vendredi, 25. avril 2008 Growth remained strong in the first quarter of 2008
Catégorie : Corporate-NewsGrowth remained strong in the first quarter of 2008
- R. STAHL's growth strategy made great progress in fiscal 2007
- R. STAHL is raising its medium-term sales and profit margin targets
- Growth remained strong in the first quarter of 2008
- Management expects further sales and earnings growth for the year as a whole
Waldenburg, 25 April 2008 - The explosion protection specialist R. STAHL group has greatly outperformed its own guidance for fiscal 2007."The growth acceleration confirms our strategy of fully focussing on explosion protection," says R. STAHL CEO Martin Schomaker. "After laying the groundwork the year before, 2007 was our year of progress."
Sales, order intake, and profits are all significantly up
In fiscal 2007, R. STAHL group's sales grew 27% to EUR 211.6 million (previous year: EUR 167.1 million). Our organic growth came to 21%. Consolidated order intake increased 28% in fiscal 2007 to EUR 220.1 million (previous year: EUR 172.1 million).
We also substantially improved our operating profitability with pre-tax earnings (EBT) reaching EUR 24.6 million (previous year: EUR 16.5 million) including EUR 1.5 million income from the IT divestment at the beginning of 2007. Adjusted for this one-off effect, our operating EBT margin came to 10.9%, well ahead of our target range of 8-10%. Earnings per share from continuing activities rose over 50% from EUR 1.75 to EUR 2.65.
The key drivers of our strong growth in fiscal 2007 were both the robust business trend in our main sales sectors and the consistent pursuit of our growth strategy. R. STAHL expanded its sales share from the booming oil and natural gas industry from previously 28% to 31%. Our sales revenues from the growing ship supply sector also increased more than average. In our other key sales sectors, the chemical and pharmaceutical industries, demand remained stable in 2007.
We made more progress in building up our systems business last year resulting in an increase of orders on hand to EUR 38.5 million by the end of fiscal 2007 (previous year: EUR 30.0 million). We substantially expanded our capacities at our main Waldenburg factory and optimised our order handling processes there to quickly work off our mounting order backlog.
R. STAHL is raising its medium-term targets
In light of our favourable 2007 figures and continuing good business prospects, R. STAHL is raising its medium-term targets. The company is now planning on 2011 sales of EUR 300 million (2007: EUR 211.6 million) after a previous forecast of EUR 250-300 million. The operating return on sales is to come to 10% per year (previously: 8-10%).
Another dividend increase
R. STAHL's Managing and Supervisory Boards will propose to the annual general meeting a dividend distribution of EUR 1.10 per share (previous year: EUR 0.90 per share) representing some 40% of the group's 2007 profits. R. STAHL AG intends to continue its policy of appropriate shareholder participation in the company's business success going forward.
Growth course continues in the first quarter of 2008
According to preliminary calculations, our sales revenues in the first quarter of 2008 increased 14.3% to EUR 54.0 million (previous year: EUR 47.3 million). Order intake advanced 7.4% compared to the very strong Q1/07 in the period from 1 January to 31 March 2008 reaching EUR 59.3 million (previous year: EUR 55.2 million). Pre-tax earnings (EBT) came to EUR 6.6 million (previous year: EUR 4.5 million, adjusted for the IT divestment).
R. STAHL will publish detailed figures on the first quarter of 2008 on 15 May 2008.
Outlook for 2008
We had a good start into the fiscal year. For fiscal 2008 as a whole, management expects continuing high demand from our key customer industries. Especially the oil and natural gas sectors are expected to maintain their fast growth pace. Other of our sales sectors like the chemical, pharmaceutical, and ship supply industries seem to be well sheltered from economic ups and downs on an international scale. We expect lively capital spending activity particularly in Asia. R. STAHL's management does not see much risk to the group's business from the current financial crisis in the US since the company's customers claim brimming order books.
For fiscal 2008 as a whole, R. STAHL's management thus forecasts an increase of sales revenues from EUR 211.6 million to EUR 220-230 million. Pre-tax operating earnings are to reach 10% of sales revenues and our earnings per share are to improve further.
Key figures of R. STAHL group (in EURm) | |||
| 2007 | 2006 | Change |
Order intake | 220.1 | 172.1 | +27.9 |
Sales revenues | 211.6 | 167.1 | +26.6 |
Pre-tax earnings (EBT) | 24.6 | 16.5 | +49.1 |
Earnings per share | 2.65 | 1.75 | +51.4 |
Liquidity | 29.7 | 32.9 | -9.7 |
Dividend per share (in EUR) | 1.10* | 0.90 | +22.2 |
Staff (as of 31 December not including trainees) | 1,274 | 1,210 | +5.3 |
Trainees | 72 | 68 | +5.9 |
*Proposal to the annual general meeting
For exact figures and detailed explanations pertaining to our fiscal 2007 results please refer to our annual report posted on our corporate website at:
www.stahl.de/de/investor-relations/finanzberichte.html
Contact:
R. STAHL AG
Communication / Investor Relations
Judith Schäuble
Am Bahnhof 30, D-74638 Waldenburg, Germany
Phone: +49 (7942) 943-1217, Fax: +49 (7942) 943-40 1217
e-mail: judith.schaeuble@stahl.de