Technology company, The Linde Group, has confirmed that it is set to attain Group goals for 2011 after revealing profitable growth in the first quarter of 2011.
In light of the recent fiscal report, Professor Dr Wolfgang Reitzle, CEO of Linde AG, commented, “We have again seen profitable growth and are well on the way to achieving our targets. We confirm our Group outlook and expect to achieve higher levels of Group sales and Group operating profit in the 2011 financial year than in 2010.”
He added, “We are well-positioned and will take full advantage of the opportunities available, especially in the environmental and energy sectors, the growth markets of Asia and the medical gases business.$quot;
In the first quarter of 2011, Group sales rose by 14.9% to €3.325bn, this contrasts with sales of €2.894bn which were obtained in the first quarter of 2010. Similarly, the firm has improved its profitability, achieving an 18.7% increase in Group operating profit to €761m. Meanwhile, operating profit was 22.9%, 80 basis points above the figure for the comparable prior-year period of 22.1%.
Over the first three months of 2011, earnings before taxes on income (EBT) appreciated by 40.3% to €397m, while earnings after tax and minority interest adjustments were €284m, comparable to €198m in the first quarter of 2010. Consequently on a fully adjusted basis, having accounted for the price allocation from BOC’s acquisition, earnings per share stood at €1.88.