CRISIS IMPACTS RESULT ICT
05/19/2009
ICT Automatisering N.V. (ICT) has booked an approximately 15% lower turnover in the first three months of this year compared to the same period last year. The decrease in rates accounts for around one third of this. Nevertheless, ICT has realised a modest operational profit in the first quarter of 2009.
From the fourth quarter 2008 onwards the activity in ICT’s markets in the Netherlands has declined rapidly, and as of the first quarter a similar picture is seen in Germany. Virtually all sectors ICT operates in are impacted. To face the resulting lower productivity and significant pricing pressure, ICT acted rapidly with the earlier announced reorganisation. The reorganisation is in full swing and is expected to be completed in the third quarter. The associated restructuring costs of EUR 4 million will be charged to the result of the first-half 2009. The second quarter has not yet shown signs of recovery, and ICT is experiencing continued pricing pressure. For the first half of 2009, ICT expects an operational margin of around 4.5 % before restructuring costs. At this moment, management does not see a need for a further reorganisation. ICT’s strong balance sheet and the good positioning in the markets it is active in, provide ICT with a good basis to face these difficult market circumstances and to further strengthen its market position.
Given the current uncertainties with regard to further economic developments, it is not possible at this time to give an outlook for 2009.