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Bene announces preliminary results for year

Tuesday 5 April 2011

The Bene Group, a listed company on the Vienna Stock Exchange, announced today their initial assessments of the results of the financial year to 31 January 2011.

Turnover fell by approximately 5% in the previous year (2009/10: EUR 179.3 million) and although turnover fell in the first half of the year by 19.5% to EUR 77.1 million (first half of 2009/10: EUR 95.8 million), it increased significantly in the second half outstripping the first half-year’s results by more than 10%. At the same time, Bene Group significantly increased the share of high-margin products in the annual turnover over the course of the year, thereby improving the gross margin, as well as saving additional targeted costs and increasing the organisation’s overall efficiency. Despite the lower sales figure for financial year 2010/11, the Austrian office furniture manufacturer anticipates a positive EBITDA that will far exceed comparable figures for the previous year (2009/10: EUR -5.2 million). According to preliminary figures, the Bene Group has also improved its EBIT, although this figure will still remain in the negative. This must be viewed in the context of the cyclical nature of the office furniture industry, which traditionally reacts with an approximately two-quarter delay to economic developments in the individual markets.

Due to a clearly positive operative cash flow, the Bene Group expects to return to the path of growth over the course of the financial year. With the moderate improvement of the global economic climate in 2010, the Bene Group was able to introduce a positive trend in the quarterly results during the course of the 2010/11 financial year. Bene Group management therefore anticipates a bottoming out in the relevant markets and time-delayed positive effects on the business, leading them to expect significant improvement in turnover for financial year 2011/12.


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