficiency and profitability almost immediately. Also, our offering is extremely well received by the market and Simtronics currently has the highest order intake ever," said CEO Rune Martini.
Simtronics' net revenue in the first quarter was NOK 69.7 million, compared to NOK 19.9 million the first quarter the previous year. Simtronics' margins developed strongly and EBITDA ended at NOK 7.7 million, compared to NOK 0.2 million last year. Earnings before tax for the first quarter came in at NOK 5.1 million (2007: NOK -1.1 million).
The first quarter was the fourth consecutive 'best ever' quarter for Simtronics. The order flow continued to be strong and a number of contracts were also secured in new and attractive market segments. At the end of the quarter Simtronics had an order backlog of NOK 194.4 million, the Company's highest ever. Simtronics also saw a further improvement of operational efficiency; while sales grew by 250 per cent, operating expenses increased by only 214 per cent.
Recent acquisitions, including Technor Safe Ex AS' active fire fighting system division in the first quarter, will boost Simtronics' revenue going forward.
"Simtronics now represents state-of-the-art technology in fire and gas detection as well as extinguishing and fire prevention. We expect this combined business model to provide further growth and profitability going forward. The market now considers Simtronics an even more attractive and relevant supplier and the demand for our products remains high," Rune Martini said.
For further information please contact:
Rune Martini, CEO Simtronics ASA,
Phone +47 48 07 80 80
Simtronics ASA (Oslo Stock Exchange: SIMTRO) works to prevent disasters from happening. The company is an international supplier of fire and gas safety systems, active fire fighting solutions and fire prevention 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.
Quarterly Reprot Q1 2008 (.pdf)