Key figures first half of 2019
|1st half of 2019||1st half of 2018|
|(in milions of euro)|
|Net result (attributable to shareholders)||3.745||4.934|
|Net earnings per share (in euro)||2,91||3,84|
Revenue and results for the first half of 2019
At € 112.8 million Hydratec’s consolidated revenue was 18% higher than in 2018. Due to a lower average gross margin and higher overheads the operating profit (EBIT) of € 5.9 million was slightly lower than in 2018 (€ 6.1 million). Net result amounted to € 3.7 million (2018: € 4.9 million). The difference compared to last year was caused primarily by higher interest costs due to IFRS 16, higher profits in countries with a higher effective tax rate and the fact that in 2018 a one-time result from associated participations was recognised.
Agri & Food Systems’ revenue amounted to € 50.2 million (+21%). The revenue increase was totally organic and applied for both Pas Reform and Lan Handling Technologies. This resulted in operating profit for the first half of the year rising substantially to € 4.0 million.
At €64.0 million Plastic Components’ revenue was 17% higher than for the same period in 2017. Organic growth amounted to 7.3%. A substantial portion of this was so-called engineering revenue: low margin work carried out in preparation for the production of new components. The strategic 2018 acquisition in Poland continued to make a loss and the automotive industry remained reticent. Together these factors resulted in operating profit falling to € 2.6 million.
Bart Aangenendt, CEO regarding the past year:
“This year began well for the Systems activities with a significant revenue increase and a substantially higher operating profit. For Plastic Components higher revenue has not yet led to higher profits. However, a strategic acquisition and targeted engineering projects do mean that the companies are now better positioned. The uncertainties related to global trade and in the automotive market make it too early for us to make a concrete statement regarding the year as a whole.”
Half-year report 2019
The Half-year Report is available on the website www.hydratec.nl
Hydratec Industries is listed on the Euronext
(ISIN NL0009391242, ticker: HYDRA.)
Ir. Bart Aangenendt
CEO Hydratec Industries NV
Tel: +31 33 469 73 25