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MAN Group FY16 Operating Profit Rises; Issues Positive Outlook

MAN Group plc (MNGPF.PK,MNGPY.PK,EMG.L) reported that, in fiscal 2016, the company noticeably improved operating profit to 204 million euros from 92 million euros, prior year. The Group reported a loss to shareholders of 18 million euros compared to profit of 140 million euros, last year. Loss per share from continuing operations was 0.12 euros compared to profit of 1.02 euros.

Excluding special items attributable to restructuring expenses, operating profit was 417 million euros compared to 277 million euros, prior year. The MAN Group's operating return on sales increased noticeably to 1.5% from 0.7%.

The MAN Group's order intake remained level year-on-year at around 14.4 billion euros. The company generated a Group sales revenue of 13.6 billion euros, down slightly on the previous year.

Joachim Drees, CEO of MAN SE, said: "We significantly improved our profitability in 2016. As well as positive momentum from the European commercial vehicles market, this was largely attributable to our structural improvements. MAN Truck & Bus saw significant earnings growth in 2016."

The MAN Group expects to generate slightly higher sales revenue year on-year in 2017. The MAN Group's operating profit and operating return on sales will be significantly higher than in 2016 — and will also noticeably exceed the 2016 figures before special items.

by RTT Staff Writer

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