PRISMAFLEX INTERNATIONAL : Results March 31st 2007 - Trands in line with targets - Sales at 51 M EUR : + 22% - Operating profit at 4.7 M EUR : + 31%

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Highlights for 2006/2007

  • Increase of all group divisions in a buoyant market
  • Improved operating margin at 9.2% (vs 8.5% in 2005/06)
  • Adverse impact on results following the sale of Vistamount ltd 37% shareholding
  • Net debt reduction process carried on with a 0.7 gearing

Consolidated Income Statement (April 1st to March 31st)

In M¤ (non audited) 2006/2007 2005/2006 Variation M¤ Variation %
SALES 51.02 41.86 + 9.16 + 22%
Operating profit 4.69 3.57 + 1.11 + 31%
Operating margin 9.2% 8.5%    
Financial result - 1.15 - 0.55 - 0.60 -
Before tax profit 3.54 3.02 + 0.52 + 17%
Tax - 1.38 - 1.02 - 0.36 -
Net earning before sold activities results 2.16 1.79 + 0.37 + 21%
Sold activities result - 0.67 0.00 - 0.67
Net consolidated result 1.33 1.62 - 0.29 - 18%
Cash flow 3.74 3.27 + 0.47 + 14%

Over the period, historical activities (publicity signs, printing and trivision businesses) had good sales trends at 39.57 M¤ (+ 11%). Sales of more recently launched divisions (home decor, street furniture, classic signs) were still moving upward at 11.45 M¤ (+ 5.3 M¤, + 86%).

Operating profit took into account the street furniture division at breakeven (with 6.07 M¤ sales). As per the released targets, operating margin was at 9.2 %. Without street furniture, margin would have reached 10.5% (vs 9.1% last year).

Financial result included a 3.6 % decrease of interest payments at 0.79 M¤ (vs 0.82 M¤ on March 31st, 2006) with negative currency impacts of 0.36 M¤ this year against 0.25 M¤ positive impacts last year.

Profit before tax at 3.54 M¤ increased by 17%. The average tax rate was booked at 39% (33.8% last year).

Prismaflex International sold its 37% shareholding in London based Vistamount ltd. This operation had a 0.55 M¤ negative impact on net consolidated result.

With a cash flow at 3.74 M¤ (+ 14%) and a 1 M¤ limited increase of working capital in a sales steady growth context, cash flow from operations almost doubled at 2.75 M¤.

Debts reduction process has carried on over the period with net debt at 11.87 M¤ against 13.42 M¤ on March 06. Gearing ratio reached 0.7 this year (0.85 on March 06).

Outlook 2007/2008

In 2007/2008 Prismaflex International results should again turn upwards. Sales should amount to 57 M¤ (+ 12%) with an operating profit increasing faster than sales improvement.

These targets are supported by:

  • The renewal of a home decor contract projecting between 10 to 15 M¤ sales over 3 years ;
  • Maintained high volumes for street furniture. Prismaflex International has just registered a 3.2 M¤ order for delivering series of 8 m2 scrollers to be installed in a large European capital.
  • Steady printing activities;
  • In total, the order backlog on June 1st 2007, amounted to 20 M¤ (vs 13 M¤ last year) increasing by 54%.

Prismaflex International results will be commented on June 27th 07 inParis Hôtel Meurice, 228 rue de Rivoli, Paris 1er at 11.30 am.


PRISMAFLEX INTERNATIONAL
Outdoor Advertising solutions manufacturer

ISIN : FR0004044600-PRS  - Reuters : RIGI.LN - Bloomberg : PRS

Eurolist by Euronext Paris - Compartiment C
www.prismaflex.com

Contacts :

PRISMAFLEX INTERNATIONAL
Vincent Bès / Chief Financial Officer - Tel: + 33 4 74 70 68 00 - vbes@prismaflex.com

ACTUS Lyon
Amalia Naveira - Investors relation - Tel: + 33 4 72 18 04 92 - anaveira@actus.fr

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