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Positive trend continues at Homag Group / Press release
07.06.2010
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The Homag Group presented their interim report for the first quarter of 2010 on 14 May 2010.
The positive trend in order reported in the second half of 2009 has continued in 2010. Sales revenue, order intake and earnings all continued to improve. The global leader for plant and machinery for the woodworking industry saw sales revenue increase to EUR 165 million in the first three months of 2010 (prior year: EUR 119 million). Order intake more than doubled for the quarter at EUR 166 million (prior year: EUR 75 million). This is the highest quarterly value since the second quarter of 2008.
"Although we have not yet returned to the level of order volume seen at peak times, we are very happy with our start to the year,” stresses CEO Rolf Knoll. "What is most important for us is that our customers’ willingness to invest has continued to grow, and that we are currently getting a positive response to, and high demand for our products at trade fairs. |
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Homag Group’s profitability remained positive in the first quarter of 2010. EBITDA before employee participation was EUR 12.4 million (prior year loss EUR 4.3m). Earnings before taxes (EBT) and before employee participation was EUR 3.3 million (prior year loss EUR 13.2m). In addition to the resurgence of revenue, CFO Andreas Hermann attributes significantly improved earnings figures to a strong reduction in the cost base.
Homag Group’s headcount at 31 March 2010 was 4,956 compared to 5,387 at 31 March 2009. Compared to the peak as at the third quarter of 2008, the workforce has been reduced by around 650 employees and almost 300 temporary workers. Hermann is optimistic that the Group has reached the ideal number earlier than planned. "The upturn in business has meant that we had to cut 300 fewer jobs than originally feared”
The management board confirmed its previous forecast for 2010. This states that sales revenue and total operating performance should increase by at least 15% to over EUR 600 million. Double digit percentage growth is also expected for order intake.
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Homag U.K. Limited
10c Sills Road
Willow Farm Business Park Castle Donington
Derby
DE74 2US
+ 44 (0) 1332 856500
+ 44 (0) 1332 856465
info@homag-uk.co.uk
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