Miba AG, Laakirchen, Austria, has reported a positive revenue and earnings performance in the first half of 2015–2016 due to favourable currency translation effects and strong demand from the automotive sector. However, the momentum from the company’s first quarter results did not continue to the same extent in the second quarter and a further downturn in growth is expected for the second half of the year.
Revenue in the first half of 2015–2016 (February to July) rose by 14% to €375.2 million, with most of this revenue growth based on foreign currency effects and company acquisitions. The share of organic growth however declined from the first to the second quarter. Earnings before interest and tax (EBIT) improved to €49.7 million (from €41.9 million), which equated to an EBIT margin of 13.3% (previous year: 12.7%). The positive earnings performance was strongly supported by currency translation effects.
“The business has performed in line with expectations thanks to the momentum from the currency situation. Demand from the automotive sector, which was still strong, contrasted with a marked slow-down in the capital goods sector at a global level,” stated Miba’s Chairman of the Management Board, F. Peter Mitterbauer.
In Europe, Miba benefited from the positive performance of the passenger vehicle industry. Business in America had been satisfactory, but revenue growth was almost exclusively based on currency translation effects. In Asia, Miba felt the sharp downturn in trucks, construction machinery and agricultural equipment while it was still possible to compensate for the markedly declining passenger vehicle market; the currency situation which was more favourable for Miba also had a supporting effect.
As of July 31, 2015, the Miba Group employed 5,385 members of staff (including agency staff) globally, which corresponds to a year-on-year increase of over 300 employees.
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