Cavotec reports strong first quarter results
Global engineering group, Cavotec, is pleased to announce a strong start to 2011, with revenue for the Group up 33 per cent to EUR 37.7 million, and operating profit jumping 77 per cent to EUR 2.1 million.
The positive momentum from 2010 continued into the first quarter with increases in sales revenues across all Cavotec market units, creating excellent conditions for further growth in the months and years ahead. Cavotec's order book now stands at EUR 77.8 million, up 6.3 per cent on 1Q 2010 and 17.2 per cent stronger on FY10.
The Ports & Maritime unit recorded revenues of EUR 10.1 million, up 23.1% on 1Q10 and accounting for 26.9% of total revenues for the period. This performance represents a significant increase in activity for the Group in this sector, and, more broadly, indicates recovery in an industry sector hit harder than most during the financial crisis.
Equally impressive are the figures from our Airports Market Unit, with revenue up 64.3% on 1Q10 to EUR 10.4 million. These figures are primarily the result of continued growth in the Middle East and Far East markets, where spending on airport infrastructure remains at consistently high levels.
Our Mining & Tunnelling unit, reporting 18.3% of total revenues for the period, also registered a strong recovery on the year, with revenue increasing 64.4% to EUR 6.9 million. The strength of this result lies for a large part in the continued growth in the commodities market and the steady resurgence in demand from our OEM customers.
The General Industry Market Unit, with 27.3% of total revenues for the period, recorded an increase of 7.8% on the year to EUR 10.3 million. This unit is the most diverse in terms of sectors it serves, and as such reflects general economic sentiment across a wide range of industries. It is especially encouraging therefore to note a robust performance by this Market Unit.
The full report is available on the Cavotec website at: http://www.cavotec.com/corporate/download/Cavotec%20MSL%20-%201Q11%20Report.pdf
For further details on this media release, contact Michael Scheepers, Director, Investor Relations & PR, at email@example.com.
Cavotec is a leading global engineering group, supplying innovative and environmentally friendly systems to the maritime, airports, mining and tunnelling, and general industry sectors. To find out more about Cavotec, visit our website at www.cavotec.com. For updates on Cavotec projects, technologies and industry news, take a look at our blog, or follow us on Facebook and Twitter.