Eurodrip (ATH:EDRIP)

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Eurodrip Consolidated Turnover up 12% and Earnings up 16.5% in H1 2010

ATHENS, GREECE -- (Marketwire) -- 08/31/10 -- For the First Half of 2010, Eurodrip (ATHEX: EDRIP) posted a 16.5% increase in Consolidated Earnings before Tax and an 12% increase in Consolidated Turnover compared to the respective period in 2009.

  • Consolidated Earnings before Tax reached EUR 4.914 million (11.5% on sales) compared to EUR 4.219 million (11.0% on sales) in the corresponding period of 2009.

  • Consolidated Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to EUR 7.231 million versus EUR 6.804 million for the first half of 2009.

  • Consolidated Turnover amounted to EUR 42.826 million versus EUR 38.267 million, an increase of 12% vs the respective period of 2009

Earnings growth has been higher than revenue growth for Eurodrip and the forecast is this to be maintained.

Strong global market diversification, steady penetration in international markets and enhancement of manufacturing capacity in Turkey, US and Peru, led to positive financial results and managed to offset the shrinking Greek domestic activity. Eurodrip both through its Operating companies in USA, Mexico, Greece, Turkey, Egypt, Jordan and Peru and its network of independent dealers in over 60 countries is the leading European supplier of Drip Irrigation Systems.

Financial results of the parent company are as follows:

  • Earnings before Tax reached EUR 1.652 million (10.0% on sales) compared to EUR 1.872 million (10.5% on sales) in the corresponding period of 2009.

  • Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to EUR 2.714 million versus EUR 2.988 million for the first half 2009.

  • Turnover amounted to EUR 16.623 million compared to EUR 17.721 million in the corresponding period of 2009.

Eurodrip S.A. is subsidiary of Global Capital Investors II fund, with Global Finance, the leading Private Equity firm in South East Europe, being the consultant.

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