Martin 2007 First Half Results
Half Year Numbers Soar for Martin Professional – Again Upgrades Profit Forecast
Martin Professional A/S continues its positive growth in 2007, maintaining the improvements that the company experienced in 2006. Martin increased revenue by 29.8% from DKK 457.8 million (approx. $83.2 million) in the first half of 2006 to DKK 594.3 million (approx. $108.1 million) in the first six months of 2007, an H1 record for the company. The substantial revenue improvement was prevalent across all of Martin’s key markets, with the exception of the USA where revenue was slightly lower than last year.
Martin now expects to generate revenue of approximately DKK 1.2 billion (approx. $218.2 million) in 2007 with a pre-tax profit of approximately DKK 70 million (approx. $12.7 million) compared with the previous forecast of DKK 40 million (approx. $7.3 million).
Shipping of large single orders, among other factors, positively impacted H1 2007 revenue, and a general high level of activity in the entertainment industry generated strong demand for both well-established products such as the MAC 2000 series and more recent products like the MAC 700 series.
Profit before tax was up from a loss of DKK 4.4 million (approx. $.8 million) in H1 2006 to a profit of DKK 39.4 million (approx. $7.2 million) in H1 2007, which was also a first half record and well ahead of the forecast. Martin had a good start to 2007 and the improvements achieved in 2006 are now well incorporated into day-to-day operations. The quality improvements in both product range and processes combined with enhanced product innovation encourage expectations that Martin will also generate good results in H2 2007.
Martin’s positive 2007 first half numbers come on the heels of record 2006 revenue numbers (DKK 1.03 billion or approx. $187 million) and substantial improvements in profit.