Preliminary figures show that Hexagon Composites ASA expects an increase in turnover in the 2nd quarter of 2009 compared with same period last year. Operating income for the period is expected to be on the same level as last year.
The Group's business units are being affected to different degrees by the financial crisis and developments vary greatly between the business units:
Devold AMT has had a weak 2nd Quarter and it is expected that this business area will have a relatively large loss for the period. This weak performance is directly attributable to lower revenues as a result of delays to large wind energy projects. The company has implemented cost reduction measures, including temporary layoffs. These measures will be continued until the market normalizes itself.
Lincoln Composites / Raufoss Fuel Systems develops as expected. Sales of TUFFSHELL ® containers are stable and the development of the TITAN (TM) container goes according to plan. Operating income is expected to be in line with the 1st Quarter 2009.
Ragasco continues to develop very strongly and the company has set a new production record during the 2nd Quarter. The company's composite propane cylinders are gaining entry into new markets and the company is currently working on several important contracts that are expected to be clarified during the course of 2009. The company's export share is now at approx. 90%.
For further information please contact:
The Group's business units are being affected to different degrees by the financial crisis and developments vary greatly between the business units:
Devold AMT has had a weak 2nd Quarter and it is expected that this business area will have a relatively large loss for the period. This weak performance is directly attributable to lower revenues as a result of delays to large wind energy projects. The company has implemented cost reduction measures, including temporary layoffs. These measures will be continued until the market normalizes itself.
Lincoln Composites / Raufoss Fuel Systems develops as expected. Sales of TUFFSHELL ® containers are stable and the development of the TITAN (TM) container goes according to plan. Operating income is expected to be in line with the 1st Quarter 2009.
Ragasco continues to develop very strongly and the company has set a new production record during the 2nd Quarter. The company's composite propane cylinders are gaining entry into new markets and the company is currently working on several important contracts that are expected to be clarified during the course of 2009. The company's export share is now at approx. 90%.
For further information please contact:
Erik Espeset
Group President, Hexagon Composites ASA
+47 70 11 64 45
erik.espeset@hexagon.no