PSI increases 2008 EBIT by 50% to EUR 6.2 million

PSI Group more than doubled its group net result in financial year 2008 to UER 4.1 million.

The EBIT increased to EUR 6.2 million against EUR 4.1 million in 2007. Group sales reached EUR 128.9 million against EUR 123.2 million in 2007, new orders, at EUR 152 million against EUR 132 million in 2007, clearly exceeded the target and the annual sales. The cash flow from operating activities tripled to EUR 9.9 million against EUR 3 million in 2007, liquidity at the end of the year rose to EUR 23.7 million against EUR 18.9 million in 2007 despite the payments for two acquisitions.

PSI started 2009 with a very high volume of new orders of more than 25 million Euros in January. The focus of the new orders is on rationalization investments in major industries and utilities. PSI foresees concrete opportunities in the export business as a result of the speeding up of infrastructure investments with the stimulus programs in China, Russia and Eastern Europe.

The management is optimistic, albeit cautious in view of the general climate, that this year’s targets of EUR 7.5 million for the EBIT and EUR 140 million sales can be achieved and possibly exceeded. (...)