Gelsenkirchen, Germany - Hose maker Masterflex AG has reported a 36-percent increase in earnings (EBIT) to Euro 4.1 million ($5.8 million) in the first half of 2011. Revenue for the company was Euro 27.2 million, up almost 20 percent from the first half of 2010.
The company, which makes polyurethane and plastic connectors and hoses, said that it was well within its full year forecast of Euro 50-51 million in revenue and earnings of Euro 7 million.
"Thanks to the measures we have taken and the economic situation, our business has developed very well. For our further expansion beyond the current economic cycle, our internationalisation and innovation strategy has begun to bear fruit," said Dr Andreas Bastin, Masterflex ceo.
The company announced in July that it would be directly distributing its product in the Czech Republic and Slovakia, following the launch of subsidiaries in Brazil and Russia last summer.