Double-digit sales growth and record net profit for Tecan in first half of 2015 - Seite 2

We can look back on a successful first half of the year, not just financially but also as regards the market. We launched important products in two main product lines: the second application-specific Fluent(TM) solution in liquid handling as well as the next-generation reader platform Spark(TM) 10M. Feedback from customers has been very positive for both instruments, and we have already received follow-up orders for Fluent. We have also reached the first anniversary of the acquisition of IBL International. We are pleased by the smooth integration and the successful development of the business, which has managed to exceed our expectations. The level of collaboration with our new colleagues is also very encouraging."

Financial results for the first half of 2015

Order entry increased by 14.6% in local currencies to CHF 220.1 million (H1 2014: CHF 196.6 million) in the first six months of the year, corresponding to growth of 11.9% in Swiss francs. Excluding acquisitions, order entry rose by 9.4% in local currencies and by 6.9% in Swiss francs. Due to the strong order entry figures, the Group recorded a double-digit percentage increase in the order backlog at the end of the reporting period.

Sales climbed by 18.9% in local currencies or 16.2% in Swiss francs to CHF 200.0 million in the first half of the year (H1 2014: CHF 172.0 million). Excluding the IBL International business, which was consolidated on August 1, 2014, Tecan grew by 13.0% in local currencies or 10.5% in Swiss francs.

Operating profit before depreciation and amortization (earnings before interest, taxes, depreciation and amortization; EBITDA) rose by 21.4% to CHF 32.6 million in the first six months of the year (H1 2014: CHF 26.8 million). The EBITDA margin improved by 70 basis points to 16.3% of sales (H1 2014: 15.6%).

Tecan increased net profit for the first half of 2015 by 39.7% to CHF 26.0 million - thus setting a new company record (H1 2014: CHF 18.6 million). The net profit margin improved by 220 basis points to 13.0% of sales (H1 2014: 10.8%). Earnings per share increased by 37.5% to CHF 2.31 (H1 2014: CHF 1.68).
In addition to the positive effect from higher sales volumes, net profit development also benefited from the improved financial result attributable to currency hedging measures, given the weakness of the US dollar against the Swiss franc since the end of 2014. Exchange rate movements versus the euro were not hedged, as costs incurred in euro exceeded sales generated in the same currency. The discontinuation of the exchange rate floor and the resulting depreciation of the euro therefore did not have an impact on the net profit margin.