September 23, 2010 :2010 first half results
Over the first 6 months of the financial year, consolidated sales for 2010 increased by 5.3% to EUR 72.95 million compared with EUR 69.27 million over the same period in 2009.
3 February, 2010 :2009 Sales: €139.79 million
In an economic environment for the building sector that has continued to deteriorate, Securidev had consolidated sales of €139.79 million in the 2009 fiscal year, down 14.5% from 2008.
28 October 2009: 2009 third-quarter sales: €33.7 million
In an economic environment for the building sector that has continued to deteriorate, Securidev had consolidated sales of €33.7 million in the 2009 third quarter, down 11.3% from the same quarter last year.
september 24, 2009: Consolidated net sales declined 20.3% in the first six months
Reflecting the drop in sales in the period, current operating income declined to €1.96 million,
down from €8.7 million in the 2008 first half.
15 July 2009 : 2009 first-half sales: €69.3 million
The economic environment of the building sector continued to deteriorate in the second
quarter. Reflecting the impact of this trend, Secuiridev's sales contracted 23.2%.
may 6, 2009 :2009 first-quarter sales: €36 million
The Group had net sales of €36 million in the 2009 first quarter compared with €43.65 million for the same period last year, declining 17.5%.
march 20th, 2009 : 2008 consolidated results
Consolidated net sales registered marginal growth over last year of 1.6% to €163.4 million
despite a downturn in the fourth quarter that was particularly important in France and in the
B-to-C segment.
February 5th, 20092008 net sales: +1.6 %
Annual sales in fiscal 2008 ended up, increasing marginally 1.6% to €163.43 million compared
with €160.92 million in the prior year.
November 6th 2008 : 2008 third-quarter sales: + 0.4 %
Revenue in the 2008 third quarter expanded 0.4%.
The B-to-C division experienced a 5.8% drop in revenue in the quarter from the downturn in
construction and renovation in the real estate market. The B-to-B division achieved growth of
4.1% through its portfolio of major accounts and the success of new products.
September 26th, 2008 :2008 first-half results
Consolidated net sales grew 7% in the 2008 first half, sustained by the expansion of international operations that accounted for 65% of total revenue.
July 24, 2008 :2008 first half sales: +7 %
Securidev had consolidated sales in the 2008 first half of €86.9 million compared with €81.3
million in the same period last year, up 7%. This growth was driven by the good performance of the B-to-B division that remained in line with targets.
April 24, 2008 :2008 first-quarter sales: +5%
Securidev's sales in the 2008 first-quarter quarter grew 5.1% over the equivalent prior year
period.
Mars 28, 2008 :2007 consolidated results
Consolidated net sales grew 7.3% over 2006 to €161 million. Sales from international
operations advanced 10% and now account for 65 % of consolidated sales.
February 7, 2008 2007 net sales: €182 million, up 8%
Securidev had consolidated sales in 2007 of €161.74 million compared with €150 million in
the prior year, in line with targets and up 7.9% like-for-like.
November 29, 2007Transfer to continuous trading
Securidev announces the transfer of its shares to Eurolist Compartment C for continuous
trading of Euronext Paris effective 3 December 2007;
October 25, 2007Securidev wins the KBC GO East 2007 Grand Prix.
The KBC GO EAST event recognizes medium-sized French companies for successful development in Eastern and Central Europe. Securidev was selected from a panel of forty
companies.
October 17, 2007 2007 third-quarter sales
Securidev had consolidated third quarter sales of €37.86 million compared with €33.41 million
the same period last year, up 13 % like-for-like and including the deconsolidation of FEK.
October 5, 2007 Consolidated net sales grew 8% like-for-like
B-to-B sales increased 7% to €50 million (61% of consolidated sales)
and B-to-C sales expanded 9% to €31.3 million (39% of consolidated sales).
July 25, 20072007 first-half sales: +8%
Securidev reported first-half sales of €81.46 million compared with
€75.51 million for the equivalent prior year period. This result represents an increase in line
with objectives of 7.9% for the first six months.
April 27, 20072007 first-quarter sales up to 8.7%
In the first-quarter Sécuridev had sales of €41,54 million, a 8.7% increase over the €38.21
million achieved in the same period of 2006.
March 30 2007 :2006 consolidated results
Group sales for the fiscal year advanced 49% to €150 million.
February 12, 2007Total sales 2006: €150 millions
SECURIDEV sales for fiscal 2006 advanced 49% to €149.9 million compared with reported sales for the prior year period of €100.8 million.
