Sectra’s six-month interim report for 2011/2012: Sectra's earnings boosted by capital gain
IT and medical technology company Sectra reported a profit after tax of SEK 340.0 million for the six-month period, May – October 2011, including the operation being discontinued. The profit includes a preliminary capital gain of SEK 322.6 million generated by the divestment of the MicroDose operations, which was finalized during the second quarter.
Sectra’s net sales for the six-month period amounted to SEK 388.5 million. The amount includes a nonrecurring item of SEK 30 million attributable to the discontinuation of the divested MicroDose operation. Adjusted for the nonrecurring item, sales amounted to SEK 358.5 million (385.7). Profit after net financial items amounted to SEK 65.3 million. The nonrecurring item increased earnings by SEK 25 million. Excluding the effect of the nonrecurring item, earnings rose 16.8% to SEK 40.3 million (34.5), corresponding to a profit margin of 11.2% (8.9). Order bookings rose 21.3% compared with the year-earlier period to SEK 381.4 million (290.8).
“Due to international economic conditions and the budgetary situation in many countries, transactions are taking longer to implement or fail to materialize in certain countries. Despite the tougher economic climate, order bookings in both of our business areas rose more than 30% compared with the year-earlier period,” says Jan-Olof Brüer, President and CEO of Sectra AB.
Sectra’s order bookings for the second quarter rose 54.8% to SEK 190.6 million (123.1). The company’s net sales during the quarter amounted to SEK 219.2 million and profit after net financial items was SEK 49.1 million. Excluding the nonrecurring item, Sectra’s net sales amounted to SEK 189.2 million (212.9) and profit after net financial items to SEK 24.1 million (21.6). The profit margin exluding the nonrecurring item was 12.7% (10.1).
During the second quarter, Sectra’s Board of Directors decided on a new dividend policy. In addition, an Extraordinary General Meeting resolved to pay a nonrecurring transfer of SEK 5 per share to Sectra’s shareholders in accordance with the Board’s proposal.
“Following the MicroDose divestment, our liquidity is higher than what is required for the future development of Sectra’s operation and, in line with our new dividend policy, the Extraordinary General Meeting has resolved to transfer SEK 184 million to Sectra’s shareholders,” says Jan-Olof Brüer.
According to the company’s financial objective, Sectra’s equity/assets ratio shall be at least 30%, which will be achieved comfortably even following the implementation of the redemption program.
The information in this press release is such that Sectra AB (publ) is obligated to disclose in compliance with the Swedish Securities and Clearing Operations Act. The information was submitted for publication on December 6, 2011 at 8:00 a.m. (CET).
For further information, please contact:
Dr. Jan-Olof Brüer, CEO and President Sectra AB, tel 46 13 23 52 09
About the Sectra Group
Sectra was founded in 1978 and has its roots in Linköping University in Sweden. The company’s business operation includes cutting-edge products and services within the niche segments of medical systems and secure communication systems. Sectra has offices in 12 countries and operates through partners worldwide. Sales in the 2010/2011 fiscal year totaled SEK 784 million. The Sectra share is quoted on the NASDAQ OMX Stockholm AB exchange. For more information, visit www.sectra.com.
Tags: