ITALY: Brembo reports strong revenue growth on acquisition boost
Brembo has reported a strong full year, as revenues benefited from acquisitions made in the US and Spain.
The brakes specialist said 2007 revenues grew 13.1% year on year to EUR912,0m. This included EUR13.1m connected with acquisitions made in USA and Spain during 2007. Like-for-like revenue growth otherwise would have been 11.5%.
EBITDA was EUR137.1m, up 15.2%. Net profit rose 45.3% to EUR62.4m.
Fourth quarter revenues were up 15.5% to €239.1m. The company said that Italy and other EU countries had grown well, up 9% and 21.5% respectively in the period. However, Germany was down 1.3% compared with a very good Q4 in 2006 .
Asia continued to grow sharply (+82.9%), thanks to the positive trend at Japanese customers. NAFTA countries grew 53.5%, mainly thanks to motorcycle applications. Brazil also saw good growth, up 47.9%.
Q4 EBITDA was up 29.2% at €37.8m thanks to a favourable sales mix of high value-added applications.
Brembo group chairman Alberto Bombassei said: "The year just ended was another record one for Brembo. Also thanks to the recent acquisitions in America and China, 2008 sales will exceed EUR1bn. For the first time in the history of our group the headcount abroad surpasses the Italian workforce."
Looking forward, company said in a statement: "Despite the macroeconomic uncertainty, the orders [expected in coming months] highlight [good revenue growth]."
However it warned: "The raw materials and energy markets scenario is still negative."