Bli medlem
Bli medlem

Du är här

2017-02-03

Detection Technology Oyj: DETECTION TECHNOLOGY PLC FINANCIAL STATEMENTS REVIEW JANUARY-DECEMBER 2016

Detection Technology Plc Company Announcement 3 February 2017 at 09:00 (EET)

DETECTION TECHNOLOGY PLC FINANCIAL STATEMENTS REVIEW JANUARY-DECEMBER 2016

Detection Technology Q4 2016: The best quarter of a strong year

October-December 2016 highlights

* Net sales increased by 54.7% to EUR 23.5 million (15.2)
* Net sales of Security and Industrial Business Unit (SBU) grew 47.4% to EUR
14.8 million (10.1)
* Net sales of Medical Business Unit (MBU) increased 68.8% to EUR 8.7 million
(5.2)
* Operating profit (EBIT) excluding non-recurring items (NRI) was EUR 5.2
million (2.4)
* Operating margin (EBIT-%) excluding NRI was 22.3% of net sales (16.0 %)
* Earnings per share were EUR 0.31 (0.10)

Full-year 2016 highlights

* Net sales increased by 76.5% to EUR 75.5 million (42.8)
* Net sales of SBU grew 109.2% to EUR 55.8 million (26.7)
* Net sales of MBU increased 22.5% to EUR 19.8 million (16.1)
* Operating profit (EBIT) excluding NRI was EUR 14.8 million (4.5)
* Operating margin (EBIT-%) excluding NRI was 19.6% of net sales (10.6%)
* Earnings per share were EUR 0.81 (0.07)
* Capital repayment EUR 0.25 per share* (0.07)

*The Board of Directors' proposal to AGM.

(The figures are unaudited. The figures in brackets refer to the corresponding
period of the previous year.)

President and CEO, Hannu Martola:

"The year 2016 was extraordinary for us in terms of growth and profit
improvement, and we finished the fourth quarter and the year with excellent
sales and profitability. For the full year 2016 net sales grew 77% over the
previous year.

The net sales increase has for some time been driven by strong growth in
demand of X-ray imaging equipment in the security segment, but we have also
managed to grow sales in all other markets. Growth has been exceptionally
strong but by quickly increasing our production capacity we have been able to
meet the significantly increased demand. We were also successful with our new
customer projects and transferring these new products into production.

Particularly positive in the fourth quarter was the growth of our medical
business unit. Our research and development projects proceeded as planned,
and this can now be seen in net sales growth of the MBU. The split in net
sales between our business units is now better balanced, as MBU represented
more than one third of our net sales in the fourth quarter. Furthermore, the
relative share of net sales in Asia has decreased whereas the share of
Americas has increased.

The results in the fourth quarter were excellent and the profitability is at
our target level. Our financial position is strong, which enables us to
develop the business further in line with our strategy.

Year 2016 was exceptional in terms of growth and profitability. We see more
moderate growth in the beginning of 2017. At the moment, there is uncertainty
in the markets, and for 2017 we expect increased competition and a slowdown
in sales growth. We will, however, continue our efforts in line with our
strategy and keep our medium term financial targets unchanged."

Key figures

----------------------------------------------------------------------------------------------
| (EUR 1,000) 10-12/2016 10-12/2015 1-12/2016 1-12/2015 |
| Net sales 23,527 15,212 75,509 42,782 |
| Net sales growth, % 54.7% 56.4% 76.5% 29.2% |
| Operating result (EBIT) excl. NRI 5,237 2,433 14,808 4,534 |
| Operating result (EBIT) excl. NRI, % 22.3% 16.0% 19.6% 10.6% |
| Non-recurring items (NRI) 0 688 0 1,098 |
| Operating profit 5,237 1,741 14,808 3,437 |
| Operating margin, % 22.3% 11.4% 19.6% 8.0% |
| R&D costs 2,259 1,357 6,071 5,696 |
| R&D costs, % of net sales 9.6% 8.9% 8.0% 13.3% |
| Cash flow from operating activities 4,988 5,355 5,412 2,622 |
| Net interest bearing debt at end of period -8,337 -5,444 -8,337 -5,444 |
| Capital expenditure 372 3,450 1,612 4,770 |
| Gearing, % -27.0% -25.8% -27.0% -25.8% |
| Earnings per share, EUR 0.31* 0.10 0.81* 0.07 |
| Earnings per share diluted, EUR 0.33** 0.10 0.84** 0.07 |
| Number of shares at the end of the period 13,425,775 12,950,975 13,425,775 12,950,975 |
----------------------------------------------------------------------------------------------

(* Used for the entire review period increased number of shares (13,425,775)
due to the share incentive programs. ** Used for the entire review period
number of shares (12,950,975) before the effect of the share incentive
programs.)

Outlook for 2017

Detection Technology continues to develop and commercialize new products in
line with its strategy. In 2017, the company expects its R&D expenses to
increase somewhat. The company expects more moderate growth in the beginning
of 2017, but there is uncertainty in the markets. After a strong period of
growth, the company expects tightening competition and slowing net sales
growth in 2017.

Detection Technology's medium term outlook remains unchanged. Detection
Technology aims to increase sales by at least 15 per cent per annum and to
achieve an operating margin at or above 15 per cent during the medium term.

This release is a summary of Detection Technology's financial statements
review January-December 2016. The complete report is attached to this release
as a pdf-file and can also be downloaded from the company's website.

Detection Technology Plc
Board of Directors

For more information:

President and CEO Hannu Martola will be available for interviews and further
information on the release date at 9:00-11:00 (EET).

Hannu Martola, President and CEO
+358 500 449 475
hannu.martola@deetee.com

Nordea is the company's Certified Advisor under First North rules.

Detection Technology Plc

Detection Technology is a global provider of X-ray imaging subsystems,
components and services for medical, security and industrial applications.
The company's net sales grew 77% to EUR 76 million in 2016. The company has
around 200 customers in 40 countries. Detection Technology employs over 400
people in Finland, China and the US. The company's shares are listed at the
Nasdaq First North Finland under the ticker symbol DETEC.

DISTRIBUTION:
NASDAQ OMX Helsinki
Key media
www.deetee.com

Detection Technology Plc financial statements review 2016
http://hugin.info/167409/R/2075750/780547.pdf

---------------------------------------
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Detection Technology Oyj via Globenewswire

Författare Hugin

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.