Strong revenue growth and good profitability
- Revenues for Q1 2012 totalled 184.9 million, an increase of 20.4% compared to the first quarter of 2011 [153.5 million].
- EBITDA was 27.4 million or 14.8% of revenues [Q1 2011: 23.3 million].
- Operating profit (EBIT) was 21.1 million or 11.4% of revenues [Q1 2011: 17.1 million].
- Net result for Q1 2012 was 13.1 million [Q1 2011: 8.8 million]. Earnings per share were 1.80 euro cents [Q1 2011: 1.20] which represents an increase of 50% from the previous year.
- Cash flow remains healthy and net interest bearing debt is 254.2 million at the end of the quarter compared to 250.5 million at year-end 2011.
- The order book is at a solid level of 201 million at the end of the quarter, significantly higher than in Q1 2011 [169 million].
Marel starts the year off strong in Q1 and in line with the Company’s growth strategy. Revenues amounted to 184.9 million, which represents an increase of 20.4% compared to Q1 2011, similar to the record fourth quarter of 2011 [183.9 million]. The EBIT margin of 11.4% is in line with the Company’s target of 10-12% return on sales.
Marel has good geographical revenue split. This quarter, solid growth in areas such as Asia and South America fully offsets a slower US market. The outlook for 2012 remains positive based on the level of the order book and market trends as perceived by Marel.
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