Successful turnaround and high growth for Simtronics
Simtronics ASA, the Norwegian fire and gas safety company, posted a 76 per cent revenue growth for the fourth quarter of 2007, which is the Company's third consecutive all time high quarter. Also Simtronics' profitability was significantly improved.
[26.02.2008]"We have succeeded in growing the Company and at the same time improve operational efficiency and boost profitability. We are now completing two acquisitions which will more than double Simtronics' revenue in 2008," said CEO Rune Martini.
Simtronics' net revenue in the fourth quarter was NOK 48.0 million, compared to NOK 27.2 million the fourth quarter the previous year. Simtronics' margins developed strongly and EBITDA ended at NOK 4.0 million, compared to NOK 0.8 million last year. Earnings before tax for the fourth quarter came in at NOK 2.2 million (2006: NOK -0.9 million).
For the full year 2007, Simtronics had net revenue of NOK 142.5 million, a 51 per cent growth over the NOK 94.2 million revenue in 2006. EBITDA for 2007 was NOK 11.4 million, up from a loss of NOK 1.1 million the previous year. Earnings before taxes came in at NOK 5.1 million, up from a loss of 6.4 million in 2006.
The fourth quarter was marked by a continued strong order flow, including strategically important orders in new and attractive market segments. The Company also saw a further improvement of operational efficiency; while sales increased by 76 per cent, operating expenses increased by only 67 per cent.
The acquisitions of 100% of Norwegian Etech process and 51% of Danish Fire Eater will boost Simtronics' revenue going forward. 2008 sales are expected to exceed NOK 350 million.
"Following these acquisitions, Simtronics 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.