IHC Merwede: 2007 was another record-breakerNews // April 3, 2008
IHC Merwede in The Netherlands says 2007 was another record-breaking year for the company.
During the year, the company saw a doubling of its orderbook to approximately €1.5 billion; a 50 per cent increase in revenues, to €774 million; its EBITDA margin improved from 8 per cent to 11 per cent; and the company continued to expand its national and international capacity.
Describing revenues and results, the company said both revenue and the EBITDA margin rose sharply in 2007, with turnover amounting to €774 million (€523 million in 2006). Net profit was €64.6 million, double the figure for 2006, driven by higher sales margins and a further improvement in the results for completed orders.
Said IHC Merwede: "Improvements in project management allowed us to transform the dramatic intensification of business operations into good financial results. In 2008, IHC Merwede expects to see further growth to above €1 billion in revenue, with margins comparable to those in 2007."
IHC Merwede is a leading builder of dredging equipment and it is recognised builder of complex, customised offshore construction vessels and equipment. The offshore market now accounts for 31 per cent ofy the company's revenues.
"Both markets developed well in 2007," said the company. "This resulted in the sale of nine customised ships for dredging and offshore, and 22 dredgers from our standard Beaver series. In China, we sold 10 large standard cutter suction dredgers that were built at our local partner shipyards. The Group's Technology & Services companies achieved record numbers of sales."
"We expect the healthy development in IHC Merwede's markets to continue in the years to come. The global economy is driven by a number of factors that are relevant for IHC Merwede: the constant rise in demand for oil and gas, the rapid expansion of transport flows across the world, the increase in demand for infrastructure generated by developing economies, and calls for a new approach to water management," said the company.