March 16, 2007 M.J.MAILLIS GROUP announces its Consolidated Financial Results for 2006:
Consolidated Turnover of Euro 371.3 mln versus Euro 361.5 mln in the previous year.
Consolidated Earnings before Interest, Taxes, Depreciation and Restructuring Charges (E.B.I.T.D.A.) of Euro 42.6 mln versus Euro 57.6 mln in 2005.
Consolidated Net Income (N.I.) of Euro 2.2 mln versus Euro 12.6 mln in the previous year.
As it has been previously communicated, 2006 was a year of significant changes, especially in the sales organisation, and adjustment to the new competitive conditions in the international markets. As expected, this had negative short-term impact on the results.
Furthermore, in the second half of 2006, increases in the raw material prices for steel, the slowdown in the US economy and the intense competition in the film segment, put additional pressure on the margins.
Already, most of the aforementioned conditions are reversed and the 1st quarter of 2007 is showing significant upturn. The growth prospects of the Group remain strong as the benefits of the sales re-organisation plan and expansion in US and India continue to build momentum.
