Exova Results Year End 2010

Download the 2010 results*


Exova Group Ltd Year End 2010 Results

 

Financial Summary 12 months to 31 December 2010

Revenue up 3.1% from £221.1m to £227.9m

  • Return to growth in the second quarter of 2010.
  • Improving sales trend throughout the year with growth increasing to 8.4% in the fourth quarter of 2010.


Increase in Adjusted EBITDA

  • Adjusted EBITDA (before restructuring costs and management fee to private equity investor) increased by 3.7% from £43.0m to £44.6m.


Solid financial position

  • Issued £155m of senior loan notes in October 2010 and repaid a portion of the senior bank facilities.
  • No repayments scheduled on the senior bank facilities until 2016 and beyond with the senior loan notes repayable in 2018.
  • £35.9m of committed but undrawn facilities at the end of 2010.

 

Operational summary and current developments

Resilient profitability and cash flow generation

  • Highly diversified across business sectors, geographies and customers providing a natural hedge against regional and business specific downturns.
  • Well invested asset base with flexible capital expenditure profile supporting resilient cash flow generation.

 
Investment for long term growth

  • Strengthened management team in 2010 including new President in the Americas, Group HR Director  and four new sector directors.
  • Realigned the sales organisation, systems, sales processes, incentives and rewards.
  • Appointment of new CEO, Ian El-Mokadem, in 2011 to lead the business through the next stage of profitable growth.


Focus on customer service and operational excellence

  • Appointment of Group Technical Director in 2011 to implement a new technical leadership structure.
  • Roll out of ‘Lean’ operational best practice.


Outlook

  • Market and business performance trends in 2010 suggest continued recovery in many of the Group’s sectors in 2011.
  • Business well positioned for growth both organically as markets recover and by bolt-on acquisitions should attractive opportunities arise.
  • Continued development of people, processes, expertise and investment in technologies to support our clients’ ambitions.

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