Loomis during the third quarter: Strong results, operating margin of 8 percent
Loomis’ operating income (EBITA) (1) for the first nine months of the year amounted to MSEK 601, including exchange rate effects of MSEK 82. This is equivalent to an improvement of MSEK 92 compared with the first nine months of 2008. The operating margin was 6.6 (6.2) percent. Operating income for the third quarter amounted to MSEK 233 (205) with an operating margin of 8.0 (7.2) percent, which is equivalent to the level of operating margin that the Group has as its target for the full year 2010.
Revenue increased during the period to MSEK 9,109 (8,152). The organic growth was -3 (3) percent, of which lower fuel surcharges comprise -1 percent. During the third quarter, revenue amounted to MSEK 2,904 (2,836) and organic growth was -4 (4) percent, of which lower fuel surcharges accounted for -1 percent. Income before taxes amounted to MSEK 500 (377) and net income after tax amounted to MSEK 350 (309) (2) for the entire period. The corresponding figures for the third quarter were MSEK 202 (157) and MSEK 142 (84). Cash flow from operating activities for the entire nine month period was MSEK 503 (220), equivalent to 84 percent of operating income (EBITA). The corresponding figures for the third quarter were MSEK 215 (370) and 93 percent. Earnings per share for the entire nine month period were SEK 4.79 (4.24) (2). For the third quarter, earnings per share were SEK 1.94 (1.15) (2). - The improvements are the result of persistent, ongoing work with cost reductions and restructuring. In particular, the work with efficiency improvements at the local branches is of major importance, states Loomis’ CEO, Lars Blecko. 1) Earnings Before Interest, Taxes and Amortization of acquisition-related intangible fixed assets. 2) Net income after tax in the prior year was affected by the utilization of previously non-valued loss carry forwards in the UK. For more information, please contact: Lars Blecko +46 70 641 49 10