Improved profitability as simplification measures reduce cost
- Revenue for Q2 2016 stable at EUR 114.1 million (Q2 2015: EUR 114.3 million)
- Normalised EBITA of EUR 8.6 million, an 8% increase from Q2 2015 (EUR 8.0 million) as our first simplification measures take effect
- Normalised EBITA margin for Q2 2016 of 7.5%, up from 7.0% in Q2 2015
- Normalised EBITA margin for HY1 2016 of 7.3%, up from 7.1% in HY1 2015
- Normalised net profit in HY1 2016 EUR 10.1 million (HY1 2015: EUR 10.7 million, which included a one-off tax gain of EUR 1.2 million)
Joep van Beurden, Kendrion CEO:
"Kendrion had a solid second quarter where we saw that our profitability improved over last year as the first of our simplification measures begin to take effect. For the first half year we saw similar improved underlying EBITA performance, with revenue that remained roughly equal to HY1 2015.
We are on the right track in implementing our strategy of "Simplify, Focus and Grow" and are confident about our ability to grow both our top and bottom line through the business cycle.
We reiterate our expectation to grow our annual revenue by an average of 5% over the next three years and to deliver an EBITA margin of 10% as from the end of 2018.
For the second half of 2016 we expect the global economic situation to remain challenging but are nevertheless confident about our strong business fundamentals and healthy project pipeline."
Key figures
HY1 2015.
(x EUR 1 million unless otherwise stated)Q2 20161Q2 20152Difference in %Revenue114.1114.30%EBITDA13.712.96%EBITA8.68.08%Net profit5.45.6-3%ROS7.5%7.0%(x EUR 1 million unless otherwise stated)HY1 20161HY1 20152Difference in %Revenue225.4228.7-1%EBITDA26.526.02%EBITA16.416.31%Net profit10.110.7-6%ROS7.3%7.1%1 Normalised for non-recurring restructuring costs: Q1 2016: EUR 2.7 million (after tax EUR 2.1 million); Q2 2016: EUR 0.7 million (after tax EUR 0.7 million) 2 Net profit Q2 2015 includes one-off tax gain of EUR 1.2 million
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tijd 09.06
Kendrion EUR 25,055 -44ct vol. 2.506
