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Neways Reports 52% Revenue Increase in Q3
November 3, 2010 |Estimated reading time: 2 minutes
Neways Electronics International N.V. recorded turnover of EUR 66.2 million in the third quarter of 2010, up 52% compared with the same period last year. Both operational profit and net profit increased for the fifth quarter in a row. The order portfolio increased to EUR 70.8 million as per September 30, 2010, up 5% compared with the end of June. Demand for electronic components and systems was higher across the board. On that basis, expectations for the full year 2010 are positive.
As in the first half of 2010, Neways' profitability remains under pressure because suppliers cannot always meet the rapid increased sector demand. This results in a certain level of inefficiency along the entire chain. More specifically, Neways can only recharge a part of the extra costs of purchasing and production capacity utilisation, which means cost levels are relatively high to ensure sufficient flexibility towards Neways' customers.
Capital Position
Neways' financial position as per end of September remains strong. However, the significant increase in order and activity levels put some pressure on working capital.
Outlook
Neways is positive about the developments in the fourth quarter of 2010 and the first months of 2011. In the current quarter, profitability will be under pressure from a shortage of materials and the resultant inefficiency in the chain. However, it is expected that this will be resolved to a large extent in the coming months.
Partly on the basis of the current higher order portfolio, Neways expects turnover to rise to more than EUR 240 million for the full year 2010 and that net profit in the second half of the year will be substantially higher than in the first half of 2010.
New Date Annual Results 2010
Neways is advancing the date of the publication of its 2010 annual results. These results will be presented before the opening of the stock exchange on Tuesday, March 1, 2011.
About Neways
Neways Electronics International N.V. (Neways) is an international company active in the EMS market. Neways offers its clients custom-made solutions for the complete production life cycle (from product development to after-sales service) of both electronic components and complete (box build) electronic control systems. Neways operates in a niche of the EMS market and focuses primarily on small to medium-sized specialist series, with quality, flexibility and time-to-market playing a crucial role. Sectors in which Neways' products are used include the semi-conductor, medical, automotive and defence industries. Neways has operating companies in the Netherlands, Germany, Slovakia and China, with a total of around 1,800 employees. In 2009, Neways booked net turnover of € 188 million. Neways is listed on Euronext Amsterdam (symbol: NEWAY). For more information, visit http://www.neways.nl/.Don't miss the October issue of SMT Magazine! Find it here.