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Simtronics ASA (OSL:SIMTRO) Simtronics ASA, the Norwegian fire and gas safety company, saw a strong profit growth in the second quarter of 2008. The Company's EBITDA ended at NOK 12.6 million, up from NOK 2.8 million last year. Simtronics' sales almost tripled and came in just above NOK 100 million.
Simtronics' operating revenue grew from NOK 35.1 million last year to NOK 100.1 million in this year's second quarter. Acquisitions contributed strongly to this development, however Simtronics also saw a 52% organic sales growth in existing business.
For the first half of 2008, Simtronics' sales more than tripled. Sales grew from NOK 55.1 million last year to NOK 169.8 million in the first half of this year. EBITDA grew by almost 600%, from NOK 3.0 million to NOK 20.3 million.
"Simtronics continued to expand into new markets and segments also in the second quarter, which was our sixth consecutive 'best ever'. The strong results development suggests that we have succeeded in releasing the synergy effects identified prior to the recent acquisitions," said Simtronics CEO Rune Martini.
The Company's order flow remains strong and the order backlog stood at NOK 165 million by the end of the second quarter. Asia is currently the strongest growth area, but Simtronics saw positive developments in all of its segments and markets.
"Simtronics now represents state-of-the-art technology in fire and gas detection as well as extinguishing and fire prevention. We expect this combined business model to provide further growth and profitability going forward. The market now considers Simtronics an even more attractive and relevant supplier and the demand for our products remains high," Rune Martini said.
For further information, please contact Mr Rune Martini, CEO of Simtronics ASA, telephone +47 4807 8080
Simtronics ASA (Oslo Stock Exchange: SIMTRO) works to prevent disasters from happening. The company is an international supplier of fire and gas safety systems. Simtronics' flame and gas detectors represent the most accurate, reliable and robust safety technology available. The Company's products are used by the oil and gas industry as well as in shipping, petrochemical and other process industries and in mining. Simtronics has a well established market base in Europe with Norway, France, UK and Germany as the single most important markets. Simtronics' heritage goes back to 1948.
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