October 27 2006 :2006 first-half earnings
First-half sales grew 60%. This performance included €27.5 million from the consolidation of DOM.
B-to-B sales surged 142% to €46.9 million (60% of consolidated sales). B-to-C sales grew 5.8% to €31.2 million (40% of consolidated sales). The share of International sales in total revenue has increased to 65%.
In the 2006 first half the current operating margin increased to 6.4% compared with 4.6% and the net margin to 2.9% compared with 2.0% in the equivalent prior year period.
As of June 30 2006, gearing declined to 56%, down from 71% at December 31 2005.
October 20 2006 :2006 3rd quarter sales up 66 %
Securidev had third-quarter sales of €36.05 million compared with €21.66 million in the equivalent prior year period.
On this basis, nine-month sales increased 62% to €114.20 million, including a contribution of €40.25 million from DOM.
August 11 2006 :2006 first-half sales up 60 %
SECURIDEV had first-half sales of €78.05 million compared with €48.82 million in the same period in 2005.
This performance was in line with targets for the period, confirming positive growth trends for the group.
This increase includes a €27.41 million contribution from DOM.
The B-to-C segment grew 5.8% to €31.99 million, accounting for 40% of consolidated sales.
The B-to-B segment registered sales of €46.86 million, boosting its share of the total revenue mix from 40% in the 2005 first-half to 60%, reflecting the integration of DOM.
May 3 2006 :2006 first-quarter sales up to 63 %
In the first-quarter Sécuridev had sales of €39.4 million compared to €24.2 million in the same period in 2005. This increase includes a €13.8 million contribution from DOM.
April 28 2006 :2005 consolidated results
Good sales growth in the 2005 second half
The Securidev Group reported organic sales growth of 3.6% in 2005. This performance was boosted by accelerated gains in the second half and the consolidation starting on the 1st of December of the German company DOM, a European leader in master key systems whose contribution in one month was €5.26 million.
Sharp rise in earnings
Current operating income rose 22% in 2005 to €6.53 million. This increase reflects a significant improvement in the operating margin in the second half and the positive contribution of DOM.
Net income increased by 46% to €2.80 million corresponding to net earnings per share of €1.08. Operating cash flows rose to €7.33 million or €2.81 per share.
At 31 December 2005, net financial debt was €31.5 million versus €17.4 million at 31 December 2004 and reflecting the impact of the acquisition of DOM with gearing increasing in consequence to 71%.
2005 dividend
The Board of Directors will ask the general meeting to be held on 27 June 2006 at 11:00 a.m. at the company's registered office to approve a net dividend of €0.38 per share.
2006 first-quarter sales
In the first-quarter Sécuridev had sales of €39.4 million compared to €24.2 million in the same period in 2005. This increase includes a €13.8 million contribution from DOM.
February 13 2006 : 2005 sales up 8.7% at € 100.5 million
SECURIDEV Group generated consolidated sales of € 100.53 million in the 2005 financial year, an 8.7 % increase over the € 92.46 million achieved in 2004.
The increase includes the recent acquisition of the German company DOM, a European leader on the master key cylinder market, which became part of the group on 1 December 2005 and contributed € 5.08 million to consolidated sales.
Sales increased by 3.2% on a comparable group structure.
The B-to-B division sales accounted for 43% of consolidated sales and amounted to € 43.20 million. This is a 12.2% increase over 2004 sales of € 38.49 million, with the inclusion of the acquisition of DOM.
The Mass Market division - 57% of total sales - recorded sales of € 57.33 million, compared with € 53.84 million in 2004.
SECURIDEV Group will communicate its 2005 annual results on 28 April 2006.
December 2 2005 :Acquisition of the German company DOM
On 28 November 2005 SECURIDEV signed the final agreement with BLACK & DECKER Corporation for the acquisition of the German company DOM Sicherheitstechnik.
The DOM group is one of the European leaders in the master key cylinder market for professional buildings.
This significant transaction enables the SECURIDEV Group acquire a new European dimension by servicing all the Central European markets.
Many synergies arise from the complementary nature of the business in both products and in research and development.
The SECURIDEV Group should achieve sales in 2006 of around € 150 million and report operating profitability (before allocation of valuation differences) of some 7% and an operating cash flow of 11%.
DOM will be consolidated with the SECURIDEV Group with effect from 1 December 2005.
