Orion reports rise in net sales

Orion has announced its financial figures for the first two quarters of the 2008 financial year.

The company reported a 4.8 per cent rise in net sales for the period to 362.3 million euros (297 million pounds) compared to the same period last year.

Operating profit for the period was 108.6 million euros, 4.1 per cent up on last year’s figure, with profit before taxes equal to 108.9 million euros, a 3.7 per cent increase on the first half of 2007.

Equity ratio for the half fell from 72.1 per cent to 63 per cent, while return on capital employed fropped from 51.6 per cent to 50 per cent.

Earnings per share for the period rose from 0.55 euros to 0.57 euros.

Timo Lappalainen, chief executive officer of the company, said: “The net sales we attained during the first half of this year grew by almost five compared to the same period last year, even though the growth was substantially slowed down by the exit of Calcimagon from the German portfolio and the weakening of the US dollar rate.”

He added that operating profit increased despite the costs of ongoing patent infringement lawsuits in the US and the planned increase on research and sales expenditure.

In March 2008, Orion confirmed a dividend of one euro at its annual general meeting, with this sum to be paid to shareholders on April 4th 2008.