EANS-News: GESCO is starting into the upturn
- Incoming orders increase significantly in the first quarter - Full year guidance confirmed - Positive development continues in the second quarter
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quarterly report
Subtitle: - Incoming orders increase significantly in the first quarter - Full year guidance confirmed - Positive development continues in the second quarter
Wuppertal (euro adhoc) - Wuppertal, 12 August 2010 - In the first quarter (1 April to 30 June 2010) of financial year 2010/2011 (1 April 2010 to 31 March 2011), GESCO Group´s business recovered significantly. Whereas in financial year 2009/2010, incoming orders dropped lower and lower in each quarter, this trend reversed itself in the first quarter of 2010/2011. This positive development also continued in the second quarter.
The Group´s incoming orders climbed by 42.9 % to EUR 87.8 million in the first quarter, which encompasses the operating months January to March of the subsidiaries (previous year´s period: EUR 61.4 million). Group sales went up by 4.3 % to EUR 76.8 million (previous year´s period: EUR 73.6 million). While material expenditure went up, personnel expenditure went down slightly, despite increased sales. Other operating expenditure in the first quarter includes a one-off effect of around EUR 0.6 million, which is not going to repeat itself in the following quarters. Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 7.3 million (EUR 7.5 million). As write-downs were slightly up, EBIT (earnings before interest and taxes) went down from EUR 4.9 million in the previous year to EUR 4.6 million. The financial result improved from EUR -0.9 million to EUR -0.7 million. Group net income after minority interest totalled EUR 2.4 million compared to EUR 2.5 million in the first quarter of the previous year. This equates to earnings per share according to IFRS of EUR 0.81 (EUR 0.83). Without the above-mentioned one-off effect, earnings figures would have developed positively and risen higher than sales.
The Group employed 1,731 staff on the reporting date compared to 1,762 on the previous reporting date. Figures for the same period in the previous year did not yet include the 42 employees of Georg Kesel GmbH & Co. KG, which was acquired in April 2009.
Business continued to develop positively in the second quarter of financial year 2010/2011, which encompasses the operating months April to June of the subsidiaries. Incoming orders amounted to EUR 91.4 million, sales were in the region of EUR 79.8 million. Both figures were higher than in the first quarter of financial year 2010/2011.
Based on the available information, the company is confirming its forecast from 29 June 2010. It projects Group sales between EUR 290 million and EUR 320 million and Group net income after minority interest of between EUR 9 million and EUR 11 million. This corresponds to earnings per share according to IFRS of between EUR 2.98 and EUR 3.64.
Dr. Hans-Gert Mayrose, member of the Executive Board, on the first quarter: "GESCO Group has left the recession behind. At some subsidiaries it takes several months for incoming orders to translate into sales, but the book to bill ratio is above 1 - a sign of further growth."
Online at www.gesco.de: Complete interim report and video webcast with commentary by Dr. Mayrose on the I. quarterly report 2010/2011.
end of announcement euro adhoc --------------------------------------------------------------------------------
Further inquiry note:
Oliver Vollbrecht
Leiter Investor Relations
T.: +49(0)202 24820 18
info@gesco.de
Branche: Economy, Business & Finance
ISIN: DE0005875900
WKN: 587590
Index: SDAX, Classic All Share, Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade
Original content of: GESCO AG, transmitted by news aktuell