Loomis January – September 2010: Significant margin improvement and continued strong cash flow
Loomis’ operating income (EBITA)(1) for the first nine months amounted to MSEK 650, including exchange rate effects of MSEK –60, compared with MSEK 601 for the equivalent period in 2009. The operating margin increased to 7.8 percent (6.6).
Revenue during the period amounted to MSEK 8,342 (9,109). Organic growth was –1 percent (–3).
Income before taxes amounted to MSEK 560 (500) and net income after tax was MSEK 364 (350).
Cash flow from operating activities amounted to MSEK 740 (503), equivalent to 114 percent (84) of operating income (EBITA).
Earnings per share before dilution were SEK 4.98 (4.79) and Earnings per share after dilution were SEK 4.82 (4.79).
Operating income (EBITA) for the third quarter amounted to MSEK 271 (233) and the operating margin increased to 9.8 percent (8.0).
Revenue during the third quarter amounted to MSEK 2,765 ( 2,094).
Income before taxes for the third quarter amounted to MSEK 244 (202) and income after taxes was MSEK 157 (142).
Earnings per share before dilution were SEK 2.14 (1.94) and Earnings per share after dilution were SEK 2.07 (1.94).
-Regarding the third quarter, I would particularly like to emphasize the development in Europe where the operating margin rose to 12.1 percent (10.7) and operating income increased to MSEK 215 (203).
A contributing factor behind this development is the fact that the restructuring of the French operations, which began during the first quarter and is continuing according to plan, has begun to contribute with positive results, states Loomis President and CEO, Lars Blecko.
Loomis’ most important short-term financial goal for the full year 2010, an operating margin of at least 8 percent, remains.
1) Earnings Before Interest, Taxes and Amortisation of acquisition-related intangible fixed assets.
President and CEO
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Loomis offers safe and effective solutions for the distribution, handling and recycling of cash for banks, retailers and other commercial companies via an international network consisting of more than 370 branch offices in 13 European countries and in the US. Loomis has 20 000 employees and a turnover of 12 billion Swedish kronor. Loomis is a midcap listed company on NASDAQ OMX Stockholm.
Loomis AB discloses the information provided herein pursuant to the Swedish Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 8.00 a.m. (CET) on November 5th, 2010.