On Wednesday, August 29, 2007 CENTRIC Group of companies announces its consolidated financial results for the first half of 2007, which have been prepared under the International Financial Reporting Standards.
Consolidated Turnover marked an increase of 38.0% amounting to euro 7.7 mil. over euro 5.6 mil. in the first half of 2006. This increase in the turnover is mainly attributed to the market placement of the new PLAYSTATION 3 console at the end of March 2007, whose distribution was delayed, as it was expected to be available at the first quarter of the year.
Group Gross Profit stood at euro 1.7 mil. in the first half of 2007 over euro 1.1 mil. in the respective period last year, marking a significant increase of 52.1%. The improvement in the gross profit margin, which increased by 2.0 percentage points reaching 21.5% of the consolidated turnover versus 19.5% in the respective period last year was significant as well. The increase in the gross profit is mainly attributed to the Group's product mix, which is oriented towards high profit margin branded video games that even though they allow for substantial growth in profit margins they do not have an analogous contribution to the group's turnover growth.
Moreover, EBITDA for the first half of 2007 stood at euro 793 thou over euro 364 thou in 2006 marking a significant increase of 118.1%. This increase is attributed to the slow down of the selling and administrative expenses, which increased at a lower rate than the turnover. Earnings before interest and tax followed a similar direction, as they increased by 118.2% standing at euro 693 thou in the first half of 2007 versus euro 318 thou in the respective period last year.
Earnings before tax posted an impressive increase by 148.0% amounting at euro 496 th. over euro 200 th. in the first half of 2006.
Finally, earnings after tax and minorities summed at euro 316 thou over euro 108 thou in the first half of 2006, with a remarkable increase of 192.4%.
First half of 2007 financial results fully reflect the successful implementation of the company's Management strategic growth plan. In the same framework, the company's management decided to further enhance the decision of strengthening the company's activity in on-line gaming sector.
Regarding CENTRIC
CENTRIC MULTIMEDIA S.A. is active in the production and distribution of electronic products and services, as well as in the distribution of PLAYSTATION game series, through the official representation of SONY, the distribution of XBOX game series, through the official representation of MICROSOFT, as well as the distribution of other branded products produced by other Studios.
Note:
H1 2007 "Financial Data and Information" of CENTRIC MULTIMEDIA S.A., will be published on Wednesday, August 29, 2007.
See the IR RELEASE