The substantial increase in revenue is broadly based across all of Martin's market segments. While the entertainment industry as a whole has experienced general strong demand, Martin has increased its market share through investments in technology and new products. Sales of Martin's LED products for example continue to show dramatic growth and now account for 15% of monthly revenue. Launched only earlier this year, Martin's LED product line is forecast to generate revenue just shy of $20 million in 2007, thereby already making the company among the larger suppliers to the entertainment industry of LED effect and light solutions.
Profit before tax increased from $1.4 million in the third quarter of 2006 to $6.0 million in the third quarter of 2007 with an EBIT margin of 12.7%. For the period 1 January to 30 September 30, profit before tax increased to $13.4 million compared to $0.5 million for the same period last year.
Several very large signature projects executed in the year's first three quarters positively affected profit, says the company. Among them was delivery of more than 1200 outdoor luminaires to one of the world's most spectacular projects, the Grand Mosque in the scorching heat of Abu Dhabi. There were also large deliveries associated with several big events, including Copa America in Caracas, Pan American Games in Rio de Janeiro, Singapore National Day Parade, Special Olympics World Summer Games in Shanghai, as well as preparations for the 2008 Summer Olympic Games in Beijing.
With the introduction of several new products in Q4, the company's positive numbers are expected to continue through the end of the year. Martin's revenue expectation for 2007 remains unchanged at approximately $230 million while profit before tax is expected to increase even further to approximately $16 million compared to the previous forecast of $13 million.
Christian Engsted, CEO Martin Professional A/S, stated: "It has been a very strong performance from Martin and I wish to express my sincere gratitude to all of our customers who trust us to provide spectacular lighting solutions, as well as to all of our employees for their die-hard dedication."
(Jim Evans)
