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.
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.
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.
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.
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.