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-Swedish Loomis Q2 profit slumps on one-offs.

NORDIC BUSINESS REPORT-July 29, 2011--Swedish Loomis Q2 profit slumps on one-offs(C)2011 M2 COMMUNICATIONS

29 July 2011 - Swedish cash-handling services provider Loomis AB (STO: LOOM B) said today its pretax profit plunged 41% year-on-year to SEK98m in the second quarter of 2011 reflecting high non-recurring costs.

The result includes already announced negative items reflecting comparability in the amount of SEK53m, related to prior periods and coming from incorrect valuation of assets and liabilities in Loomis's Austrian business. In addition, the profit was dented by acquisition-related costs of SEK23m.

Analysts polled by SME Direkt had on average forecast only SEK14.3m in acquisition-related expenses. Adjusted for this difference, the reported result was 2% better than expected.

Second-quarter EBITA, which exclude the above mentioned costs, were largely unchanged at SEK195m, in line with the market consensus. The result includes negative currency effects of SEK24m. The EBITA margin improved to 7.3% from 7% versus an expected 7.4%.

Revenue declined to SEK2.683bn from SEK2.806bn, which was slightly higher than forecast. However, Loomis registered organic growth of 2% versus an expected 0.6%.

"This is the first time since we became a listed company in 2008 that we have experienced positive organic growth during one individual quarter," Loomis's CEO, Lars Blecko, said.

(EUR1 = SEK9.1)

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Publication:Nordic Business Report
Article Type:Financial report
Date:Jul 29, 2011
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