TenCate records substantial increase in profit in first quarter of 2011
(Thomson Reuters ONE) -
TenCate trading update for first quarter of 2011
TenCate sales increased by 46% to ?279 million compared with the first quarter
of 2010. Pre-tax profits rose significantly from ?3.0 million to ?14.1 million
during the first quarter. The increase in sales and profit shown is partly the
result of considerably higher demand for TenCate Defender(TM) M products
compared with the first quarter of 2010. There has also been an improvement in
the capacity usage in production at several TenCate companies and a good upturn
in profit in the Netherlands.
+---------------------------------+------------------+------------------+------+
|X ? million |First quarter 2011|First quarter 2010|Change|
+---------------------------------+------------------+------------------+------+
|Sales |? 279 |? 192 |+46% |
+---------------------------------+------------------+------------------+------+
|EBITA |? 20.1 |? 8.0 |+151% |
+---------------------------------+------------------+------------------+------+
|Pre-tax profit |? 14.1 |? 3.0 |+370% |
+---------------------------------+------------------+------------------+------+
|Net profit |? 9.9 |- ? 0.8 |- |
+---------------------------------+------------------+------------------+------+
|Net profit (excluding |? 9.9 |? 1.6 |+519% |
|extraordinary expenses) | | | |
+---------------------------------+------------------+------------------+------+
Key developments in each market group
* Protective Fabrics
* Sales of TenCate Defender(TM) M products (US Army) continued at an as yet
exceptionally high level.
* The potential for TenCate Defender(TM) M in countries outside the US is
growing; order for the Italian Army secured.
* Sales of TenCate Tecasafe(TM) Plus fabrics in the industrial market showed
further growth.
* Positive sales growth in new geographical markets.
* Space & Aerospace Composites and Armour Composites
* The industrial sector for commercial aircraft has recovered; the production
of TenCate Cetex® for Airbus Industries in particular is at a higher level
(A380, A350 XWB).
* Delay at Boeing (B787) has had only a limited impact and will be compensated
for in other areas.
* A good start was made in the armour market; the order position forms a sound
basis for the entire year.
* Significant progress with regard to the armouring of helicopters (including
the Eurocopter).
* Geosynthetics
* Further growth in the American market.
* Sales growth in new geographical markets (including South America).
* TenCate Geotube® prescribed in large environmental projects (remediation of
sludge).
* Production concentration in the Netherlands completed.
* Grass
* Sales at a higher level.
* Sharp increase in costs of raw materials due to unrest in the Middle East.
* Seasonal pattern in sales and result reinforced by the new composition of
TenCate Grass (down-stream activities); sales / profit generated on
installation work during the summer months.
* Price increases (fibres) introduced in the second quarter; margin pressure
due to higher raw material costs will persist for some time.
* Other activities
* TenCate Enbi: sales developed favourably; shift in the sales mix with
somewhat lower margins.
* Positive sales growth at Xennia; order position increases sharply.
Loek de Vries, President and CEO: 'The year 2011 has started well. The first
quarter of 2011 showed a significantly better result. This is, however, not
indicative of the rest of the year, given the weak first quarter of 2010. There
is improved market sentiment in a number of markets. As a result of recent
events, the safety and protection of people and their environment have achieved
even higher priority on the political agenda. TenCate has anticipated this by
developing new concepts, such as the ABDS(TM) active blast countermeasure
system, which is regarded as an opportunity. New concepts in safety fabrics for
the industrial market have shown strong growth.
TenCate is also performing well in new geographical markets and the intention is
to acquire strong market positions here through alliances with local partners.
Taking into consideration the markets for TenCate products, developments are in
line with our expectations'.
Royal Ten Cate
Almelo, the Netherlands, Tuesday 3 May 2011
_____________________________________________________________________
For further information:
F.R. Spaan, Corporate Director, Business Development & Investor Relations
Telephone : +31 546 544 977
Mobile : +31 612 96 17 24
E-mail :f.spaan(at)tencate.com
Internet :www.tencate.com
Royal Ten Cate (TenCate) is a multinational company that combines textile
technology with chemical processes and material technology in the development
and production of functional materials with distinctive characteristics. TenCate
products are sold throughout the world.
Systems and materials from TenCate come under four areas of application: safety
and protection; space and aerospace; infrastructure and the environment; sport
and recreation. TenCate occupies leading positions in protective fabrics,
composites for space and aerospace, antiballistics, geosynthetics and synthetic
turf. TenCate is listed on NYSE Euronext (AMX).
Press release as PDF:
http://hugin.info/130798/R/1511682/447126.pdf
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originality of the information contained therein.
Source: Koninklijke Ten Cate NV via Thomson Reuters ONE
[HUG#1511682]
Unternehmensinformation / Kurzprofil:
Datum: 03.05.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 54149
Anzahl Zeichen: 6937
contact information:
Town:
Almelo
Kategorie:
Business News
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