Gelsenkirchen, Germany - Polyurethane hose specialist Masterflex AG saw its consolidated revenue and earnings rise considerably in the first half of 2010, and notes that it will accelerate its concentration on the core hose business further in future.
Overall, consolidated revenue at Masterflex rose by 7.9 percent to Euro 24.9 million ($31.6 million) in the first half of 2010. And the company saw a surge of almost 71 percent in consolidated earnings (EBITDA) to Euro 4.0 million and an even greater increase in consolidated EBIT of 152.3 percent to Euro 2.8 million.
These consolidated results will again be negatively affected by extraordinary expenses for refinancing and transactions, but Masterflex's board expects a huge reduction of these non-operating expenses over the coming months.
The company noted that, as expected, the positive development is primarily based on the core High-Tech-Hose Systems business unit.
Masterflex said the most important milestone in the first half of 2010 was agreeing a long-term restructuring of group financing with partners, which it hopes will be finalised during the year.