Indra reports Net Profit of euros 152 M in 9M09
The order backlog and revenues grew by 4% and 6%, respectively
The international market continues to drive growth with revenues up 12%
Indra ended 9M09 with net profit of euros 152 M, an increase of 8% yoy. Revenues grew 6% to euros 1,879 M. Order uptake in the period outstripped revenues, totalling euros 1,948m while the backlog increased 4% to euros 2,467 M.
EBIT grew 7% to euros 215 M leaving the EBIT margin (EBIT/revenues) at 11.4 %, the same level as 9M08.
The international market driving growth
The international market continued to drive growth in the first nine months of the year. Revenues from the international market grew 12% yoy, while advancing 3% in Spain in the period. By region, revenues grew by 9% in Europe, 20% in Latin America and 20% in other markets. Of particular note was the 16% growth in the Transport & Traffic market, the 11% increase in Telecom & Media and the 9% improvement in Financial Services.
Meeting 2009 guidance
Despite the adverse economic and sector-wide outlook, Indra continued to perform well over the third quarter of 2009, as shown by these figures. The company’s high visibility into the remainder of the year permits Indra to reiterate its confidence in meeting 2009 guidance:
- Revenue growth of 6%, i.e. in the middle of our forecast range of between 5% and 7%, with stronger growth in the international markets.
- Order intake of around euros 2,700 M, representing growth of between 4% and 5% and thereby meeting our order intake objective by pushing orders not only above levels reported for 2008 but also above 2009 revenues, meaning our order backlog is set to increase for a further year.
- An EBIT margin of 11.4%, similar to the figure reported in 2008 and right in the middle of our forecast range for the year underway (11.3%-11.5%).
Indra expects to continue posting positive growth rates in 2010, improving its competitive position in key markets and large clients, both in Spain and internationally.