Continued Success in Q3 for GfK Group
December 1 2003
The GfK Group has continued its recent good results into the 3rd quarter of 2003. The Group saw a 6.5% increase in sales versus the first nine months of 2002, to EUR 431.1m, an increase in EBIT after income from participations of 50.5% to EUR 46.8m, and in its margin from 7.7% to 10.9%.
GfK explains the big increase in EBIT as the result of three factors:
- rising sales and the exploitation of synergies in the Group's international network
- high-margin acquisitions and
- efficient cost management.
The target EBIT figure for the year has again been raised from EUR 61m to EUR 63m.
Consolidated total income has risen 64.2% to EUR 24.0m, benefitting from lower expenses in net financial income and a lower tax ratio. Meanwhile external liabilities decreased and the equity ratio was up from 38.7% at the year-end 2002 to 41.0%, giving the Group a sound equity base for its long-term growth strategy.
On the very first day of the quarter, GfK acquired the majority of US-based V2 and decided to expand the HealthCare segment as its fifth independent division. The company aims to increase its market share of ad hoc pharma market research from seven to around ten per cent within the next five years.
On the basis of consistent exchange rates, the Group's aggregated orders already invoiced up to the end of October and existing orders for 2003 now account for 95% of forecast sales for the whole of 2003 and equal 100% of the 2002 figure. GfK is expecting negative currency effects for 2003 as a whole of some 3.5% as a result of the strength of the Euro.
Preliminary results for financial year 2003, and an assessment for 2004, will be published on 26 February 2004.
All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.
