Hexagon Composites posts positive results in H1

Operating profit (EBIT) was NOK 89.2 (33.1) million and profit before tax was NOK 88.0 (29.6) million.

The first half year of 2013 were a pleasing period for Hexagon Composites with an overall increase in turnover and positive results in all business units.

The first half year of 2013 therefore showed significant improvements compared to the first half year of 2012.

The second quarter of 2013 provided a turnover of NOK 366.8 (287.0) million, an EBITDA of NOK 71.5 (31.1) million and an EBIT of NOK 53.8 (16.1) million. The second quarter thus showed further progress from the first quarter.

Significant events in the Group since the previous interim report:

-Continued strong influx of new orders for high-pressure containers (TITAN(TM) and TUFFSHELL(TM)) in the North American market

- Hexagon Lincoln was awarded an order from a new North American customer for the supply of TITAN(TM) modules at a value of around USD 9 million

- Good growth in the market for fuel cylinders for large commercial vehicles in North America

- Official opening of the production facility at Rugasco in Russia

- Hexagon Composites plans to invest a further NOK 150 million in Lincoln

- Successful placement of unsecured bond issue of NOK 300 million 

- Jon Erik Engeset took up the position as CEO on 5 August 2013.

Hexagon Composites