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HITT : Financial results HITT in line with first half of 2011

10/27/2011 | 04:41am US/Eastern
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HITT Trading Update 27/10/2011

Apeldoorn/the Netherlands, 27 October 2011

HITT Trading Update

Financial results HITT in line with first half of 2011

HITT maintained the profitability of the first half year of 2011. The considerable workload of the past months could be accommodated without increase in staff capacity. Although the order backlog decreased slightly, the quality of the order book improved.

The workload remained high in the marine traffic segment. The past few months were dominated by several large projects in the Netherlands, India and China, some of which have now been completed.

Sales of the port management systems remained stable after an earlier slight decrease. The workload is sufficient with the new orders in Barcelona and extension projects in Australia, where HITT is market leader in this field.

Revenue and results in the Hydrography segment went well. Steps have been made with the integration of IVS, acquired in April, and the hydrographic division in Zeist, the Netherlands. The new combination showed a growth of revenues and results. The development of the new portable pilot unit was completed in the third quarter. There is much interest in this product and the first orders were booked in the past months.

An important milestone in the aviation operations was the successful completion of the project of three-airports in India. Projects in China and Vietnam are progressing and many (smaller) orders were also obtained on the European market. This resulted in good profitability.

The cash position remained stable. Many of the larger projects are being finalized and are expected to be paid in the coming months.

The management expects that the second half year will have a similar result as the first half year.

Profile HITT

HITT is a leading player in the worldwide markets for traffic management and navigation systems. The company develops technology aimed at safety enhancement and traffic flow improvement, whilst also enabling significant cost reductions in infrastructure and logistics. The core activities of HITT consist of developing, selling and maintenance of management & control systems and services for air and vessel traffic and hydro-graphic and navigation systems. In 2010 HITT achieved a revenue of EUR 36 million and a net profit of EUR 2.2 million. The number of staff at year-end 2010 was 162. HITT has been listed on Euronext Amsterdam NV since June 1998 .

For information: Sjoerd Jansen (CEO) ; t. +31 (55) 5432590 e: investor.relations@hitt.nl

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