The Group grew net sales by 12% to € 943 million during the first half of the year (previous year: € 841 million), which corresponds to 10% growth after adjusting for movement in the euro/US-dollar exchange rate. At € 455 million, second-quarter growth was 18% ahead of the same figure last year (€ 386 million). Good performance in Germany assisted the Company’s successful international growth track.

Gross margin on sales before profit charges arising from the carve-out was 1.0 percentage points down on the same period last year at 28.3% (previous year: 29.3%). Among the contributing factors to this movement were start-up costs in outsourcing projects the Company is using to open up extra business potential.

Research and development expenses were up € 4.0 million to € 41 million (previous year:
€ 37 million), i.e. an 11% ncrease on the same period last year, putting the R&D ratio at 4.3% (previous year: 4.4%).

Selling, general and administration expenses as a percentage of total net sales were down
1.4 percentage points at 16.0% (previous year: 17.4%), thus over-compensating for the fall in gross margin. SG&A expenses came to a total of € 151 million (previous year: € 146 million).

Operating profit before amortization of product know-how (EBITA) grew 19% during the first half of the fiscal year, reaching € 75 million (previous year: € 63 million) and improving return on sales by 0.5 percentage points to 8.0% (previous year: 7.5%).

Net profit for the first half of the fiscal year finished at € 36 million, € 12 million (50%) up on the same figure last year (previous year: € 24 million). The further strengthening of the Group’s profitability is also reflected by the rise in net profit for the period before carve-out expenses which improved 30% to € 43 million (previous year: € 33 million).