Neways H1 turnover and profit in line with expectations

Net profit came in at EUR 3.0 million in the first half of 2014, a significant improvement on the EUR 0.9 million reported for the same period of 2013. Demand in the automotive industry remains strong, but demand in the semiconductor sector continues to be volatile. In the course of the second quarter, Neways saw a marked change in the development of turnover. The short-cyclical nature of the market translated into changes to customers’ planning. This is also reflected in Neways’ order book, which stood at EUR 60.8 million at the end of June 2014, compared with EUR 68.5 million at year-end 2013. In April of this year, Neways announced the intended acquisition of BuS Group in Germany. The acquisition fits with Neways’ strategy and the German company’s complementary customer portfolio improves distribution across the market segments. BuS Group’s customers are primarily active in the automotive industry, but also in industrial electronics, medical technology, railway and aviation. The results of BuS Group will be consolidated as from July 2014.

In millions of EUR	H1 2014	H1 2013
Net turnover	133.6	131.4
Gross margin	55.1	52.1
Operating result	4.2	1.3
Net profit	3.0	0.9