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Loomis - Well on the way to margin goal

Loomis operating income (EBITA)*) for the first six months of 2010 amounted to MSEK 379, including exchange rate effects of MSEK -39, compared with MSEK 368 for the equivalent period in 2009. Operating margin increased to 6.8 (5.9) percent.

  • Revenue decreased to MSEK 5,577 (6,205) during the period. Organic growth was –2 (-2) percent.
  • Income before taxes amounted to MSEK 316 (297) and income after taxes amounted to MSEK 207 (208).
  • Cash flow from operating activities amounted to MSEK 481 (288), equivalent to 127 (78) percent of operating income (EBITA).
  • Earnings per share before dilution were SEK 2.84 (2.85), and Earnings per share after dilution were SEK 2.74 (2.85).

Second Quarter

Operating income (EBITA) for the second quarter amounted to MSEK 198 (183) and the operating margin was 7.0 percent (6.1).

  • Revenue amounted to MSEK 2,806 (3,018) during the second quarter.
  • Income before taxes for the second quarter amounted to MSEK 167 (148) and income after taxes amounted to MSEK 103 (103).
  • Cash flow from operating activities amounted to MSEK 323 (193) equivalent to 163 (106) percent of operating income (EBITA).
  • Earnings per share before dilution were SEK 1.41 (1.42), and Earnings per share after dilution were SEK 1.36 (1.42).

"The positive development of the operating margin is primarily a consequence of the efficiency improvement program which has been undertaken throughout the Group in recent years. The significantly improved cash flow is mainly attributable to our concerted efforts to establish effective control over customer credit periods and over investments" states Loomis President and CEO, Lars Blecko.

Lars continued, "Loomis’ most important short-term financial goal for the full year 2010, an operating margin of 8 percent, remains."

Further details are to be found at the Loomis Group website - www.loomis.com

* Earnings Before Interest, Taxes and Amortization of acquisition-related intangible fixed assets.

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