The marine and ports engineering and equipment group reports satisfaction with its first half results, given the global context
"Strong order intake from the third and fourth quarters of 2008 and the first quarter of 2009 gave our Group the stimulus it needed to deliver a respectable half year performance to our shareholders," said the company in an official statement.
"While our financial results are lower than in the corresponding period of 2008, Cavotec has successfully operated within this tough economic environment to maintain an acceptable level of profitability and continue planting seeds for future growth."
From January through June 2009, Cavotec reported E64.1M sales revenue, 2.8% less than the E66M recored in the same period in 2008. Year-to-date order intake in 2009 totaled E61.2M, 15.7% down on the first half of 2008.
The order book as of the end of June 2009 stood at E44.5M, just 3.5% down on the figure of E46.1M at the end of December 2008. "In light of the tough current market situation," says Cavotec, "we are also pleased to report that, as of 31 July 2009, our order book stands at a E44.2M and there are many prospects we have been following for months that are beginning to materialise into orders."
Operating profit (EBIT) as of 30 June 2009 was E4M (EBIT margin of 6%), or about 21.3% lower than EBIT reported on 30 June 2008.
