Energomontaz-Poludnie targeting 30% revenue growth in 2010

2010-02-08

The senior management of Energomontaz-Poludnie (EP) predicts a similar dynamic in terms of revenues to last year, i.e. in the region of 30%. EP's agenda for 2010 includes a number of acquisitions, which, if finalised this year, will bring its earnings up to around PLN 400m (€98m), the company's senior management reported.
The company will shortly receive proceeds from the sale of 17.7 million shares in a new issue, which were bought by PBG. The transaction, which leaves PBG the owner of more than 25% of EP's shares, is worth approx. PLN 78m (€19.1m). The bulk of these funds will go towards acquisitions (approx. PLN 50m or €12.3m) and bolstering EP's working capital and fixed assets. The company is currently involved in talks with companies of varying size operating in the power engineering and engineering sectors, although the outcome of these negotiations remains far from clear. Energomontaz's board is likewise considering branching out into new areas and reinforcing its design and staff base.
Energomontaz is involved in contracts both in Poland and abroad – in 2009 exports accounted for 35% of its total revenues. The company's senior management believe that power engineering will be the principal motor of growth in the construction industry in the coming years, although no large-scale undertakings of this type are scheduled until 2011.

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