The acquisition price, which is linked to the final net asset position of DOM in 2005, will be around € 20 million. This transaction will be financed by a bank loan.
After financing this acquisition, the balance sheet position of SECURIDEV will disclose net financial debt of 90% of shareholders’ equity of € 44 million.
November 17 2005 :Signing of an agreement for the acquisition of the DOM Group
On 15th November 2005, SECURIDEV Company and the BLACK & DECKER Corporation signed an agreement regarding the acquisition of DOM Sicherheitstechnik.
This acquisition is a significant transaction for SECURIDEV, in line with the strategy of the Group for developing and broadening the scope of its operations in Europe. It will give SECURIDEV a broader access for its products to the European market.
Based in Brühl, DOM is a leading supplier in the master key cylinders market for professional buildings.
Besides Germany, DOM has operations in the Netherlands, Switzerland, United Kingdom and France. DOM export sales are carried throughout more than 30 countries through a structured network of agents.
DOM should generate sales of about € 55 million in 2005 and bring a positive contribution to the profits of the Group. The consolidation will come to effect on the day of acquisition.
The acquisition price will be in the area of € 20 million, subject to the final accounting operations on closing. It will be financed by borrowings.
This operation should be completed by the end of November. It remains subject to the fulfilment of preconditions.
An information meeting will be organised by SECURIDEV following the finalization of this acquisition.
Securidev realised consolidated sales of € 92.3 million for 2004.
October 21 2005 : 2005 1 st half-year results
The Board of Directors meeting on October 19 2005 approved the Group’s consolidated financial statements for the 1st half-year ending 30 June 2005 in accordance with IFRS standards.
Securidev Group generated consolidated sales of € 48.8 million in the 2005 1 st half-year, a 4.9 % increase over the same period last year.
Mass Market Division sales increased by 9.2 %, representing 60% of consolidated sales, including a € 2.11 contribution from the Metalplast company. However, the B-to-B Division sales recorded a slight 1 % fall and now accounts for 40% of Group sales.
Operating profit amounted to € 1.89 million, compared with € 2.12 million at June 2004. The Group generated net profit of € 1.11 million against € 1.20 million at June 30 2004, following the cancellation of goodwill amortisation in accordance with the new IFRS standards.
Application of IFRS standards
The application of IFRS standards to the balance sheet at December 31 2004 had a negative impact of € 15.931 million on acquisition goodwill recognition and a negative
€ 1.616 million on retirement commitments, as well as a positive impact of € 1.395 million following the cancellation of the provision for major repairs and a positive € 2.142 million relating to the revaluation of the Ronis building following its disposal.
Thus, the group shareholders’ equity of € 54.59 million at December 31 2004 amounted to
€ 40.58 million at January 1 2005, in accordance with IFRS standards.
At June 30 2005, consolidated shareholders’ equity amounted to € 42.6 million, along with a net debt equity ratio of 38 %, down from 41 % at January 1 2005.
2005 3 rd quarter operations
Over the 3 rd quarter of 2005, the Group generated sales of € 21.66 million, compared to
€ 22.15 million in 2004. 9-month accumulated sales increased by 2.4 % to 70.39 million.
August 12 2005 :2005 1 st Half-Year Sales up 4.5 %
SECURIDEV Group realised 2005 1 st half-year sales of € 48.73 million, a 4.5% increase over the € 46.61 million achieved in the same period of 2004.
On a comparable group structure, operations remained stable following the inclusion of the Polish company METALPLAST – CZESTOCHOWA SA into the group.
The B-B segment, which accounted for 40% of consolidated sales, recorded a slight 1.1% fall to € 19.36 million.
Mass Market sales increased by 8.7% to € 29.37 million and represented 60% of total sales. METALPLAST – CZESTOCHOWA SA generated sales of € 2.11 million for the first half of the year.
April 15 2005 :2004 results
The 2004 financial year featured a weak B-to-B segment, which decreased by 7% compared with the previous year. However, the Mass Market segment experienced an 8.2% increase, including the acquisition of the Polish Company Metalplast during the second year-half. Sales for the Mass Market segment (58% of consolidated sales) grew by 4% on a comparable Group structure.
International sales accounted for 44% of Group sales.
In spite of the negative impact of increased steel prices, gross profit margin was maintained at the high level of 69%.
Operating profit remained above 10% of consolidated sales.
Group share of profit before goodwill amortisation amounted to €2.86 million or €1.10 per share, after taking into account exceptional items.
