PSB Industries announced consolidated earnings results for the first half ended June 30, 2013. For the period, revenues were EUR 126,069,000 against EUR 136,942,000 for the same period a year ago. Operating profit (EBIT) was EUR 9,380,000 against EUR 11,656,000 for the same period a year ago. Net income was EUR 5,787,000 against EUR 6,752,000 for the same period a year ago. Cash flow from operating activities was EUR 13,916,000 against EUR 15,297,000 for the same period a year ago. Total capital expenditure was moderate at EUR 3.2 million, down from the very high level in 2012. Free cash flow improved significantly to over EUR 16 million against negative EUR 3 million at June 30, 2012. The reduction in net debt continued to EUR 82 million, or 86% of equity, compared with 104% at end-December.

The company provided earnings guidance for the second half and full year of 2013. In the second half of 2013, the Group will maintain its focus on managing free cash flow and its financial structure, the central financial component of its strategic plan. Improvement in net debt is expected to continue during second half.

Factoring in second half seasonality, the Group confirms the full year 2013 outlook of over 5% sales growth with an operating profit (EBIT) of roughly 8% of revenues.