Q1 January - March 2003
- Orders received totalled SEK
2,165.4 million (2,167.6)
- Invoicing totalled SEK 2,003.0
million (1,909.2)
- The profit before tax was up
19% to SEK 174.0 million (145.8)
- Continued good profit trend
at Infection Control
- Acquisition of Copharm by
Surgical Systems
- Strong profit growth at
Surgical Systems
- Cash flow continues to be
good
- Profit outlook continues to
be positive for 2003
The quarter
The Group’s orders received
rose organically by 4.2%. Compared to the same period last year,
orders received climbed by 7.5%. The increase in orders received
by Infection Control was excellent. The Surgical Systems business
area’s orders received fell somewhat compared with the
strong position in 2002. Extended Care started the year with a
modest gain in orders received.
Despite a good increase in
invoiced sales in Q1, the Group’s book-to-bill remains
positive and the Group’s order book continues to be very
sound.
The profit before tax for the
period was up by 19%. Adjusted for activated R&D costs, in
the amount of SEK 6.8 million, the increase was 15%. Strong
volume increases and synergy effects from the Heraeus acquisition
have led to a significant profit improvement by Surgical Systems.
Infection Control continued its positive profit trend and
profitability has been boosted on the back of structural measures
taken in 2002. Extended Care business area’s profits fell
during the quarter, explained by low invoiced sales and the
subsequent poor utilisation of manufacturing resources.
A continued strong cash flow,
coupled with lower interest rates has meant improved net
financial items.
Outlook
Extended Care started the year
sluggishly but expects the rest of the year’s performance to
improve considerably, although profits for the business area are
not expected to reach last year’s level. Growth in Surgical
Systems has been above expectation for the start of the year.
Good volume trends, coupled with solid competitive strength via
the restructuring scheme, means that developments are expected to
remain very robust.
Infection Control is developing
according to plan and the effect of measures taken in production
structures and the North American business is contributing to a
very good profit trend.
The lacklustre performance by
Extended Care is compensated by a better profit outlook for
Surgical Systems.
For the whole group of companies,
the growth of profit is expected to increase this year in
comparison with 2002.
Next report
The next report from the Getinge
Group (Q2 2003) will be published on 14 July 2003.
Johan Malmquist
President and CEO
A telephone conference will be
held today at 2 p.m. Swedish time. To take part please ring +44 (0)20
7162 0181, codeword: Getinge
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