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Continued growth and improved margins in Q2 2010

19. August 2010

KONGSBERG continues to grow, delivering an EBITA of MNOK 466 in Q2 (MNOK 272).

Operating revenues totalled MNOK 3 958, up 21 per cent relative to Q2 2009. This resulted in an EBITA margin of 11.8 per cent (8.3 per cent). Earnings before tax (EBT) came to MNOK 437 (MNOK 220). New orders totalled MNOK 4 289 in Q2 (MNOK 5 998). The Q2 2009 order intake includes a NOK 3 billion contract for delivery of air defence systems to Finland. The Group had a backlog of orders valued at MNOK 18 884 at the end of the first half-year. Earnings per share (EPS) came to NOK 2.54 (NOK 1.25) in Q2.

"We are reporting a strong quarter and first-half, with growth in operating revenues and improved profit margins. The Group has seen a good market trend and the development and delivery programmes are on schedule. The Group's defence segments have made headway, reporting stronger growth and margins. The maritime segment continues to maintain a high level of activity, reporting good margins and more new orders than in the preceding quarter" says CEO Walter Qvam.

At the end of the first half-year 2010, the Group had net cash reserves of MNOK 747, up by MNOK 113 since year-end 2009. At 30 June, KONGSBERG had an equity ratio of 30.1 per cent, the same as at year end.

This information is subject to disclosure requirements pursuant to §5-12 of the Norwegian Securities Trading Act.

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