Gelsenkirchen, Germany -- After what it calls "two very difficult financial years," the specialist polyurethane hose maker Masterflex AG said it has made a promising start to 2010, having returned to profitability.
The group's consolidated Q1 2010 revenue was Euro 14.8 million, a 0.1 percent drop from Q1 2009, with earnings (consolidated EBITDA) at Euro 1.5 million, a 49.0 percent rise over those for Q1 2009.
Masterflex said its consolidated operating earnings (EBIT) increased to Euro 0.8 million from Euro 0.2 million in Q1 2009. Its EBIT including extraordinary expenses also improved to Euro 0.4 million, having been negative in the previous year at Euro -0.2 million.
The company said it has seen the benefit of the extensive measures taken over previous two years, with its core High-Tech Hose Systems business developing positively. Hose sales in Q1 2010 increased by 13.1 percent compared with Q1 of 2009, and sales continued to rise in April.
Masterflex said it is therefore optimistic that recovery in the hose business is sustainable, especially since its marketing and sales activities have been reinforced. The core business unit provided evidence of sustained profitability, with operating cash flow of Euro 0.7 million.