Kendrion reports 9.9% EBITA margin and 17% profit growth in solid Q1 2018

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Algemeen advies 09/05/2018 07:32
Revenue growth of 2% to EUR 120.6 million (Q1 2017: EUR 118.3 million) and 4% at constant rates of exchange
Normalised EBITA growth of 12% to EUR 11.9 million in Q1 2018 (Q1 2017: EUR 10.6 million)
Normalised net profit growth of 17% to EUR 8.1 million in Q1 2018 (Q1 2017: EUR 6.9 million)
Normalised EBITA margin increases to 9.9% in Q1 2018 from 9.0% in Q1 2017
Continued implementation of simplification measures: Q1 non-recurring costs of EUR 1.1 million with annualised savings of EUR 0.5 million

Joep van Beurden, Kendrion CEO:
"We had a solid start to 2018 with 12% growth in EBITA compared to Q1 2017. EBITA totalled EUR 11.9 million, which equates to an EBITA margin of 9.9% and is double the EBITA of Q4 2017. Revenue growth was 4% at constant rates of exchange compared to a strong Q1 2017. Growth was especially strong in Industrial with higher activity levels across all three business units, supported by favourable economic conditions.

Our strategy of "Simplify, Focus, Grow" remains on track. Against the backdrop of continued favourable economic conditions in 2018, we expect benefits from our focus on Passenger Cars, Robotics and China and a further contribution from simplification measures.

We look to the future with confidence based on our strong business fundamentals, R&D capabilities, customer relationships and growing project pipeline. We reiterate our expectation to grow annual revenue by an average of 5% and to deliver an EBITA margin of 10% as from the end of 2018."

Key figures
Revenue 120.6 118.3 2%
EBITDA 17.7 16.2 9%
EBITA 11.9 10.6 12%
Net profit 8.1 6.9 17%
ROS 9.9% 9.0%
Normalised for Q1 2018 non-recurring restructuring costs of EUR 1.1 million (after tax EUR 0.8 million).
2 Normalised for Q1 2017 non-recurring restructuring costs of EUR 1.2 million (after tax EUR 0.9 million), and
restated due to early adoption IFRS 16 as per 1 January 2018 applying full retrospective approach.

see and

tijd 09.41
Kendrion EUR 33,90 +20ct vol. 25.823

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