GESCO grows significantly in the first half of the year and increases guidance


Wuppertal, 15 November 2011 – GESCO Group generated extraordinarily high growth momentum in the first half (1 April to 30 September 2011) of financial year 2011/2012 (1 April 2011 to 31 March 2012). Incoming orders and sales figures rose steeply and key earnings figures enjoyed above-average growth thanks to economy of scales.

Incoming orders rose by 30.3 % to € 233.5 million in the first half of the year (previous year: € 179.2 million). Group sales increased by 34.9 % to € 211.1 million (€ 156.6 million). Earnings before interest, taxes, depreciation and amortisation (EBITDA) went up by 61.0 % to € 25.8 million (€ 16.0 million). As depreciation and amortisation remained almost on par with the previous year’s period, earnings before interest and taxes (EBIT) came to € 20.0 million, corresponding to 93.0 % growth compared to € 10.4 million in the previous year. Group net income after minority interest more than doubled year-on-year to € 11.6 million (previous year: € 5.7 million) and earnings per share pursuant to IFRS amounted to € 3.85 (€ 1.90).

In the third quarter, the operating months July to September in the case of the subsidiaries, business again reached a high level. Incoming orders for the whole Group totalled € 103.6 million (previous year: € 98.5 million) and Group sales € 98.1 million (€ 90.6 million). As expected, these figures did not match those of the extraordinarily strong first two quarters, but are considerably up on those in the individual quarters in 2010/2011. For the seventh quarter in a row now, incoming orders have been higher than sales and the book-to-bill ratio has consequently been above 1. Order backlog came to € 157 million at the end of September, the highest it has ever been in the history of GESCO Group.

The company is increasing its full year guidance in view of this positive development and one-off income of around € 0.7 million resulting from two legal disputes, which will be recognised in the third quarter. It now expects Group sales of approximately € 400 million (previously: € 390 million), Group net income after minority interest of roughly € 21 million (previously: € 19 million) and earnings per share pursuant to IFRS of € 6.95 (previously: € 6.29).

Full Interim Report 1 April to 30 September 2011
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