First quarter of 2014: Positive trend for sales and margins has continued
· Net sales for Q1, excluding revenues attributable to
 The 2013 comparative figures for Net sales, Operating income, Earnings before tax and Net debt for the period have been adjusted for the amendments to IFRS 11, “Joint arrangements” (see Appendices 1 to 3 for the restated consolidated income statements, balance sheets and cash flow statements).
President and CEO,
“The positive sales and margin trend we highlighted in the second half of 2013 has continued into the first quarter of 2014. Sales were up 9% y -o-y, after adjusting for LICOS (+6%) and currency (+3%), while the EBIT margin increased to 15.5%. In spite of some pre-buy effects experienced prior to the launch of Euro VI engines in 2014, the demand across our European end-markets has remained strong and continues to be an important source of growth. It is also encouraging to see that our North American end-markets have started to show signs of improvement, especially in the medium and heavy trucks market.
Looking forward, the orders received in the first quarter were slightly above sales for the quarter, indicating that end-customer confidence continues to improve.
The increasing pressure to reduce fuel consumption in all forms of machinery and trucks just reinforces the importance of our ongoing customer development programmes for our variable flow pump technology. Furthermore, our longstanding expertise in hydraulic products, exemplified by the recent award of John Deere’s highest supplier rating to our Rockford hydraulics facility, will allow us to continue to occupy strong positions in niche areas where customers require more advanced, custom-made solutions. Concentric remains well positioned, both financially and operationally, to fully leverage our market opportunities.”
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http://mb.cision.com/Main/1643/9577239/239174.pdf INTERIM REPORT JANUARY –
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