Interim Report - Continued margin improvement
Loomis´ operating income (EBITA*) for the first quarter 2011 amounted to MSEK 179 (181) including exchange rate effects of MSEK -23. The operating margin increased to 7.1 percent compared with 6.5 percent for the equivalent period in 2010.
Revenue during the period amounted to MSEK 2,526 (2,771) and organic growth was 0 percent (-3).
Income before taxes amounted to MSEK 152 (149) and net income after tax was MSEK 103 (104).
Cash flow from operating activities amounted to MSEK 77 (159), equivalent to 43 percent (88) of operating income (EBITA).
Earnings per share before dilution were SEK 1,41 (1,43) and SEK 1,36 (1,38) after dilution.
At the end of the first quarter Loomis announced its so far largest acquisition when the cash handling operations from the American company Pendum LLC were acquired. The acquired operations have an annual revenue of approximately MUSD 100 and approximately 1,500 employees.
After the reporting period, Loomis has also announced the acquisition of 60 percent of the shares in the Turkish cash handling company Erk Armored, which has an annual revenue of approximately MSEK 60 and approximately 220 employees.
As part of the acquisition Loomis has, in the future, the possibility to acquire the remaining 40 percent of the company.
“It is gratifying that we have improved the operating margin to 7.1 percent from 6.5 percent during the equivalent period previous year as we, at the same time, have had an increased focus on acquisitions. It shows that the 8 percent which we achieved during 2010 is at a solid level”, states Loomis´ President and CEO, Lars Blecko.
Lars Blecko also states that the acquisitions of the cash handling operations from Pendum and the acquisition of the majority of the shares in Erk Armored are important components in Loomis´ new strategy which includes an increased rate of acquisitions in both existing and in new markets.
* Earning Before Interest, Tax, Amortization of acquisition-related intangible fixed assets and Acquisition-related costs.