Sales in the second quarter increased by 2 percent to MSEK 14,830 (14,581), adjusted for changes in exchange rates, acquisitions and divestitures. In the first half of the year sales increased by 2 percent to MSEK 29,283 (29,400), adjusted for changes in exchange rates, acquisitions and divestitures.

 

Group sales are now showing a stable development of positive organic sales growth compared to last year.

 

Operating income in the second quarter increased by 15 percent to MSEK 947 (835), adjusted for changes in exchange rates. Operating margin increased to 6.4 percent (5.7) mainly driven by improvements in Cash Handling Services but also in Direct. In the first half of the year operating income increased by 9 percent to MSEK 1,824 (1,736), adjusted for changes in exchange rates. Operating margin increased to 6.2 percent (5.9).

 

Income before taxes in the second quarter increased by 38 percent to MSEK 534 (393), adjusted for changes in exchange rates. In the first half of the year income before taxes increased by 17 percent to MSEK 998 (865), adjusted for changes in exchange rates.

 

Net income in the second quarter increased by 37 percent to MSEK 333 (243). In the first half of the year the increase was 16 percent to MSEK 623 (538).

 

Earnings per share after full taxes increased 32 percent to SEK 0.91 (0.69) in the second quarter. In the first half of the year the increase was 13 percent to SEK 1.71 (1.52).

 

"Despite continued difficult trading conditions, the Group's sales, operating income and income before taxes for the second quarter 2004 increased in real and nominal terms for the first time since the third quarter 2002. This marks the end of a long period of income negatively affected by temporary items and loss making operations. Our previous forecast for the full year of an increase in income before taxes of 15-20 percent adjusted for changes in exchange rates, remains intact. The acquisition of Bell was successfully completed in June and will start to contribute to the Group's income from 2005 and forms a strategic platform in the UK for our Security Systems division."

 

 

The full report including tables can be downloaded from the following link.