ES-System reports weaker results in 2009

2010-03-25



The group ES-System, which produces professional lighting technology for different sectors of the construction industry, noted poorer financial results last year, a consequence of the downturn on the construction branch.
In 2009 the group reported revenues of PLN 150.8m (€38.6m), which translates into a decline of 14% vis a vis the previous year. Meanwhile, its operating profit amounted to PLN 11.8m (€3m), which is down 34.4% in relation to 12 months' previously, while its operating margin equalled 7.8%. In turn, its net profit of PLN 9m (€2.3m) was 36.6% lower than in 2008. Last year, the firm exported its products to 52 countries and broadened the scope of its operations to embrace other markets, including Georgia, Moldova, and Morocco. It enjoyed its highest bump in sales in Bulgaria (160%), and its biggest drop in Russia (-40%), the latter a consequence of freezing the majority of its investments planned for the country. Industrial lighting products accounted for the biggest share in the company's foreign revenues, while emergency lighting enjoyed the biggest jump in sales (year-on-year growth of 30%). The company's senior management reckon that this year, especially H2, will bring an improvement in results on the domestic market.

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