HUMLEBAEK, Denmark, Jan. 25, 2011 (GLOBE NEWSWIRE) -- Generating a growth of 11% and an EBIT margin of 24% compared to 20% in the same period last year, Coloplast delivers satisfactory financial results for Q1 2010/2011.
"I'm pleased with the results. We are still improving our earnings and growing more than the market," says CEO, Lars Rasmussen.
"I'm especially happy with the development in our Chronic Care business, Ostomy and Continence Care, where we continue to conquer market shares."
Gross profit was up by 19% to DKK 1,612m for a gross margin of 63% up from 59% in Q1 last year. The organic growth in Q1 was 6%.
In Ostomy Care, the business area reached an organic growth of 6%, and in Urology & Continence Care, the organic growth was 9%.
"In Continence Care we have launched a new, compact catheter in January 2011 - the SpeediCath(r) Compact Male. We are very happy with the uptake in the market.The catheter is very discreet and was very positively received. We know from thousands of our end users that discretion is crucial when having to cope with their chronic condition," says Lars Rasmussen.
In the business area Wound & Skin Care organic growth was negative by 2%.
"In Wound & Skin Care, the Q1 growth was affected negatively by an increased pressure on public spending in Greece. We still expect to see growth in this financial year."
Financial expectations for 2010/2011
Coloplast still expects a continued organic revenue growth of 6-8% in the financial year 2010/2011. Due to strengthened currencies we now expect a growth of 8-10% in DKK. The EBIT margin guidance remains in the range of 23-25%, both at constant exchange rates and in DKK.
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Ian S. E. Christensen
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