Cash flow from operation was virtually unchanged at €7.21 million or €2.77 per share.
Group’s net borrowings at December 31 2004, following the acquisition of Metalplast, amounted to €16.3 million, compared with €16.4 million at 31 December 2003. Debt-to-equity ratio was stable at 30%.
The Board of Directors will propose a cash dividend of € 0.42 per share to the General Meeting, which will be held on June 24 2005, at 11:00 am, in the Company’s head office.
February 11 2005 : 2004 SALES up 1.4%
Securidev realised consolidated sales of € 92.46 million for 2004, a 1.4% increase on the € 91.18 million achieved in 2003.
The Mass Market Division represented 58% of consolidated sales after rising 8.6% to
€ 54.04 million. Excluding the Polish company METALPLAST – CZESTOCHOWA SA acquired in July 2004, sales grew by 5%.
The B-to-B Division declined by 7%.
SECURIDEV will release its consolidated results on April 15 2005.
18 October 2004 :2004 1st Half-Year Group Financial Results
The Board of Directors meeting on October 15 2004 approved the Group’s consolidated financial accounts for the 1st half-year ending June 30 2004.
Securidev Group saw its 2004 1st half-year sales rise by 1.5% to € 46.61 million from € 45.91 million for the same period last year.
Mass Market Division sales increased by 4.7% to € 27.03 million due to a better construction market and the successful integration of Titan dd, and now account for 58% of Group sales. B-to-B Division sales decreased by 4.2% to € 19.58 million, and now account for 42% of Group sales.
Operating profit improved by 9.5% to € 2.3 million, enabling the Group to post an operating profit margin of 4.9%.
Profit before goodwill amortisation improved to € 1.19 million from breakeven for the 1st half of 2003.
The Group’s net debt to equity ratio had improved to 29% at June 30 2004 from 36% at June 30 2003.
2004 2nd half-year financial results will incorporate the first time consolidation of the Polish company METALPLAST - CZESTOCHOWA SA, which was acquired on July 20 2004. The Group realised 2004 3rd quarter sales of € 22.15 million, up 1% over the € 21.93 million posted in the same period last year. Group sales for the first 9 months of 2004 were up 1.4% over the same period last year.
August 5 2004 : 2004 1st Half-Year Sales Up 0.7%
Sécuridev Group realised 2004 1st half-year sales of € 46.24 million, up 0.7% over the same period last year (€ 45.91 million), despite a 0.9% slight decrease in 1st quarter sales.
The Group’s Mass Market business posted sales of € 26.97 million, accounting for 58% of Group sales, while its B-to-B business posted € 19.26 million in sales, accounting for 42% of Group sales.
The Polish company METALPLAST-CZESTOCHOWA SA, acquired on July 20 2004, will be consolidated as from the 2nd half of 2004, as part of the Group’s Mass Market business.
METALPLAST-CZESTOCHOWA SA is the market leader in Poland for mortise locks for wooden doors.
july 26 2004 : New Acquisition in Europe
Sécuridev announces its acquisition on July 20 2004 of a 60% equity stake in the Polish company METALPLAST – CZESTOCHOWA SA.
Founded in 1899, privatised in 1993 and converted to SA status in 1996, METALPLAST – CZESTOCHOWA SA is the market leader in mortise locks for wooden doors, benefiting from strong brand recognition at a national level.
SECURIDEV strengthens its presence in Central Europe with this acquisition.
SECURIDEV has become a recognised player in Poland with the creation of two commercial subsidiaries there and in the Czech Republic, the acquisition of the Hungarian company Euro-Elzett, and more recently the purchase of the Slovenian company Titan.
Poland is the European Union’s 6th most populous country, with slightly more than 38 million.
METALPLAST – CZESTOCHOWA SA’s joining of the SECURIDEV Group will enable it to benefit from a strong growth capability thanks to range complements with other subsidiaries, and notably with the Métalux company for locks and the Titan company for cylinders.
The management team that oversaw the turnaround of the company since 2001 will remain in place.
METALPLAST – CZESTOCHOWA SA realised €4.5 million, employing a workforce of 212.
Sécuridev announces its acquisition on July 20 2004 of a 60% equity stake in the Polish company METALPLAST – CZESTOCHOWA SA.
Founded in 1899, privatised in 1993 and converted to SA status in 1996, METALPLAST – CZESTOCHOWA SA is the market leader in mortise locks for wooden doors, benefiting from strong brand recognition at a national level.
