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Manz Turns To Profit In H1, Orders Up; Confirms FY20 View; Says Cautiously Optimistic

High tech equipment manufacturer Manz AG (MANZF.PK) reported Tuesday that its first-half Group earnings before interest and tax or EBIT was 5.7 million euros, compared to prior year's EBIT loss of 3.4 million euros. EBIT margin improved to 4.6 percent from previous year's negative 2.6 percent.

Earnings before interest, taxes, depreciation and amortization or EBITDA doubled to 12.1 million euros from last year's 5.7 million euros euros. This corresponded to an EBITDA margin of 9.7 percent, up from 4.3 percent last year.

Meanwhile, revenues in the first six months of the year fell slightly to 124.3 million euros from previous year's 132.8 million euros. The results reflected the global lockdown regulations in connection with the Covid-19 pandemic.

In the second quarter, revenues remained stable.

Across all segments, Manz recorded a significant increase in order intake in the first half. Orders totaled 124.2 million euros, up from 78.3 million euros last year.

At 167.5 million euros, the order book was higher than previous year's 157.5 million euros.

Looking ahead, Manz said its Board continues to be fundamentally optimistic about the further course of business and confirmed its forecast for the full year 2020.

Martin Drasch, CEO of Manz, said, "Despite the challenging times, we are cautiously optimistic about the future course of our business in the second half of 2020 and continue to see ourselves in a solid position to achieve our forecast for the full year."

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