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Strong 1H18 provide solid foundation for FAMUR’s new growth strategy

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Global Mining Review,

In 1H18, the FAMUR Group generated revenue of over 1 billion zlotys, more than double the figure posted in the same period of 2017. Both net profit and EBITDA were nearly twice as high as in 1H17. Such strong results, delivered with minimum use of debt, provide a solid foundation for implementing the Group’s new growth strategy.

Thanks to its active sales policy, in the first half of the year the Group generated revenue of nearly PLN 1.1 billion, which is more than twice the amount earned in the corresponding period of 2017 (PLN 535 million). The focus on projects driving added value and the effective use of synergies offered by the integration with Kopex have resulted in tangible expansion of the Group’s offering potential and its capacity to execute new contracts.

“The robust financial performance we delivered in the first half of 2018 confirms that we have successfully adapted our operations to market conditions and minimised the impact of the cost pressure observed in the last quarters. At the same time, it has provided us with a substantial financial buffer and the capital we have ensures smooth running of day-to-day operations and facilitates the implementation of planned investments. This is why we were able to share the profit with the shareholders. The dividend per share was PLN 0.44 and was paid on 7 July. Our Group’s financial performance as well as its improved potential following the integration with Kopex, especially in the area of complex innovative technologies and services, are an excellent starting point for the new growth strategy for 2019 - 2023,” says Miroslaw Bendzera, President of the Management Board of the FAMUR Group.

The process of integration with Kopex, completed in line with the original plan, significantly contributed to stronger sales in Poland and abroad. In the first half of the year, the Group expanded its presence on the domestic market, driving domestic sales up to PLN 710.6 million year on year, from PLN 342.4 million. In Russia and CIS countries, sales amounted to PLN 179.8 million (PLN 100.9 million in 1H17). The European market accounted for PLN 139.6 million (PLN 89.2 million in 1H17). In America, Asia, Africa and Australia, we posted sales of PLN 42.1 million, compared with PLN 4.6 million in H1 2017. The FAMUR Group’s plans concerning intensified expansion abroad and wider presence on the global market are presented in the new growth strategy for 2019 - 2023.

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