HEAD NV announces results for three months ended 31 Dec 2006
27 Feb '07
3 min read
Head N.V., a leading global manufacturer and marketer of sports equipment, announced the following results.
For the three months ended 31 December 2006 compared to the three months ended 31 December 2005: • Net revenues were down 4.2% to €123.3 million • Operating profit, before restructuring costs, improved by €1.5 million to a profit of €10.6 million. • The profit for the period was €3.3 million compared to a profit of €3.5 million in Q4 2005.
For the twelve months ended 31 December 2006 compared to the twelve months ended 31 December 2005: • Net revenues were up 2.0% to €366.8 million • Operating profit, before restructuring costs and gain on sale of property, increased by €5.1 million to a profit of €20.0 million. • The profit for the period was €4.4 million compared to €6.7 million profit for 2005.
Johan Eliasch, Chairman and CEO, commented: “2006 has been a strong year for Head; the improvement in our operating result has been driven by the strong performance in the Winter division which has shown improved sales and market share gains. The Diving division has developed positively mainly through improved production efficiencies. Despite tough market conditions, the racquet sport division maintained sales at the same level as 2005.
In terms of our products, we have seen many winning performances by our endorsed athletes. Following an incredible career spanning 20 years and 8 grand slam titles, Andre Agassi retired in 2006 making the US Open his last tournament.
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