Systemair - profit after tax increased 29%
December 9, 2008, 08:30
Systemair - profit after tax increased 29%Continued growth and increased profitability for the ventilation companySystemair. During the second quarter (Aug-Oct) for the split fiscal year2008/2009, net sales increased by 14 percent to 947 MSEK (833). Profit after taxincreased 29 percent, to SEK 100 million (78). For the fiscal year's first 6months net sales increased by 14 percent to 1,734 MSEK (1,527) and profit aftertax by 26 percent to 170 Mkr (135).- In the second quarter, the Group continued to grow with improvedprofitability. The integration of the recent acquisition in the United States isprogressing as planned and is providing a foundation for expansion in thecommercial premises segment in the North American market. This report is beingpublished in the midst of widespread financial uncertainty. We are followingdevelopments closely and have noted slower growth in Eastern Europe and the CISas well as in the Nordic region. Expenditure has been successively adjustedthroughout this period. We have reached all financial targets set. Systemair hasreported sales growth every year since the company was founded in 1974. Our aimis to continue growing even when demand slumps, by developing new products,consistent marketing and increasing our geographic presence through acquisitionsand new operations, says Gerald Engström, CEO Systemair.The interim report as a whole and a summarized presentation including interviewwith CEO Gerald Engström is available on the website www.systemair.com fromDecember 9 at 08.30. For further information please contact: Lars Hansson, Chairman of the Board, mobile +4670 895 90 02 Gerald Engström, CEO, +46222-440 01, mobile +4670 519 00 01 Glen Nilsson, CFO, +46222-44003, mobile +4670 654 40 03 Systemair in briefSystemair is a leading ventilation company with operations in 38 countries inEurope, North America, the Middle East, Asia, Africa and Australia. In the2007/08 financial year, the Company had sales of approximately SEK 3.1 billionand currently employs about 1,960 people. Since it was founded in 1974, theCompany has increased sales every year and at the same time reported anoperating profit. During the past three years, the Company's growth rate hasaveraged roughly 18 percent. The Group comprises about 50 companies.Systemair has well-established operations in growth markets. The Group'sproducts are marketed under the Systemair, Frico, VEAB and Fantech brands.Systemair shares have been quoted on the Mid Cap List of the OMX Nordic Exchangein Stockholm since October 2007.