Pankl Racing Systems AG: Doubling Profits, Stagnating Sales
The Austrian component supplier´s EBIT doubled both in the 12-month and 15-month periods. In 2011, Pankl intends to raise sales by 10%.
Pankl Racing Systems AG: Doubling Profits, Stagnating Sales / Picture: © Pankl
In the extraordinary shareholder meeting held on 29 July 2010, the resolution was passed to change the balance sheet date from 30/9 to 31/12. As a result, the reporting period 2009/10 consists of 15 months.
Due to the cost measures implemented in the previous fiscal year and increasing revenues from Q3 onwards, earnings were increased significantly despite a very weak Q1. In the 15 months of the reporting period 2009/10, revenues amounted to € 109.2m (12-months 2008/09: € 88.9m) and EBIT doubled both in the 12-month period and also in the 15-month period and amounted to €3.9m (12-months 2008/09: € 1.9m). The EBIT margin amounted to 3.6% in the 15-month period (12-months 2008/09: 2.1%). Positive developments after H1 in particular led to Racing/High Performance Segment revenues of € 90.2m (12-months 2008/09: € 72.8m), and an EBIT of € 3.8m or 4.2% of revenues (12-months 2008/09: € 2.3m or 3.2% of revenues).
During the reporting period, the financial and economic crisis was overcome in the Racing/High Performance Segment, but not so in the Aerospace Segment. The, for us, important helicopter market continued to be burdened by a difficult environment with declining revenues. Aerospace Segment revenues amounted to € 19.4m (12-months 2008/09: € 16.4m), EBIT amounted to € 0.3m or 1.4% of revenues (12-months 2008/09: € 0.9m or 5.3% of revenues).