Strong quarter with higher margins for KONGSBERG
KONGSBERG continues to grow, delivering an EBITA of MNOK 443 (MNOK 260) in Q1, including MNOK 39 in non-recurring income. Operating revenues totalled MNOK 3.739 – an increase of 12 per cent relative to Q1 2009. This resulted in an EBITA margin of 11.8 per cent (7.8 per cent), 10.8 per cent before non-recurring items (7.8 per cent). Earnings before tax came to MNOK 420 (MNOK 238). New orders aggregated MNOK 2.629 (MNOK 3.395) during the quarter and, at the end of Q1, the Group had a backlog of orders valued at MNOK 18.744. Earnings per share came to NOK 2.44 (NOK 1.20) in Q1.
"We are reporting a strong quarter with growth in operating revenues and improved profit margins. The Group has seen a good market trend throughout the quarter and the development and delivery programmes are on schedule. The Group's defence segments have made headway, reporting growth and improved margins. The maritime and offshore businesses continue to have a high level of activity, reporting good margins and more new orders than in the preceding quarter", says CEO Walter Qvam.
At the end of Q1 2010, the Group has net cash reserves of MNOK 949, an improvement of MNOK 315 since the turn of the year. At end quarter, KONGSBERG had an equity ratio of 30.6 per cent, compared with 30.1 per cent at year end.