SECURIDEV strengthens its presence in Central Europe with this acquisition.
SECURIDEV has become a recognised player in Poland with the creation of two commercial subsidiaries there and in the Czech Republic, the acquisition of the Hungarian company Euro-Elzett, and more recently the purchase of the Slovenian company Titan.
Poland is the European Union’s 6th most populous country, with slightly more than 38 million.
METALPLAST – CZESTOCHOWA SA’s joining of the SECURIDEV Group will enable it to benefit from a strong growth capability thanks to range complements with other subsidiaries, and notably with the Métalux company for locks and the Titan company for cylinders.
The management team that oversaw the turnaround of the company since 2001 will remain in place.
METALPLAST – CZESTOCHOWA SA realised €4.5 million, employing a workforce of 212.
may 4 2004 : 2003 Full Year Group Results: Improvement in the 2nd Half
Sécuridev achieved sustained sales growth while significantly reducing its net borrowings and completing the necessary restructuring for the Group's future, despite a less than favourable economic environment.
2003 Group sales increased by 11%, due to the integration of the Slovenian company Titan d.d. - a recognised player in European and ex-Yugoslavian cylinders and locking systems markets, the recovery in business activity at Dény-Fontaine during the 2nd half of 2003, and the good performance achieved by the Mass Market Division, which now accounts for 55% of Group sales. International sales accounted for 43% of Group 2003 sales.
The Group maintained its gross profit margin at 71%, while operating profit was down slightly by 4%. Nevertheless, profit before goodwill amortisation improved by 18% to € 3.44 million, or € 1.32 per share, after taking into account restructuring costs and the gain on the Romainville site disposal.
Group's net borrowings at December 31 2003, following the acquisition of Titan, amounted to € 15.4 million, down 20% on the previous year-end. At December 31 2003, the Group had a debt-to-equity ratio of 28.6%.
The Board of Directors will propose a cash dividend of € 0.42 per share to the General Meeting, which will be held on June 25 2004, at 11:00 am, in the Company's head office.
The Group realised 2004 1st quarter sales of € 23.14 million, compared with € 23.35 million for 2003.
13 February 2004 : 11% increase in consolidated sales for 2003, growth in the second half year.
In 2003, Securidev increased consolidated sales by 11% from € 82.04 million in 2002 to € 90.97 million. On a comparable basis, sales fell by 4% compared to a fall of 7% on the first half year.
This is the result of both the catching up announced and achieved by DenyFontaine and a modest improvement in business.
The performance also reflects the initial effects of the inclusion of Titan d.d. within the group.
In 2003, the B to B division represented 46.5% of sales and the Mass Market division 54.5% compared to 54% and 46% respectively in 2002.
SECURIDEV will release its annual results on April 30 2004.
October 24 2003 : 2003 interim consolidated financial results
The Board of Directors, meeting on October 24 2003, approved the Group’s accounts for the half-year ending 30 June 2003.
Securidev Group 2003 interim sales increased by 9% over the same period last year, reflecting the integration of the Titan d.d. company that was acquired for € 6.6 million. On a constant Group structure basis, sales were down 7%. International sales increased to 42% of Group sales. With the integration of Titan, Mass Market operations share of Group sales increased to 56% from 46% for 2002, rising 32% in this time, with all companies faring well. B-to-B sales dropped 11% during this time, and now account for 44% of Group sales.
The Group’s gross profit margin decreased to 67%, reflecting the increased importance of Mass Market operations within the Group.
As a result, Group operating profit decreased to € 2.1 million from € 2.7 million for the same period last year and now accounts for 4.6% of sales.
The Group posted an interim net loss of € 0.66 million, which incorporates all restructuring costs incurred during the 1st half of 2003.
The Group maintained its debt-to-equity ratio at 36% during this time.
Group 3rd quarter sales improved by 23.7% over the same period last year to € 21.93 million. 9-month cumulative sales increased by 13.2%, down 3.5% on a constant Group structure basis.
August 11 2003 : 2003 interim consolidated sales
Securidev Group 2003 interim sales increased to € 45.91 million from € 42.20 million from the same period last year, a rise of 8.8%, reflecting the integration of the Titan dd company acquired for € 6.77 million.
The Group’s two operations reported contrasting performances :
- Mass Market sales increased by 32% to € 25.84 million, reflecting the integration of Titan dd and good resistance, given the environment. On a constant Group structure basis, Mass market sales were marginally down by 3%, and now account for 56% of Group sales.
