MayAir Group plc (LON:MAYA), a leading specialist provider of air purification technology, today announced its interim results for the six months ended 30 June 2017 (the ‘period’).
OPERATIONAL HIGHLIGHTS
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Strong performance in H1-2017 from all core divisions, with overall revenue up 79% to US$34 million (H1-2016: US$19 million) |
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Industrial sales increased 96% to US$21 million which included the US$9.74 million Tianma Project |
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Recurring revenue from replacement sales increased by 38% to US$7.3 million (H1-2016: US$5.3million) |
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Completion of new 38,500m2 factory in Nanjing, China scheduled for Q4-2017 to provide increased long-term production capacity |
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End markets, both China and internationally, continue to offer considerable opportunity for growth |
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Post period end, MayAir secured a US$13.6 million Industrial sales contract with CEC Panda |
FINANCIAL HIGHLIGHTS
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|
Unaudited H1 2017 (US$ million) |
Unaudited H1 2016 (US$ million) |
Audited FY 2016 (US$ million) |
Change % |
|
Revenue |
34.0 |
19.0 |
65.6 |
79% |
|
Gross Profit |
10.3 |
7.0 |
20.3 |
47% |
|
Operating Profit |
2.9 |
1.5 |
6.2 |
93% |
|
EBITDA |
3.3 |
2.0 |
7.2 |
65% |
|
Profit After Tax |
2.3 |
1.3 |
4.4 |
77% |
|
EPS – Basic (US$ cent) |
4.75 |
2.53 |
9.00 |
88% |
|
Gross Margin |
30 |
37 |
31 |
(18)% |
|
Net Cash |
5.7 |
16.2 |
20.5 |
|
|
Net Assets |
52.3 |
47.7 |
49.2 |
Yap Wee Keong, Chief Executive Officer of MayAir Group, said: “Trading in the first half of the current financial year has been good. Whilst it remains early in the second half of the financial year, the Board remains confident that the Group’s results for the full year will be in line with current market expectations.
“We are excited that our new factory in Nanjing, China will soon be complete, allowing us to meet growing demand in our chosen markets. The new factory has been designed to meet higher standard requirements, cope with higher volume of inventory and will improve the efficiency of our inventory management and distribution to improve margins.
“The market drivers underpinning MayAir’s business model remain and this has been demonstrated with the growing demand for our products. The Board maintains its resolve to pursue growth by focusing on continually improving our products, retaining our competitiveness and exploiting strategic opportunities across the Group.”
