Interim report - first quarter of 2010

Summary: SP Group incurred a profit before tax and minority interests of DKK 4.5m in Q1 2010 as against a DKK 3.8m loss in Q1 2009. Revenue was up by 19.3% to DKK 202.2m and EBITDA improved from DKK 1.2m to DKK 16.8m, as the good trend in earnings achieved in H2 2009 continued into Q1 2010.

The Supervisory Board of SP Group A/S has today considered and approved the interim report for the three months ended 31 March 2010. Highlights of the interim report:

Revenue improved by DKK 32.7m (19.3%) in Q1 2010 relative to the year-earlier period to DKK 202.2m.
EBITDA for Q1 was DKK 16.8m, up from DKK 1.2m in Q1 2009.
EBIT was DKK 7.0m in Q1 2010, as against a loss of DKK 8.5m in Q1 2009.
Net financial items were an expense of DKK 2.5m in Q1 2010, a DKK 1.7m improvement on Q1 2009.
SP Group incurred a Q1 profit before tax and minority interests of DKK 4.5m as against a DKK 12.7m loss in Q1 2009.
The injection moulding businesses, SP Moulding and SP Medical, reported decent revenue improvements as well as earnings improvements. As a result, EBITDA amounted to DKK 10.1m in Q1 2010 against DKK 1.6m in the year-earlier period.
The Polyurethane business area reported a substantial revenue improvement in Q1 2010. As a result, EBITDA was DKK 6.7m against DKK 0.6m in Q1 2009.
The Vacuum Forming business area incurred a slight drop in revenue. EBITDA was a loss of DKK 0.8m in Q1 2010, an improvement of DKK 0.4m from Q1 2009.
The coating business, Accoat, reported an increase in revenue in Q1 2010, but a drop in EBITDA to DKK 3.9m from DKK 4.2m in Q1 2009.
There was a cash inflow from operating activities of DKK 10.7m, up from DKK 1.6m in Q1 2009.
We continue to expect a slight profit for 2010 and a small improvement in the level of activity relative to 2009, but it is still premature to quantify the improvements, as market prospects remain unclear.

Read the entire report here

Best regards

Niels K. Agner

Chairman of the Supervisory Board

Frank Gad

Chief Executive Officder

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