STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Niscayah Group AB (STO:NISCB)
THE SECOND QUARTER 2011
-- Revenues amounted to MSEK 1,527 (1,687).
-- Organic growth was -3 percent (-6).
-- Non-recurring costs amounted to MSEK 10.
-- Operating profit before amortization (EBITA) was MSEK 81 (89), corresponding to a margin of 5.3 percent (5.2).
-- Profit before tax amounted to MSEK 56 (68).
-- Net profit for the period was MSEK 39 (48).
-- Earnings per share amounted to SEK 0.11 (0.13).
JANUARY - JUNE 2011
-- Revenues amounted to MSEK 3,036 (3,368).
-- Organic growth was -3 percent (-7).
-- Non-recurring costs amounted to MSEK 10.
-- Operating profit before amortization (EBITA) was MSEK 167 (189¹), corresponding to a margin of 5.5 percent (5.6¹).
-- Profit before tax amounted to MSEK 140 (159¹).
-- Net profit for the period was MSEK 97 (-28).
-- Earnings per share amounted to SEK 0.27 (-0.08).
¹ Excluding restructuring costs for 2010 amounting to MSEK 200.
CEO’s comments
The market situation during the second quarter has been mixed with challenging conditions in Southern Europe, particularly in Spain, and in the countries within the US/UK/Ireland segment. The markets in the Central and Northern parts of Europe performed well. All in all, our organic growth amounted to -3 percent, of which implementation was 1 percent and services was -3 percent.
The gross margin for the quarter amounted to 33.9 percent (33.0). The improvement was mainly due to the restructuring program which was completed during the preceding quarter.
-- In the Mainland Europe segment, earnings (EBITA) improved during the quarter to MSEK 107 (96), and the operating margin strengthened to 8.9 percent (7.6).
-- The development in the US/UK/Ireland segment was weak and earnings (EBITA) for the quarter amounted to MSEK 3 (10).
During the quarter, operating profit before amortization (EBITA) amounted to MSEK 81 (89) in total. Earnings were affected by non-recurring costs of MSEK 10. The costs are related to takeover offers to Niscayah’s shareholders and costs for personnel changes.
Changes in foreign exchange rates impacted earnings (EBITA) during the quarter by MSEK -6 and net financial items by MSEK -5.
The long-term transformation process for increased competitiveness, lower costs and improved operational efficiency is continuing according to plan.
Håkan Kirstein
President and CEO
Niscayah Group AB discloses the information provided herein pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication on July 27, 2011 at 08.30 a.m. CET.
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