Dutch company Cavotec, which was involved in a reverse takeover with Christchurch-based Mooring Systems, says revenue lifted 35 per cent last year compared to 2005.
Releasing its unaudited preliminary year-end results for 2006 today, Cavotec said net income after tax was 6.6 million euros ($12.7 million). Invoiced sales
were 112.2 million euros, while ebitda (earnings before interest, tax, depreciation and amortisation) was 12 million euros.
Cavotec said the most important event for the company in 2006 was the merger with automated mooring equipment maker Mooring Systems, and the listing of the combined entity on the NZ Exchange (NZX) effective from Monday to form Cavotec MSL Holdings.
In Cavotec's consolidated sales figures of 2006, Mooring Systems' MoorMaster product portfolio contributed revenues of about 1.8 million euros.
Cavotec said 2006 was its most successful year, with the 35 per cent growth in revenues having been entirely organic.
They reflected the company's strong concentration on core markets and the promotion of new products and services.
In many respects the exceptional growth of 2006 represented a crystallisation and payback from investments undertaken between 2002 and 2005.
The outlook for Cavotec MSL Holdings in 2007 was promising, with vigorous demand anticipated within all core markets, Cavotec said.
Growth was projected to be in the order of 10 per cent with similar levels of profitability as 2006.
Cavotec MSL was firmly committed to building market penetration for Christchurch-based Cavotec MoorMaster.
During the year the promotion of Cavotec MoorMaster would be enhanced within the international maritime community, while its internal engineering resources would be bolstered.
Cavotec MSL chairman Stefan Widegren said the company was strongly committed to improving its ranking on the NZX and creating long term value for our shareholders.
The merger of the Cavotec Group with Mooring Systems enabled the exploration of many new opportunities, Mr Widegren said.
The New Zealand financial community was positive and receptive to Cavotec MSL, "and we all feel committed and very much at home in the New Zealand marketplace".
Cavotec MSL shares closed at $5.17 on Monday.
- NZPA
