GESCO AG: Dynamic start to the new financial year
Wuppertal (euro adhoc) -
- Incoming orders up by 27 %, sales up 15 % - Above average earnings growth - Full year guidance confirmed
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Wuppertal, 14 August 2008 - The SDAX listed investment holding company GESCO AG is reporting continuing buoyant operating business in the first quarter (1 Apr. to 30 June 2008) of the financial year 2008/2009 (1 Apr. 2008 to 31 Mar. 2009) and has confirmed its full year guidance.
Incoming orders increased by 27 % to EUR 116 million (previous year: EUR 91 million). Sales were also up considerably by 15 % reaching EUR 92 million (EUR 80 million). Key figures for operating earnings developed better than sales: Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 27 %, up from EUR 11 million to EUR 14 million and earnings before interest and taxes (EBIT) grew by 32 % to EUR 11 million (EUR 9 million). Group net income after minority interest saw even stronger growth, up 43 % to EUR 6.2 million (EUR 4.3 million). This was also driven by a lower tax bill in the wake of the tax reform. Earnings per share amounted to EUR 2.03 (EUR 1.42).
The workforce increased by 4.5 %, up from 1,645 to 1,719 employees year-on-year, which was due to new jobs being created in GESCO Group companies on the back of buoyant demand.
At the accounts press conference on 26 June 2008, the company forecasted Group sales of EUR 370 million and Group net income after minority interest of EUR 21.5 million as well as earnings per share of EUR 7.11. Based on the figures for the first quarter the company is confirming this guidance.
GESCO Executive Board member Dr. Hans-Gert Mayrose on the Q1 figures: "GESCO Group had a dynamic start to the new year. We are therefore reaffirming our guidance for the full year, which already implies a slowdown in economic momentum in the second half of the financial year 2008/2009."
Read the full quarterly report at www.gesco.de.
GESCO Group key figures for the first quarter (1 Apr. to 30 June 2008) of the financial year 2008/2009 according to IFRS:
| |I. Quarter |I. Quarter |change|
| |2008/2009 |2007/2008 |
| | | | |
|Incoming orders |(EUR'000) |115,556 |90,794 |27.3 %|
|Sales |(EUR'000) |92,365 |80,494 |14.7 %|
|EBITDA |(EUR'000) |13,922 |10,944 |27.2 %|
|EBIT |(EUR'000) |11,403 |8,625 |32.2 %|
|Earnings before taxes |(EUR'000) |10,237 |7,703 |32.9 %|
|Group net income after | | | | |
|minority interests |(EUR'000) |6,151 |4,292 |43.3 %|
|EPS acc. to IFRS |(EUR) |2.03 |1.42 |42.9 %|
|employees |(No.) |1,719 |1,645 | 4.5 % |
| | | | | |About GESCO AG
GESCO AG is the parent company of a group of small and medium-sized companies in the field of industrial Base Technologies. GESCO acquires successful niche providers, generally as part of succession arrangements, in order to retain and further develop these long term. As an SDAX listed company GESCO AG offers private and institutional investors access to SMEs.
end of announcement euro adhoc
Further inquiry note:
Oliver Vollbrecht
Leiter Investor Relations
T.: +49(0)202 24820 18
info@gesco.de
Branche: Economy, Business & Finance
ISIN: DE0005875900
WKN: 587590
Index: SDAX, Classic All Share, Prime All Share
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