August 30, 2006 M.J.MAILLIS GROUP announces its Consolidated Financial Results for the 1st Half 2006:
Consolidated Turnover of Euro 189 mln versus Euro 182.2 mln in the 1st Half of 2005.
Consolidated Earnings before Interest, Taxes, Depreciation and Restructuring Charges (E.B.I.T.D.A.) of Euro 26 mln versus Euro 30.3 mln in the relevant period of 2005.
Consolidated Net Income (N.I.) of Euro 5.6 mln versus Euro 8.7 mln in the 1st Half of 2005.
In the 1st Half of 2006 the Group posted organic sales growth of 3.7%. In terms of volume, the increase was 4.8%, which is not fully reflected in the turnover, as prices for steel remain below the levels of 1st Half 2005.
The films and the plastic strapping divisions were the key drivers of growth in the 1st Half 2006, with the plastic strapping expected to contribute even further in the 2nd Half, following the operation of the second production line in the US since May.
Steel strap volume sales posted a growth rate of c. 8%, while machine sales are improving and were 7% higher on the 2nd quarter vs the 1st quarter of 2006.
Persisting pressures on margins, especially in the steel business, additional expenses due to the expansion in North America and the restructuring efforts affected profitability.
Τhe Group continues its restructuring efforts in order to realise the 3-yr Business Plan presented in the General Assembly, which calls for 25% organic growth until 2008.
