Interim report - First half year of 2010

Summary: SP Group generated a profit before tax and minority interests of DKK 13.0m in H1 2010 as against a DKK 19.5m loss in H1 2009. Revenue was up by 24.3% to DKK 421.0m and EBITDA improved from DKK 7.3m to DKK 42.8m, as the good trend in revenue and earnings achieved in H2 2009 continued into H1 2010. Fullyear guidance upgraded: Profit before tax and minorities for 2010 now expected at just over DKK 20m.

The Supervisory Board of SP Group A/S has today considered and approved the interim report for the six months ended 30 June 2010. Highlights of the interim report:

Revenue improved by DKK 82.3m (24.3%) in H1 2010 relative to the year-earlier period to DKK 421.0m. Q2 2010 revenue was up by 29.3%.
EBITDA for H1 2010 was DKK 42.8m, up from DKK 7.3m in H1 2009. EBITDA was DKK 26.0m in Q2 2010 and DKK 16.8m in Q1 2010.
EBIT was DKK 20.7m in H1 2010, as against a loss of DKK 12.8m in H1 2009.
Net financial items were an expense of DKK 7.7m in H1 2010, a DKK 1.0m decline on H1 2009.
SP Group incurred a H1 profit before tax and minority interests of DKK 13.0m as against a DKK 19.5m loss in H1 2009. In Q2 2010, profit amounted to DKK 8.5m, a substantial improvement from the Q1 profit of DKK 4.5m.
The injection moulding businesses, SP Moulding and SP Medical, reported decent revenue improvements as well as substantial earnings improvements. EBITDA amounted to DKK 26.5m in H1 2010 against DKK 3.9m in the year-earlier period.
The Polyurethane business area reported a substantial revenue and earnings improvement in H1 2010. EBITDA was DKK 16.8m against DKK 1.8m in H1 2009.
The Vacuum Forming business area incurred a slight improvement in revenue. EBITDA was a loss of DKK 2.5m in H1 2010, DKK 1.8m lower than in H1 2009.
The coating business, Accoat, reported an increase in revenue in H1 2010, EBITDA rose to DKK 8.1 million from DKK 7.6 million in H1 2009.
There was a cash inflow from operating activities of DKK 22.0m, up from DKK 16.3m in H1 2009.
Profit before tax and minorities is expected to be just over DKK 20m in 2010, which is in line with 2006 and 2007, the Group's best years to date. Revenue is now expected to be around DKK 850m for the full year, which is somewhat higher than previously expected.

Read the entire report here

Best regards

Niels K. Agner

Chairman of the Supervisory Board

Frank Gad

Chief Executive Officder

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