Iro continues on course

IRO CONTINUES ON COURSE * Operating income for the first three quarters of the year totalled MSEK 142, almost three times as high as that for the corresponding period in 1999. * Income after financial items totalled MSEK 135 (MSEK 57). * Net turnover was MSEK 847 (MSEK 696), an increase of 22 per cent. * Order intake was 18 per cent up on that for the third quarter of 1999. * Earnings per share amounted to SEK 6,47 (SEK 2,63). Both the Weaving and the Knitting Divisions reported increases in order intake. Trends were at their most positive where the Weaving Division's products were concerned, with order intake increasing by 26 per cent during the first nine months of the year. The Knitting Division increased its order intake by 4 per cent over the same period. Operating income continued to develop strongly during the third quarter, and totalled MSEK 37, as against MSEK 17 for the corresponding period in 1999. Operating income for the first three quarters of the year was MSEK 142, representing an increase of 166 per cent over the MSEK 53 for the first nine months of last year. The continuing, steady increase in profitability, margins and order levels reflect the positive trends prevailing on practically all the IRO Group's markets. Order intake for the third quarter totalled MSEK 268, representing an increase of 18 per cent over that for the third quarter of 1999. There was continued strong improvement on Asian markets and, just as earlier, China led the way with a sharp increase in demand. "Order intake has fulfilled our expectations," says IRO's President, Stig- Arne Blom. "Furthermore, we expect the same high level to be sustained throughout the remainder of the year." Earnings per share were SEK 6,47, as against SEK 2,63 for the first nine months of 1999. Earnings per share for the whole of 1999 were SEK 4,95. "While the change of ownership at IRO means that the shares in the Company will no longer be quoted on the Stockholm Stock Exchange, we're pleased to be able to thank our previous shareholders for the confidence they've shown in us with this, a very positive Interim Report," says Stig-Arne Blom. Further information is available from: Stig-Arne Blom, President, tel: +46 321 297 01 Lennart Claesson, Financial Director, tel: +46 321 297 02 IRO is an international group that develops and manufactures yarn feeders for textile machines. Its principal customers are manufacturers of knitting and weaving machines. IRO is the world's leading manufacturer of yarn feeders, with a share of more than 60 per cent of the global market. Production takes place at locations in Sweden, Germany, Italy, China and Taiwan. Markets outside Sweden account for some 97 per cent of sales. Copies of the Interim Report can be ordered from: IRO AB (publ), Box 54, SE-523 22 Ulricehamn, Sweden Tel: +46 321 297 00. Fax: +46 321 298 00, e-mail: info@iro.se Internet: www.iroab.com ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/10/24/20001024BIT00440/bit0001.doc http://www.bit.se/bitonline/2000/10/24/20001024BIT00440/bit0002.pdf