- Email: [email protected]
Andrews Sykes plc, UK
COMPANY WATCH
Alfa Laval AB, Sweden
Andrews Sykes plc, UK
Key Figures (SKr million) Three months ended 30.9
Key Figures (£ million) Six months ended 30.6 2007
2006
Order Intake
7150
5648
Net Sales Of Which: Equipment Division Process Technology Division
6385
4810
3590 2789
2759 2047
Adjusted EBITDA
1402
821
Net Profit before Tax
1252
611
Nine months ended 30.9 2007
2006
Order Intake
20977
17346
Net Sales Of Which: Equipment Division Process Technology Division
17629
13762
9974 7643
7760 5967
3496
2178
Adjusted EBITDA Net Profit before Tax Employees
2970
1624
11109
10032
2007
2006
27.2
27.6
19.7
19.2
4.1
4.5
12.7
13.4
Trading Profit before Pension Curtailment Charge
5.7
5.4
Operating Profit
4.7
5.4
Net Profit
2.9
3.3
Revenue Of Which: Hire Sales Cost of Sales
COMMENT Alfa Laval has announced a record quarter for order intake, invoicing and operating margin. Orders received exceeded company expectations and increased organically by 29% reaching SKr7.1 billion. The operating margin in the quarter reached 21.0%. This is attributed to a combination of very high capacity utilization, very favourable product mix and high internal efficiency. In the Equipment Division, orders received increased by 36.3% and net sales increased by 32.7% during the first nine months of 2007 compared to the corresponding period last year. Adjusted for acquisitions and divestments of businesses, the corresponding figures are 31.5% and 24.7%. In Process Technology, orders received increased by 12.7% and net sales increased
November 2007
PIAnov07_p01_09.indd 7
by 33.1% during the first nine months of 2007 compared with the corresponding period last year. Adjusted for acquisitions and divestments of businesses, the corresponding figures are 13.3% and 34.2%. The order intake in the division remained on a high level. The most significant growth has been in Food Technology with high investment level in fish proteins for Omega 3 extraction. Also the brewery industry showed a high investment level. The conventional energy investments continue on a high level while new energy sources like biofuel show a more cautious pattern. Bioethanol in the US even reported a downturn. Parts & Service repeated the last quarter’s performance with a very high order intake. ■ www.alfalaval.com
COMMENT Andrews Sykes is a UK-based company that specializes in the hire, sale and installation of a range of equipment, including pumping, portable heating, air conditioning, drying and ventilation equipment. Unhelpful climate conditions, with much lower temperatures in the UK in the early summer compared with 2006, reduced air conditioning revenues, but the company has maintained market share and the pump division continues to perform well, ahead of both last year and the company’s expectations. The company has opened new depots in the Netherlands and Belgium, as well as a company specialising in air conditioning in Florida,
USA. Initial results from these start ups are encouraging. Overall, Andrews Sykes’ sales dropped slightly, from £27.6 million in 2006 to £27.2 million this year. The trading profit performed better, up from £5.4 million to £5.7 million, but taking into account a pension curtailment charge of £0.9 million this translates to an operating profit of £4.7 million. The bulk of Andrews Sykes’ business is in the UK, representing 83.7% of sales in the fist half of 2007. Mainland Europe (7.7%) and the Middle East (8.0%) are small but important contributors to the overall business. ■ www.andrews-sykes.com
Pump Industry Analyst
7
19/11/2007 10:28:16
Alfa Laval AB, Sweden
Andrews Sykes plc, UK
Key Figures (SKr million) Three months ended 30.9
Key Figures (£ million) Six months ended 30.6 2007
2006
Order Intake
7150
5648
Net Sales Of Which: Equipment Division Process Technology Division
6385
4810
3590 2789
2759 2047
Adjusted EBITDA
1402
821
Net Profit before Tax
1252
611
Nine months ended 30.9 2007
2006
Order Intake
20977
17346
Net Sales Of Which: Equipment Division Process Technology Division
17629
13762
9974 7643
7760 5967
3496
2178
Adjusted EBITDA Net Profit before Tax Employees
2970
1624
11109
10032
2007
2006
27.2
27.6
19.7
19.2
4.1
4.5
12.7
13.4
Trading Profit before Pension Curtailment Charge
5.7
5.4
Operating Profit
4.7
5.4
Net Profit
2.9
3.3
Revenue Of Which: Hire Sales Cost of Sales
COMMENT Alfa Laval has announced a record quarter for order intake, invoicing and operating margin. Orders received exceeded company expectations and increased organically by 29% reaching SKr7.1 billion. The operating margin in the quarter reached 21.0%. This is attributed to a combination of very high capacity utilization, very favourable product mix and high internal efficiency. In the Equipment Division, orders received increased by 36.3% and net sales increased by 32.7% during the first nine months of 2007 compared to the corresponding period last year. Adjusted for acquisitions and divestments of businesses, the corresponding figures are 31.5% and 24.7%. In Process Technology, orders received increased by 12.7% and net sales increased
November 2007
PIAnov07_p01_09.indd 7
by 33.1% during the first nine months of 2007 compared with the corresponding period last year. Adjusted for acquisitions and divestments of businesses, the corresponding figures are 13.3% and 34.2%. The order intake in the division remained on a high level. The most significant growth has been in Food Technology with high investment level in fish proteins for Omega 3 extraction. Also the brewery industry showed a high investment level. The conventional energy investments continue on a high level while new energy sources like biofuel show a more cautious pattern. Bioethanol in the US even reported a downturn. Parts & Service repeated the last quarter’s performance with a very high order intake. ■ www.alfalaval.com
COMMENT Andrews Sykes is a UK-based company that specializes in the hire, sale and installation of a range of equipment, including pumping, portable heating, air conditioning, drying and ventilation equipment. Unhelpful climate conditions, with much lower temperatures in the UK in the early summer compared with 2006, reduced air conditioning revenues, but the company has maintained market share and the pump division continues to perform well, ahead of both last year and the company’s expectations. The company has opened new depots in the Netherlands and Belgium, as well as a company specialising in air conditioning in Florida,
USA. Initial results from these start ups are encouraging. Overall, Andrews Sykes’ sales dropped slightly, from £27.6 million in 2006 to £27.2 million this year. The trading profit performed better, up from £5.4 million to £5.7 million, but taking into account a pension curtailment charge of £0.9 million this translates to an operating profit of £4.7 million. The bulk of Andrews Sykes’ business is in the UK, representing 83.7% of sales in the fist half of 2007. Mainland Europe (7.7%) and the Middle East (8.0%) are small but important contributors to the overall business. ■ www.andrews-sykes.com
Pump Industry Analyst
7
19/11/2007 10:28:16