84% increased revenue in Q3 2008 compared to Q3 2007
Simrad Optronics ASA, the Norwegian defence products company, had an 84% growth in revenue in Q3 and a 155% growth in EBITDA compared with Q3 last year. Overall, Simrad Optronics has continued to improve delivery position in Q3.
Simrad Optronics revenue in third quarter came in at MNOK 132.6, an 84% increase over Q3 07. The Company reports an EBITDA of MNOK 15.8 for the third quarter (Q307 proforma: 6.2 million). Profit before taxes was MNOK 8.6 (Q307 proforma: NOK -7.5 million).
Vingtech Corp. had an operational progress also in Q308 and continued to deliver a satisfying result. The company had a revenue of MNOK 30.4 in Q308 and EBITDA of MNOK 3.8 in Q308.
The group has established a joint venture company in Australia named Vingtech Australia Pty Ltd. Simrad Optronics ASA owns 55% of the shares.
“As announced earlier Simrad Optronics ASA was planning to establish new sales channels in one or two regions this year. Vingtech Australia Pty Ltd is a result of this work. Vingtech Australia will strengthen the sales work in Australia and New Zealand. Simrad Optronics group will be able to offer better service for our customers in this region by providing training, maintenance and repair & overhaul locally, services that are important to the end customers.” said Simrad Optronics CEO, Jon Asbjørn Bø.
Simrad Optronics experienced a steady order flow also in the third quarter, which resulted in a strong order backlog of MNOK 707, down 1% from Q208, compared to all time high in Q208.
“The Group maintains the guiding from Q1 in expecting a growth in revenue from 2007 to 2008 from MNOK 471 to MNOK 550. Expected EBITDA between MNOK 70 and 80 as released earlier, most likely in the lower end of the interval.” said Simrad Optronics CEO, Jon Asbjørn Bø.
For further information, please call Jon Asbjørn Bø, CEO,
Telephone: +47 9308 6932
Simrad Optronics ASA (Oslo Stock Exchange: SIT) is a leading provider of defence products based on electro optics and advanced mechanics. The company co-operates closely with the research units of the Norwegian Armed Forces and other providers of military equipment. A number of the company's products are world leaders in their respective fields. The company is internationally oriented with sales to more than 40 countries.