Loomis improved income and increased operating margin in 2008

Loomis, which since December 2008 has been a mid-cap listed company on NASDAQ OMX Stockholm, improved its operating income (EBITA) for the full year 2008 to MSEK 748 (566)[1] and raised its operating margin to 6.6 percent (5.3).[1] Income before taxes increased to MSEK 569 (317)[1] and revenue amounted to MSEK 11,258 (10,591).[1]

After adjustment for acquisitions, divestments and exchange rate effects, revenue increased by 3 percent. Earnings per share were SEK 5.80 (2.57).[1] The Board proposes a dividend of SEK 2.25 per share.

During the fourth quarter of 2008, operating income (EBITA) amounted to MSEK 239 (86)[1] and income before taxes amounted to MSEK 192 (-35).[1] Revenue increased by 15 percent to MSEK 3,107 (2,710).[1] Organic growth for the last quarter of the year was 2 percent. The organic growth is primarily a result of price increases, which is in line with the company’s priority of increased profitability over growth.

The operating margin increased as a result of general improvements in the European operations, primarily in France, Sweden and Norway, whilst profitability in the US and the UK remains unsatisfactory.

”The presentation of a marked improvement in income is particularly pleasing, as this is Loomis’ first report after the listing on December 9, 2008. A strong contributing factor is that we have successfully compensated for, amongst other things, the rising cost of fuel through price increases in both Europe and the US”, states Lars Blecko, CEO of the Loomis Group.


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[1] Comparative figures for 2007 are adjusted for the divestment of the LCM operations in the UK and for changes in the capital structure. See the listing prospectus 2008 for further information.