Printer Friendly

-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 http://www.m2.com

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)

((Comments on this story may be sent to info@m2.com))

COPYRIGHT 2011 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2011 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Nordic Business Report
Article Type:Financial report
Date:Jul 29, 2011
Words:230
Previous Article:-Swedish Anoto reduces Q2 2011 loss as costs fall.
Next Article:-Order intake of Norwegian BWG Homes drops 26.4% Y/Y in Jul 2011.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters