Record earnings for Simtronics
Simtronics ASA, the Norwegian fire and gas safety company, has posted record earnings and strong sales growth for 2008. Sales grew by more than 150 per cent and the EBITDA more than tripled.
[27.02.2009]Simtronics had sales of NOK 357 million last year, up from the 2007 sales of NOK 143 million. Recent acquisitions are the main reason for the sales increase, but the Company also experienced substantial organic growth in 2008. EBITDA came in at NOK 35.8 million, compared to NOK 11.4 million the previous year. The EBITDA margin came into the double digits, 10 per cent compared to last year's 8 per cent margin. EBIT for 2008 was NOK 25.5 million, up from NOK 8.0 million.
For the fourth quarter alone Simtronics posted sales of NOK 94.9 million, up from NOK 48.0 million in the previous year's fourth quarter. EBITDA came in at NOK 8.2 million, up from NOK 4.0 million.
Simtronics' order intake was very strong in the fourth quarter and the Company exited 2008 with an attractive order backlog.
"2008 was the first year for Simtronics as a multi product safety group. Having succeeded in our growth strategy, we have created a profitable company with a far stronger customer offering", said Simtronics CEO Rune Martini.
Simtronics is experiencing its strongest growth in Asia, where sales grew from NOK 7 million to NOK 96 million in 2008. During the year branches in Singapore and Korea became operational in preparation for further growth in Asia.
"We expect stable sales and gross profit margins also in the months ahead, despite the current financial turmoil. Our business model proves robust and balances various cycles and customer needs in our markets in a positive way," said CEO Rune Martini.
For further information, please contact:
Mr Rune Martini, CEO of 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, solutions and systems 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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