OREANDA-NEWS. Guerbet (FR0000032526 GBT), a global specialist in contrast agents and solutions for medical imaging, has reported its consolidated half-year results, following their limited review by its auditors (1).

Consolidated financial statements (IFRS)

On September 27 2016, the Board of Directors approved the financial statements for the period ended June 30 2016.

In millions of Euros H1 2015 H1 2015 Proforma H1 2016 Change
H1 16 / H1 15 Proforma
Revenue 227.3 397.8 376.7 -5.3%  
EBITDA 46.6 53.5 55.3 3.4%  
% of revenue 20.5% 13.4% 14.7%    
Operating income 30.1   31.3    
% of revenue 13.2%   8.3%    
Net income 20.5   17.3    
% of revenue 9.0%   4.6%    
Net capital expenditure 12.1   19.3    

* EBITDA = Operating income + allowance for amortization, depreciation and provisions

(1) The proforma data have not been audited

Sales performance in line with targets

The published half-year revenue stands at €376.7 million, up 65.7% on the revenue published in 2015. At constant exchange rates, the Group's sales total €388.6 million (excluding the negative exchange rate effect of €11.9 million), resulting in a change in proforma revenue of -2.3%.

The double-digit growth in sales of Dotarem® and continued strong sales in the IRT segment offset the Group's negative growth in the X-Ray and Imaging Solutions and Services (ISS) segments.

At the end of this first half-year, the consolidated sales trend is in keeping with the Group's target of stabilizing the new structure's activity at +/-3% of the full-year 2015 proforma revenue, excluding exchange rate effects.

For the record, CMDS sales dropped by 20% on a full-year basis before the acquisition.

Improvement in EBITDA despite material integration costs

The measures taken in order to quickly benefit from synergies have started to yield results, industrially and in commercial and organizational terms.

The increase in production capacities and the improvements of manufacturing processes have, for instance, demonstrated the Group's ability to rally and reallocate the resources at its disposal.

Commercially, significant progress has been made in the optimization of the distribution network and the simplification of the product portfolio. At the same time, Guerbet is introducing a "best-in-class" organizational structure, by starting to converge the IT systems and to set up shared service centers.