COMET Group expects results slightly below prior year
The COMET Group expects sales and EBITDA for the full year 2011 slightly below the prior-year level. For 2012 the Group is projecting results in line with fiscal 2011.
While the Systems division benefited from continuing steady demand especially from the automotive and aerospace industries, the performance of the Modules & Components division reflected the combination of the decline in semiconductor industry demand from the second half of 2011, and the strong Swiss franc. In geographic terms, most of the Group’s growth is occurring in Europe and Asia.
For the full year 2011 the COMET Group expects sales growth of about 10% in local currencies. Translated into Swiss francs, this represents sales and EBITDA results slightly lower than in the prior year (2010: net sales of CHF 217.4 million, EBITDA of CHF 28.3 million).
For 2012, assuming constant currency relations, the Executive Committee and Board of Directors anticipate that sales and EBITDA operating profit will be approximately in line with fiscal 2011. While the Group assumes that the first half of 2012 will be significantly weaker than the strong first six months of 2011, it expects the second half of 2012 to bring a renewed slight increase in demand.
The Group’s Investor Day for 2011 is being held today at YXLON International in Hamburg, Germany. The presentations are available from 4 p.m. today at http://www.comet-group.com/Investors/Reports---Presentations.