GPV's sales rose 14%

Sales in Q1 2006/07 came to DKK 253.2 million against DKK 228.3 million in last year's Q1. The Electronics division along with the Danish part of the PCB division progressed as planned whereas the results recorded in the Mechanics division were significantly lower than expected as a result of the loss-making early stages of a large order in the period under review as well as time lags of deliveries to one large customer. The new Chinese PCB factory continued to run at a loss. Income from operations (EBIT) in Q1 2006/07 was a negative DKK 3.7 million versus DKK 4.4 million in last year's Q1. Income before tax in Q1 was a loss of DKK 9.9 million against income of DKK 0.3 million in last year's same-quarter period. Cash flow from operations was negative by DKK 13.0 million in Q1 2006/07 compared to a negative DKK 24.6 million the prior year. The order intake in the strategic market segments continued at a satisfactory level and the goals of the Fit For the Future plan are maintained. Based on the Q1 performance and the positive expectations for the remainder of the fiscal year, sales are now expected to exceed DKK 1.1 billion with income before tax maintained at DKK 30-35 million. A DKK 12-14 million loss from the factory in China is included in the expectations.