Cavotec’s Interim Report 2010 published

Cavotec is pleased to announce the publication of our Interim Report 2010; a period in which we recorded a 75.3% rise in orders on 1H 2009, to EUR 78.0 million. Our 12-month rolling order intake increased 14.7% on the same period last year.

The first half of 2010 showed a steady resurgence in demand from our customers worldwide, specifically in the airports and mining sectors. Despite the overall low level of investment in the ports sector during the period, we were able to record some promising results for niche systems such as AMP™ and MoorMaster™. The general industry sector is also starting to pick up, specifically in France and Germany, heralding a return to an overall positive economic climate.

Cavotec won several important orders for various airports and ports related projects in the period. For example, our Airports unit has seen a number of new orders at airports in China, India, France, Argentina, and Qatar; and crucially, our first airports project in Africa in coordination with partners in the Middle East.

Work on our project at Bahrain International Airport continues to progress to schedule. In July, the client successfully commissioned the first PCAir units at the Cavotec Fladung facility in Germany. We expect the final commissioning phase to take place as planned, during Spring 2011.

Our Ports & Maritime unit has reported encouraging results with an order for eight MoorMaster™ units for the Port of Dampier in western Australia. Also of note for the period: our cooperation agreement with German engineering group Vahle, to market E-RTG systems. This agreement will expand our capacity to deliver these systems in markets where we previously lacked access.

We also continue to win a large number of small projects for applications dotted all around the world. This positive trend suggests that the global economy, despite recent difficulties in Europe, is in a better position than this time last year. Based on our current expectations, we are confident that we will return to our 2008 level of revenues and profitability.