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GEA records double-digit growth in order intake
30.07.2010 12:46 "Agro Perspectiva" (Kyiv) —
In the second quarter of 2010, GEA Group Aktiengesellschaft’s order intake increased by 12.7 percent year-on-year to EUR 1,167 million (previous year: EUR 1,036 million) its highest level since the outbreak of the financial and economic crisis. At EUR 1,065 million, revenue in Q2 was up 13.5 percent on the first quarter of 2010 and thus only 3.5 percent below the prior-year quarter. Revenue in the second half of the year is expected to exceed the figure for H2 2009. Earnings before interest and tax (EBIT) and the EBIT margin were on a level with the previous year. Adjusted by restructuring costs, the EBIT margin rose by 28 basis points to 6.7 percent.
«Demand for our beverage and food process technology in Asia, and in particular in China, is currently extremely encouraging,» said Jürg Oleas, CEO of GEA Group. «At the beginning of July, we recorded another major order worth over EUR 30 million in the food segment from this region. Order intake is developing in line with our previously announced expectations. Provided that this positive trend is not slowed by fresh turbulence in the global economy, we should meet our 2010 revenue target of EUR 4.4 billion.»
Despite price pressure, EBIT before restructuring expenses was up slightly in the second quarter to EUR 71.7 million (previous year: EUR 71.2 million). «We expect an improvement in the second half of the year, when revenue with a time lag will follow the upward trend in order intake,» said Oleas. In the medium term, GEA’s goal is to increase its EBIT margin to 12 percent.
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