Marel: Q2 2010 results presented
It was another good quarter for Marel, said CEO Theo Hoen in his introduction when the company's financial results for Q2 2010 were presented at a meeting with market participants and investors today, 29 July, at Marel headquarters in Iceland, reports www.megafishnet.com with reference to the company.
For the second quarter in a row, the company achieved its long-term target of 10-12% return on sale. The equipment order book grew for the sixth quarter in a row. "We believe that this level of performance is sustainable and can serve as a baseline for further growth moving forward," said Hoen.
Erik Kaman, CFO, presented the financial results. Among the highlights was a 26.9% increase in revenues from core business (Eur 136.1 mln) compared to Q2 2009. EBIT for Q2 2010 was Eur 15.1 mln (11.1% of sales), compared to Eur 6.5 mln (6.1% of sales) for Q2 2009. EBITDA was Eur 21.1 mln (15.5% of sales), compared to Eur 12.1 mln (11.4% of sales) for Q2 2009. The order book grew from Eur 112 mln to 125 mln during the quarter.