Besides growing sales revenue State Printing House Plc has temporarily lower profit at the end of the first quarter due to the change in inventory logistics.

State Printing House Plc has net sales revenue of HUF 3.7 billion in Q1 2010. This 19% increase compared to the basis is primarily caused by the increase in form production, card production and personalisation. The HUF 573 million export sales amounts to 15% of total sales revenue. EBITDA was HUF 260 million, operating profit was HUF 95 million, while net profit was HUF 62 million. The change in inventory logistics, which was already communicated at the end of 2009, temporarily decreases net profit. Though, this change has only a one time effect in the first half of the year, so by Q4 2010 the net profit will increase as well. Net sales revenue will probably increase by to digits on a year-to-year basis.

Chief Executive Officer Gábor Zsámboki commented:
‘The economic crisis appearing in 2009 required the reduction of the costs, however, we maintained our capacities and the staff number necessary for them to guarantee the performance of the parliamentary elections and the new orders expected in the second half of 2010. Its influence on the expenses is appearing in our figures. Furthermore, 2010 is basically about laying the foundations of growth. We are making efforts to close the planned acquisitions in the first half of the year. At present, the due diligence of the companies is underway. At the same time we wish to put great emphasis on organic growth in the future as well. Continuation of the R+D activity and the implementation of investments necessary to fulfil our future tasks, as well as the introduction of new products and services in the pipeline will contribute to the growth as well’.

State Printing House Plc.