HITT : Financial results HITT in line with first half of 2011
10/27/2011| 04:41am US/Eastern
HITT Trading Update 27/10/2011
Apeldoorn/the Netherlands, 27 October 2011
HITT Trading Update
Financial results HITT in line with first half of
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.
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: