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25th August 2017, Aalesund

H1 profits up 44% at Hexagon

Hexagon Composites develops and produces composite pressure cylinders and systems for storage and transportation of various gases. © Hexagon CompositesHexagon Composites has generated NOK 15.1 million in profit after tax in the second quarter 2017, which is in line with last year’s results. For the first half year, the company, however, achieved a 44% increase in profit after tax, generating NOK 22.3 million, compared to NOK 15.5 million in the previous year.

The company reported NOK 372.0 million in operating income in the second quarter 2017, compared to NOK 315.6 million in the previous year, and made an operating profit before depreciation (EBITDA) of NOK 47.8 million, compared to NOK 37.0 million in the previous year. Operating profit (EBIT) was NOK 29.1 million, an increase of 48%, and profit/loss before tax decreased slightly to NOK 18.0 million.

The financial statements include the Group's 50% share of Agility Fuel Solutions results accounted for under the equity method. In addition, the fully consolidated financial results of the acquired xperion Energy & Environment and related group subsidiaries are included.

Overall, Group operating profit has markedly improved versus the second quarter 2016, and the previous quarter, the company reports. Operating results in the second quarter were impacted positively by an 18% growth in revenues versus the same period last year. The Low-Pressure segment continued profitable growth. However, sales volumes were not strong enough within Mobile Pipeline and Light-Duty Vehicles to generate overall profit within the High-Pressure segment.

The first half year of 2017 provided an operating income of NOK 718.2 million, compared to NOK 607.2 million in 2016, and had an operating profit before depreciation (EBITDA) of NOK 82.9 million, a growth of 49%. The operating profit (EBIT) was NOK 45.8 million, a growth of 100% compared to NOK 22.9 million in 2016, and profit before tax climbed to NOK 24.2 million.

Hexagon Composites ASA is a publicly listed company with its headquarters in Aalesund, Norway. The Group develops and produces composite pressure cylinders and systems for storage and transportation of various gases.

www.hexagon.no

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