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PSB INDUSTRIES (EPA:PSB) - Operating profit rising significantly : to €11.5 million, or 10.2% of revenues

Directive transparence : information réglementée

23/08/2010 18:02

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PSB INDUSTRIES

                                 FIRST HALF 2010
                      Operating profit rising significantly
                     to EUR11.5 million, or 10.2% of revenues

Consolidated data (*)                    1st half 2010  1st half 2009
(in EUR 000's)
Sales                                        112,777        91,665
Operating profit                              11,475         4,022
Operating profit as % in sales                10.2 %         4.4 %
Consolidated net income                        6,451         1,354
Net income attributable to the Group           6,121         1,300
Cash flow                                     14,644         9,977

(*) Half-year accounts approved by the Board of Directors meeting on August 6,
2010 after a limited review by the auditors.

Revenues
PSB Industries posted consolidated revenues of EUR112.8 million for the first
half 2010 vs. EUR91.7 million for the first half 2009, up 23.0%, or 22.2% on a
constant currency basis.

Earnings
This increase in sales, combined with the lower breakeven point resulting from
the cost-cutting programs, increased profitability substantially: operating
profit rebounded to EUR1 1.5 million, or 10.2% of sales compared to 4.4% in the
first half-year of 2009.
All three business units significantly increased their bottom lines.

Debt
Net debt (EUR81 .3m) remained stable compared to December 31, 2009, with the
net-debt-to-equity ratio decreasing from 115% to 104% in the first half, on a
trend that should continue.

Outlook
Revenues are expected to grow in the second half-year at a slower pace given the
base effect, and the operating profitability for FY201 0 is expected to remain
close to that of the first half.

Sales figures for Q3 2010 will be published October 12.