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In the first half of 2009, Comrod Communication Group maintains the strong performance from last year, and still holds the position as a leading player in global markets for advanced tactical antennas, masts and power supply. Before writing down the assets of Unmanned Systems AS, the operational performance and financial result is above last year level.
Highlights since Q1 reporting:
The Group has experienced postponements of contracts making the outlook for the second half more uncertain. The Group expects turnover for the full year to be slightly below last year.
New strategic contracts were secured in the first half of 2009. The company received the first order of the new power supply product Compact 2400 AC/DC from Kongsberg Defence & Aerospace AS. This new power supply has been 100% developed within the company and is expected to be a key feature product in the future.
During first half the company received two prestigious new orders; from The United States Army and from SPAWAR. The products for delivery are the new advanced technology HF loop antenna and the antenna control system, ACS-004.
Revenues for first half of 2009 were MNOK 185.8 compared with MNOK 182.1 in 2008. (Figures for corresponding period of 2008 will hereafter be shown in brackets). Revenues for Q2 of 2009 were MNOK 87.0 (MNOK 81.8).
Operating profit (EBIT) in Q2 was negatively affected by non-recurring items of MNOK 12 due to the write off of UMS. Operating profit (EBIT) for first half was MNOK 4.7 (MNOK 13.5). EBIT for Q2 was minus MNOK 6.9 (positive MNOK 2.4). Operating profit (EBIT) before writing down Unmanned Systems Norway AS was for first half and Q2 MNOK 16.6 and MNOK 5.1 respectively.
The lower revenue and EBIT-margin for Q2 reflects the fluctuations in delivery schedules between the quarters.
OUTLOOK
The Board is satisfied with the development in Q2 and first half for its main Business area antennas. However, the Board acknowledges that the influence from the international financial crisis and the decision to stop the UMS activities will have an
impact on the y-o-y financial results. The Group expects turnover for the full year to be slightly below last year.
The report for first half and second quarter of 2009 is enclosed.
Second quarter report
For further information please contact:
-Niklas Hermansson CEO of Comrod Communication Group,
mobile phone +47 958 75 555 or nh@comrod.com
Kari Duestad, CFO of Comrod Communication Group,
mobile phone +47 924 63 690 or kd@comrod.com
Highlights since Q1 reporting:
- Improved revenues compared with last year
- Continued strong development from main business area antennas
- Two new prestigious orders to the US market
- Lerc SAS secures order for the French Army
- First Compact 2400 AC/DC order
- Closing of UMS Norway AS activities
The Group has experienced postponements of contracts making the outlook for the second half more uncertain. The Group expects turnover for the full year to be slightly below last year.
New strategic contracts were secured in the first half of 2009. The company received the first order of the new power supply product Compact 2400 AC/DC from Kongsberg Defence & Aerospace AS. This new power supply has been 100% developed within the company and is expected to be a key feature product in the future.
During first half the company received two prestigious new orders; from The United States Army and from SPAWAR. The products for delivery are the new advanced technology HF loop antenna and the antenna control system, ACS-004.
Revenues for first half of 2009 were MNOK 185.8 compared with MNOK 182.1 in 2008. (Figures for corresponding period of 2008 will hereafter be shown in brackets). Revenues for Q2 of 2009 were MNOK 87.0 (MNOK 81.8).
Operating profit (EBIT) in Q2 was negatively affected by non-recurring items of MNOK 12 due to the write off of UMS. Operating profit (EBIT) for first half was MNOK 4.7 (MNOK 13.5). EBIT for Q2 was minus MNOK 6.9 (positive MNOK 2.4). Operating profit (EBIT) before writing down Unmanned Systems Norway AS was for first half and Q2 MNOK 16.6 and MNOK 5.1 respectively.
The lower revenue and EBIT-margin for Q2 reflects the fluctuations in delivery schedules between the quarters.
OUTLOOK
The Board is satisfied with the development in Q2 and first half for its main Business area antennas. However, the Board acknowledges that the influence from the international financial crisis and the decision to stop the UMS activities will have an
impact on the y-o-y financial results. The Group expects turnover for the full year to be slightly below last year.
The report for first half and second quarter of 2009 is enclosed.
Second quarter report
For further information please contact:
-Niklas Hermansson CEO of Comrod Communication Group,
mobile phone +47 958 75 555 or nh@comrod.com
Kari Duestad, CFO of Comrod Communication Group,
mobile phone +47 924 63 690 or kd@comrod.com
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