- B-to-B sales dropped 11% during this time to € 20.07 million.
April 11 2003 : 2002 full year consolidated financial results
Sécuridev Group realised 2002 financial year sales of € 82.04 million, down 7% from the previous financial year. B-to-B sales dropped 14% as a result of the adverse impact of the difficult economic environment, and now account for 54% of sales. Mass market sales increased by 2.9%, and now account for 46% of sales. International sales increased to 33% of Group sales.
At the end of 2002, the Group acquired the Slovenian company Titan dd, the leader in the locking systems market in the Balkan states and a recognised manufacturer of cylinders in Europe. This acquisition strengthens the position of the Group, already present in Eastern Europe through its EuroElzett subsidiary, enabling Sécuridev to expand its product offering. Titan dd, whose results are only consolidated for the month of December, realised full year sales of € 14 million and an operating profit margin of 10%.
Operating profit and profit or ordinary activities decreased to € 6.56 million and € 5.60 million, reflecting lower sales. Profit before goodwill amortisation amounted to € 2.9 million, or 3.6% of sales, while cash flow from operations decreased to € 6.30 million, or 7.7% of sales.
Net financial debt decreased from € 20.4 million at December 31 2001 to € 19.0 million at 31 December 2002, and reflected the acquisition of Titan dd. The Group’s debt to equity ratio amounted to 36%, with equity totalling € 53 million at 31 December 2002.
The Board of Directors will propose to the Annual General Meeting, convened for June 26 2003 at 11:00 am at the Company’s registered offices, a net dividend per share of € 0.38.
18 November 2002 : Strategic acquisition for the Group
2002 3rd quarter consolidated sales
SECURIDEV Group realised 2002 3rd quarter sales of € 17.73 million, down 11.6% from the same period last year, reflecting 2002 1st half year trends of lower capital equipment sales by the Group’s B-to-B operations partially offset by stable sales by the Group’s Mass Market operations, which returned to a good level of operating profitability. 9-month cumulative sales were down 7.5%.
Acquisition of the Slovenian company TITAN
SECURIDEV Group announces the acquisition of the Slovenian company TITAN dd, as part of a public takeover bid. This acquisition was executed in association with the DECAYEUX Group, the leader in France in the production of letter-boxes and a recognised specialist in high security doors.
This friendly takeover, initiated at the beginning of September 2002 and concluded in mid-November, resulting in SECURIDEV and DECAYEUX holding an 84.2% stake in the share capital of TITAN. SECURIDEV becomes Titan’s major shareholder, and assumes operating responsibility for this company.
TITAN, whose operations are based in Kamnik, Slovenia, strongly complements both groups’ existing product lines, notably with a range of open end and flat European cylinders. TITAN also offers both groups the opportunity to strengthen their industrial and commercial development capabilities ain Europe.
In effect TITAN, the market leader in the locking systems in the Balkan countries, is very much an export-focused company and has a know-how recognised in Europe for its product catalogue that complements the SECURIDEV range. For DECAYEUX, TITAN’s representative in France, this acquisition will significantly strengthen its procurement capabilities.
TITAN key figures :
Sales : € 13.5 million, with a 60/40 split on sales to Eastern and Western Europe, respectively.
Operating profit margin: approximately 10%.
This acquisition was executed with the assistance of the POINT EST company, which specialises in locating Central European partners.
October 28 2002 :2002 interim consolidated financial results2
The Board of Directors, meeting on October 25 2002, approved the Group’s accounts for the half-year ending June 30 2002.
2002 interim Group sales decreased by 6% from the same period last year to € 42.2 million, with B-to-B (54% of Group sales) and Mass Market (46% of Group sales) reporting contrasting results. B-to-B sales decreased by 10%, reflecting a significant drop in capital equipment orders, while Mass Market sales maintained its activity with the successful launch of new products. International sales accounted for 31% of Group sales.
As a result, operating profit decreased to € 2.7 million from € 3.0 million during this time. The Group’s operating profit margin amounted to 6.4 %, reflecting the first effects of the reorganisation measures introduced in the 4th quarter of 2001.
Group net profit improved 10% to € 0.63 million.
Improved cash flows enabled the Group to reduce its debt-to-equity ratio from 38% at December 31 2001 to 31% at June 30 2002, with equity amounting to € 51.9 million at that date.
