Schweiter Technologies generated another year of revenue growth and a sharp rise in net income for the 2017 financial year
Net revenue from continuing operations increased 7 % (+6 % in local currencies) to CHF
980.2 million (prior year: CHF 917.5 million). Organic growth was 4 %. Group EBITDA grew to CHF 114.4 million (prior year: CHF 112.3 million), equivalent to 11.7 % of revenue. EBIT improved to CHF 87.3 million (prior year: CHF 85.6 million) and net income from continuing operations increased 27 % to CHF 77.0 million (prior year: CHF 60.5 million) in part due to favourable exchange rate gains. Athlone Extrusions, acquired as at 31 July 2017, made a positive contribution to revenue and earnings. Overall net income came in at CHF 172.0 million (prior year: CHF 70.6 million) and includes a gain of CHF 95.0 million from discontinued operations.
Cash and cash equivalents exceeded CHF 230 million even after a dividend distribution of approximately CHF 57 million. The Board of Directors will propose a special dividend of CHF 5 per share in addition to the ordinary dividend of CHF 40 per share at the General Meeting on April 13, 2018. This results in a proposed total dividend pay-out of CHF 45 per share. In addition, the Board of Directors will propose the transfer of the company’s registered office to Steinhausen.
TextileFuture wishes to recall that the textile machinery division was sold to Rieter (the extra dividend reflects these facts) and Schweiter Technologies became a pure composites manufacturer.
Since Schweiter has no longer activities in the canton of Zurich, Switzerland, therefore the headquarters will be transferred to Steinhausen, canton of Zug, Switzerland.