Gelsenkirchen, 3. November 2008. In the first nine months of the 2008 financial year, Masterflex AG increased its consolidated revenue by 2.5% year-on-year to € 103.4 million. Operating earnings before interest and taxes (EBIT) remained unchanged compared with the previous year at € 9.6 million. However, this figure failed to meet the Company’s ambitious growth targets due to the effects of the financial crisis and valuation allowances in the second quarter.
The core High-Tech Hose Systems business unit developed positively in a difficult economic environment, further reiterating the success of Masterflex’s focus on its core activities. Business development in the USA in particular exceeded expectations. With the expansion of its profitable High-Tech Hose Systems business unit, Masterflex AG aims to return to being less affected by changes in the overall economic environment.
However, the Company’s satisfactory earnings performance was hindered to an extent by its non-core activities in the areas of surface technology and fuel cell technology, with the former feeling the effects of the economic downturn and the latter being impacted by increased start-up costs.
As the financial crisis is likely to have a further adverse effect on the Company’s positive operating performance, the Executive Board of Masterflex AG now expects operating EBIT for the 2008 financial year as a whole between about € 12.0 million and € 13.0 million. The Company had previously forecast growth of 6-12%.
The complete report on the first nine months of the 2008 financial year will be published on November 7, 2008. The Executive Board of Masterflex AG will comment the figures on Eigenkapitalforum from 10 to 12 November 2008 in Frankfurt.