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Biesse Reports Profitable 2007 |
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Saturday, 01 March 2008 |
PESARO, Italy – Last year showed double-digit growth in revenues and profits for Biesse S.p.A., the parent company of Biesse America, Biesse Canada, Intermac America and Intermac Canada – although the firm’s fourth-quarter 2007 figures looked a little less rosy.
Net revenue for Biesse in all of 2007 grew by 17.5 percent to €466.1 million, while pre-tax profit increased by 23.6 percent to €63.2 million. Net profit for 2007 totaled €38.7 million, up 20.1 percent from 2006.
(Editor’s note: Due to the fluctuation of monetary markets at presstime, financial data will not be recharacterized in U.S. dollars.)
However, net revenue for fourth-quarter 2007 came to (e)129.7 million, a small 2-percent dip from the last three months of 2006. The pre-tax profit of €15.9 million for fourth-quarter 2007 showed a 17.4-percent decline from the same time in 2006. And, the net profit for fourth-quarter 2007 came in at €10.6 million, down 10.5 percent from 2006.
The net financial position of Biesse S.p.A. at the end of 2007 showed a positive €1.1 million, down €13 million from the same period in 2006. However, this also reflects several extraordinary features of the fiscal year totaling more than €40 million, including acquisition costs and an extraordinary dividend paid in December 2007.
Following 2007’s positive results, and given the sizeable investments the company plans to make in the immediate future, Biesse’s board in February approved a three-year industrial plan, calling for attaining consolidated revenue of approximately €550 million and net profit of around €51 million by 2010.
The board also started a buyback plan of company shares, with a target ownership of 10 percent of share capital in the next 18 months. The company currently owns approximately 3.1 percent of its own shares.
“In 2007, for the second consecutive year, Biesse not only reached but exceeded the targets set at the start of the year, with record growth rates for profits and revenue, despite external factors that did not play in our favor, such as a declining international economy, aggravated by weakness in the U.S. dollar,” stated Roberto Selci, Biesse chairman. “Our results for the last quarter of 2007 were also positive, despite trade-union disputes in the mechanical engineering sector as well as December’s transport strikes.
“On this premise, the Board of Directors has approved a Three-Year Plan. At the same time, we intend to increase what we consider our most strategic investment, namely human resources. We’re investing to make our processes even more innovative and ready to face the challenges of the future.”
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