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Orpak Systems: encouraging results
Posted 10/11/09
Orpak, the provider of card-free secure fuel payment systems based can out with third quarter and nine month results for the period ending 30th September 2009.
Revenue for the 9 months was US$43.7m (2008: $52.4m) but net profit was up 46% to US$6.2m (2008: $4.2m) and fully diluted earnings per share US$0.19 (2008: $0.13).
The group’s cost cutting plan appears to have delivered!
During the period they finalised the equipment of 570 BP stations in Turkey with automation and fuel payment systems based on vehicle identification, and began to deliver the first batch of 40,000 vehicle identification units out of an anticipated total of approximately 65,000 vehicles
They also received US$1m from delivering on their contract with Gilbarco Inc. to equip new fleet management systems of Gasboy International, part of the Gilbarco family of companies, with Orpak technology
Whilst the global macro-economic conditions continue to affect sales the company continues to benefit from a high level of repeat business and for the full year 2009, they expect to continue to gain market share in emerging markets
Net assets were approximately US$51m which includes net cash of approx US$8.2m. The current market capitalisation is £43m
Operating cash flow wasn’t quite as encouraging.
Not a lot of coverage for this one!
This entry was posted 2 years, 3 months ago and was filed under Orpak Systems.
