MORY - news
News
MORY » News from MORY
MORY GROUP returns to profit in 2008 and consolidates its financial position
Pantin, 22 September 2008 - MORY GROUP, one of the French leaders in transport and logistics, announced sales of € 462.5 million for the period 1 January to 30 June 2008, a 4.3% increase on a like-for-like basis, compared to the first half of 2007. This growth resulted in an increase in the group’s market share, in spite of the economic slowdown and the market deterioration.
Highlights of the first half 2008
With a € 4 million operating profit in the first half, MORY GROUP confirms its return to profitability for all activities of the group, including the parcel service.
The first half 2008 was also marked by the consolidation of the MORY financial structure, notably through:
- an agreement signed on 4 July last with its banks, designed to confirm and increase banking facilities by € 8 million,
- the transfer in July to GE Facto France of the refinancing of the group’s trade receivables,
- the extension of this programme, which will enable MORY GROUP to access new credit lines of an additional € 10 million.
Note that the group equity was strengthened last May by a capital increase of € 15 million, bringing the share capital to € 43 million. This was supplemented by the issue of € 20 million of bonds convertible into shares subscribed by all shareholders.
Lastly, the professionalism of its staff and the MORY GROUP’s technical capacity have enabled it to win a number of calls for tenders in this period. Among its new customers, Canal +, Auchan.fr, Pixmania or even Amazon demonstrate the recognition of the expertise and confidence in this historic player in the sector.
2008 outlook
MORY GROUP confirms the improvement in its operating profit, in line with the guidance announced last June, with an objective of € 13 million by the end of 2008.
MORY GROUP goes into 2009 with confidence, buoyed by its commercial dynamism and a return to profitability.
Press Contact
Mory Group
Agence Ogilvy PR
Caroline Hirsbein
Tel. + 33 1 53 67 12 64
Mob. + 33 6 80 58 63 87
Email : caroline.hirsbein@ogilvy.com
Read the press release : click here
Watch the video of Alain Bréau
Highlights of the first half 2008
With a € 4 million operating profit in the first half, MORY GROUP confirms its return to profitability for all activities of the group, including the parcel service.
The first half 2008 was also marked by the consolidation of the MORY financial structure, notably through:
- an agreement signed on 4 July last with its banks, designed to confirm and increase banking facilities by € 8 million,
- the transfer in July to GE Facto France of the refinancing of the group’s trade receivables,
- the extension of this programme, which will enable MORY GROUP to access new credit lines of an additional € 10 million.
Note that the group equity was strengthened last May by a capital increase of € 15 million, bringing the share capital to € 43 million. This was supplemented by the issue of € 20 million of bonds convertible into shares subscribed by all shareholders.
Lastly, the professionalism of its staff and the MORY GROUP’s technical capacity have enabled it to win a number of calls for tenders in this period. Among its new customers, Canal +, Auchan.fr, Pixmania or even Amazon demonstrate the recognition of the expertise and confidence in this historic player in the sector.
2008 outlook
MORY GROUP confirms the improvement in its operating profit, in line with the guidance announced last June, with an objective of € 13 million by the end of 2008.
MORY GROUP goes into 2009 with confidence, buoyed by its commercial dynamism and a return to profitability.
Press Contact
Mory Group
Agence Ogilvy PR
Caroline Hirsbein
Tel. + 33 1 53 67 12 64
Mob. + 33 6 80 58 63 87
Email : caroline.hirsbein@ogilvy.com
Read the press release : click here
Watch the video of Alain Bréau