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PRESS RELEASE: Report for second quarter of 2010

Positive cash flow and profitability during a substantial growth

- Positive cash flow and profitability during a substantial growth

  • Substantially increased turnover and earnings performance
    - The first half of 2010 is the Group’s best ever, with a turnover growth of +11% compared to previous year and +14% currency converted
    - The second quarter of 2010 is the Group’s best ever, +19% compared to previous year and +18% currency converted
  • The half-year result before tax was MSEK 5,4 (4,2), a margin of 3,4% (2,9)
  • The result before tax for the second quarter was MSEK 7,3 (-0,6), a margin of 8,4% (-0,8)

Market Development

The demand increased in all regions compared to the first half of 2009 and also for all main product groups, i.e. machinery, dust extractorsmetal and resin tools and Twister™. Previous year adjusted to the current exchange rates gave a turnover increase of between 12 and 35 percent depending on main product group. A welcomed sign of an underlying sustainability in the recovery is that the demand for machines, which are more capital-intensive for the customers, has followed the upward trend, plus the fact that Twister™ throughout the recession showed a double-digit growth by a wide margin over a rolling twelve months period.

Product Development

During the first half of 2010, several product launches took place. A completely new range of machines and dust extractors, HTC Greyline™, developed for the demolition, floor preparation, renovation and rental markets was launched during the second quarter with a demand that substantially exceeded initial projections. The metal tool CX and a further developed Twister™ tailored for certain department store environments have been successfully introduced worldwide.

Revenue and profit

The revenue for first half and second quarter of 2010 is the Group’s best ever. Compared with previous year the difference is even more pronounced, especially since the US dollar exchange rate for the first half of 2010 is about 9 percent lower than for the same period last year. A significant part of the Group’s sales are in US dollar through the wholly owned subsidiary in Knoxville, Tennessee, USA.

The Group’s gross margins were in all essential parts unchanged compared with last year at comparable exchange rates. The Group’s expenses have not increased to the same extent why the result before tax and profit margin before tax was improved.

The Group is well equipped to deal with an expected continued increase in demand.

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