Electronics Production | April 21, 2008
Cicor increase turnover in 2007 by 16,6%
Swiss based PCB and EMS provider Cicor Technologies saw net sales go up 16.6% in the 2007 financial year to CHF 203.1 million.
The Group also achieved a disproportionately large increase in profitability. EBIT jumped 48.8% year-on-year to CHF 13.7 million. Net profit for the 2007 financial year increased 40.2% to CHF 10.1 million. Through its new Microelectronics Division, Cicor benefits from additional plants in Switzerland and Germany, as well as expanded access to the European and American markets. The group has also exercised its option to take over 60% of Singapore-domiciled ESG Holding PTE, which has production sites in Singapore, Indonesia and Vietnam. When the transaction is completed, which should be at the end of May 2008, Asia will become a major production and procurement location for Cicor Technologies. Assuming that economic activity remains healthy in the relevant markets, the group believes that 2008 will be another good year. The Board of Directors and Management Board expect to see consolidated net sales of about CHF 230 million, as well as a further improvement in the operating result. During the period under review Cicor Technologies increased its net sales by 16.6% to CHF 203.1 million (2006: CHF 174.3 million), with 13.1% of this growth coming from acquisitions (Reinhardt Microtech Group and RHe Microsystems). Operating earnings before interest and taxes (EBIT) went up 48.8% to CHF 13.7 million (CHF 9.2 million), reflecting the progress the group has made on operational efficiency. Net profit for the 2007 financial year also rose sharply, from CHF 7.2 million in 2006 to CHF 10.1 million. The rise in consolidated total assets to CHF 269.4 million (31.12.2006: CHF 223.2 million) is due mainly to the acquisition of the companies that now belong to the ME Division. The equity ratio currently stands at a solid 57.2% (31.12.2006: 57.8%).
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