Also in the first half of 2011, Quanmax AG unstintingly continued its positive growth trend. Sales increased over the same period in 2010 by around 33 percent, from EUR 32.7 million to 43.6 million. Compared to EUR 1.6 million in the first half of 2010 EBITA was at EUR 3.1 million in the first half of 2011 while net income amounted to EUR 2.3 million over EUR 1.7 million last year. The available cash amounted to EUR 12.7 million end of June.
Growth drivers were once again products from the IT Solutions business segment that were equipped with proprietary technologies. Meanwhile over 80 percent of earnings are generated in this segment. Due to the continuous improvement of the product range, the gross margin could be increased to 28.5 percent (27.1 percent in the previous year). Starting from the fiscal year 2012, the company's growth should be continued through expansion in Eastern Europe.
For the current second half of the year the company expects further sales growth and thus holds the targeted annual turnover of EUR 100 million with disproportionate increase in earnings at the same time.