Strong growth with lower profit margins in Q2
- Revenues for Q2 2012 totalled 186.5 million, an increase of 15.2% compared to the second quarter of 2011 [161.9 million].
- EBITDA was 18.6 million or 10.0% of revenues [Q2 2011 normalised: 20.9 million].
- Operating profit (EBIT) was 12.2 million or 6.5% of revenues [Q2 2011 normalised: 15.0 million].
- Net result for Q2 2012 was 7 million [Q2 2011: 0.2 million ]. Basic earnings per share were 0.96 euro cents [Q2 2011: 0.03].
- Cash flow remains healthy and net interest-bearing debt is 262 million at the end of the quarter compared to 248.8 million in Q2 2011.
- The order book remains at a good level of 182.6 million at the end of the quarter compared to 169 million at the end of Q2 2011.
Marel shows strong market performance in the second quarter with revenues amounting to 186.5 million, which is 15.2% higher than in the previous year. EBIT margin of 6.5% in Q2 is below target (10-12%) for the full year. This is mainly due to the extra cost of realising some projects, coping with continued strong growth and an unfavourable product mix. The EBIT margin is 9% for the first half of the year and the target remains at 10-12%.
The second quarter signals a well balanced geographical split with large projects in Brazil, Turkey, the USA, South Africa and Russia. The revenue split across the Poultry, Fish and Further Processing industries is also at a good level.