SATISFACTORY MARGIN IN 2ND QUARTER
The company’s operating revenues in the 2nd quarter totalled NOK 225 million, compared with NOK 241 million for the corresponding quarter in 2008. The EBITDA for the quarter was NOK 49 million, compared with NOK 50 million for the corresponding quarter in 2008. This corresponds to an EBITDA margin of 22.0 per cent, compared with 20.6 per cent in the 2nd quarter 2008. Operating profit was NOK 27.9 million.
The operating revenues for the respective segments totalled NOK 191.6 million for Geo Engineering and NOK 33.4 million for Information Services. Geo Engineering continues the growth in relation to the corresponding quarter in 2008. Performance is according to plan and the results follow the normal seasonal development.
The consumer electronics market is weak now, and this has impacted the earnings of the Information Services segment. The main focus for the segment’s turnover in 2009 is based on Blom’s oblique images and 3D models for navigation. 3D models are a new product to be launched in 2009. Due to the situation in the market, our partners have postponed the launch. Despite of the delay our partners maintain the estimates that 3D models will be important elements in the future navigation services.
Revenues for the 1st half year were NOK 375 million, down NOK 67 million from 2008. The company is expecting higher revenues in the 2nd half year. The company is experiencing an economic climate in which the general conditions for several of our costumers continue to be challenging.
The company had a positive cash flow from operational activities of NOK 24.8 million for the 2nd quarter. Accounts receivable was further reduced in 2nd quarter, while, as expected there was a seasonal build-up of WIP. The rate of investment was reduced in the first half year, and the company will adjust the investments in the second half year based on the customer’s demands.
HIGHLIGHTS OF 2nd QUARTER
• Blom signs a framework agreement valued at NOK 105 million for 4.5 years with Lantmäteriet (Sweden Survey).
• Blom enters into a bathymetry agreement for the Indian Ocean valued at NOK 20 million with the French Armed Forces.
• Blom enters into a framework agreement valued at NOK 10 million with the United Kingdom Environmental Agency for the laser scanning of areas vulnerable to flooding in the UK.
• Blom is awarded a framework agreement by the Italian oil and energy company ENI for the delivery of sensor services. The estimated value of the contract is NOK 22 million.
• Blom signs a contract valued at NOK 7 million with the authorities in Mozambique for the production of maps at a scale of 1:25000 by means of satellite images.
• Dirk Blaauw takes over as the new CEO and Gunnar Hirsti takes over as the new Board Chairman from 1st of July. Håkon Jacobsen continues in a newly created position as the COO. This has been done to provide the company with additional resources to take advantage of available business opportunities.
For further information please contact the CEO, Mr. Dirk Blaauw, on tel. +47 22 13 19 23 or CFO Jan Erik Braathen on tel. +47 22 13 19 24.
The report in full can be downloaded here:
2Q 2009 Report