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SMT Scharf AG records revenue and earnings growth in the first nine months of 2009
Nine-month revenue up 21% to € 37.5 million / EBIT lifts 18% to € 5.0 million
As was already the case in the first and second quarter of 2009, SMT Scharf recorded revenue growth in China and South Africa in particular. For example, in August 2009, SMT Scharf received an order from China for five monorail hanging railway trains to be supplied on short notice. This order has a value of more than € 2 million. In contrast, the Russian market remained weaker compared to the previous year, despite initial signs of a recovery. At the same time, business in Germany in the third quarter lagged behind expectations. As a result, the proportion of revenue recorded outside Germany increased to 80% over the first nine months (previous year: 72%).
The EBIT margin after nine months totaled 13.3% compared to 13.7% last year. This slight downturn is due, in particular, to provisions for staff adjustments at the Hamm facility and to a shortfall of orders at the Neunkirchen facility that could not be compensated for immediately. As was the case in the first nine months of 2008, earnings after taxes totaled € 3.3 million.
"We are very pleased with our growth in the first nine months of 2009, even if customers are not yet investing in certain markets, such as Russia, to the usual extent," commented Dr. Friedrich Trautwein, SMT Scharf AG's CEO. He added: "It remains very difficult to predict how our customers' investments will develop in the coming weeks and months. As a result it is not possible to make a concrete forecast for SMT Scharf's revenues and earnings for fiscal Corporate News Page 2 of 2 year 2009 from the current viewpoint. However, developments over the past months have reinforced our expectations that we will be able to increase the SMT Scharf Group's revenues and earnings on average over the coming years."
The full report for the first nine months of 2009 will be available for download at www.smtscharf.com ("Investor Relations" section) during the course of November 13, 2009.
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