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Dit artikel in het Nederlands
Metris 2008 H1 trading update:
progressing as planned, confirming 2008 outlook
Leuven, May 19th 2008 - Metris, leading innovator in the metrology industry, today issues its H1 2008 qualitative trading update. The group will announce its H1 2008 results on August 28th, 2008.
For H1 2008, Metris is experiencing revenue growth and margin evolution as expected. Although the exchange rate translation of both US Dollar and Pound Sterling versus Euro represents a negative influence, sales are expected to show strong growth for H1 2008. Metris expects a sales seasonality between H1 and H2 for 2008 that is similar to the years 2007 and 2006 (typically a 40/60% split between H1 and H2).
Sales continue to grow across all geographic segments. In Continental Europe, sales is developing as planned, fuelled by an increased geographical footprint in sales and marketing and the adoption of the new optical metrology technologies. The UK and rest of world territory, including Asia, grows at a more moderate pace than in 2007. This region realized in 2007 a non recurrent sales increase because new distributors with existing order backlog in the mechanical business signed up with Metris. In the North American region, sales growth in local currency remains strong, recording no recession effect on sales (yet).
During H1 2008, the product mix has been organically shifting in the favorable direction. The optical business continues to grow strongly and faster than the mechanical business. In the optical business, laser scanning, iGPS / Laser Radar and X-ray are the product lines that are most relevant to monitor the success of the Metris strategy. The growth of laser scanning is higher than planned, driven by increased market adoption through total solution offering. CMM-based laser scanning sales is expected to accelerate in H2 2008 as a result of the upcoming release of both next-generation digital laser scanners and off-line programming software for CMM laser scanning. Handheld laser scanning is performing very well as a result of articulated arm technology that was acquired in 2007. Although some aerospace orders were postponed due to program delays at Airbus and Boeing, iGPS outperforms the H1 2008 plan, thanks to the success of the shipbuilding market segment and the recent release of Metris iSpace. More importantly, large-scale metrology continues to build adoption momentum and a very strong pipeline for 2009 and 2010, based on new aerospace programs and increasing iGPS and Laser Radar adoption. Business with newly acquired X-Ray and CT products is better than anticipated during integration planning.
The Robot CMM Arm (RCA) was successfully released in April at the Control Show, a renowned commercial fair for quality control in Stuttgart. At this occasion, Metris experienced very strong growth in new commercial lead acquisition, especially in laser scanning and CT. Also for RCA, the resonance in the market was very good with candidate early adopter customers outnumbering the scheduled manufacturing for Q3 2008. The effect of RCA on 2008 sales will be limited, but RCA promises to contribute to strong growth in the next coming years.
Margins are not substantially influenced by foreign exchange effects, thanks to the natural hedging of US dollar and Pound Sterling denominated cost of sale and operational expenses. Similar to H2 2007, gross profit margin will in H1 2008 on the one hand still face the negative influence of the consolidation of the businesses acquired in the second half and late first half of 2007, in line with the Metris strategy. On the other hand, the favorable shift in the product mix from mechanical lower-margin products towards optical higher-margin products continues in H1 2008, and positively influences H1 2008 gross profit margin.
In March 2008, Metris has done its first acquisition of 2008, with the purchase of a manufacturing facility in China in which Metris held a minority share. Cost of sale improvements resulting from this acquisition will not substantially influence H1 2008 gross profit margin, but will reach its full effect in 2009. In 2008, Metris continues to explore the acquisition of businesses that fit into its acquisition strategy namely buying companies that offer complementary capabilities that enable Metris to increase the adoption of its innovative optical products, along three axes: market share, channels and technologies.
Metris confirms its outlook statement issued at the occasion of the release of the 2007 financials: for 2008, Metris intends to maintain double-digit organic sales growth and surplus growth through acquisitions. Operational leverage should lead to increased EBIT margins.
About Metris
Contact
Renaat Van Cauter – marketing@metris.com – Tel +32 16 74 01 00 – Mobile +32 486 64 24 33
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