News

Oslo, Thursday, August 11, 2011
Stock Exchange Notification
REPORT FOR 2nd QUARTER 2011

Positive operating margin with challenging framework conditions

In a number of countries where Blom operates, the macroeconomic conditions are still challenging, especially in Southern Europe. In order to improve profitability under the current market conditions, Blom has focused on market niches where the company has a competitive advantage and geographic regions that have an increasing need for the company's products and services, as well as continued implementation of cost saving measures. In the current quarter, these measures have entailed an improvement in the EBITDA and, accordingly, a positive operating margin.

The company posted revenues of NOK 153 million in the 2nd quarter, compared with NOK 184 million for the same quarter in 2010. EBITDA for the quarter was NOK 24 million, compared with NOK 14 million for the corresponding quarter in 2010. This corresponds to an EBITDA margin of 15.5 per cent, compared with 7.8 per cent in the 2nd quarter of 2010. The operating profit for the quarter was NOK 8 million, compared with NOK -7 million for the same period in 2010.

Revenues for the 1st half year were NOK 247 million, compared with NOK 306 million for the same period in 2010. EBITDA for the 1st half year was NOK 5 million, compared with NOK 8 million for the corresponding period in 2010. This corresponds to an EBITDA margin of 2.2 per cent, compared with 2.5 per cent in the first half of 2010. The operating loss for the 1st half year was NOK 24 million, compared with a loss of NOK 35 million for the same period in 2010.

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