May 13, 2020 / 6:24 AM / 17 days ago

BRIEF-TIE Kinetix H1 Net Income Swings To Profit Of 375,000 Euros

May 13 (Reuters) - TIE KINETIX NV:

* TIE KINETIX: VERY STRONG FIRST HALF YEAR 2020

* BOTH REVENUE AS WELL AS EBITDA CAME IN SIGNIFICANTLY HIGHER THAN 2019 NUMBERS

* H1 2020 WITH REVENUE (INCLUDING IFRS 15 ADJUSTMENTS) AMOUNTING TO EUR 8.686K (2019: EUR 7.338K)

* H1 2020 EBITDA (INCL. IFRS 15 ADJUSTMENTS) OF EUR 1.167K (2019: EUR -7K), GENERATING A 13% EBITDA MARGIN (2019: 0%)

* WE ARE PLANNING FOR CUSTOMERS WANTING TO EXTEND PAYMENT TERMS

* OUR CASH POSITION IS ROBUST AND OUR STRONG H1 PERFORMANCE PROVIDES A GOOD FOUNDATION TO ENCOUNTER SUCH ISSUES IN SECOND HALF YEAR

* NET INCOME GREW FROM EUR - 772K (H1 FY 2019) TO EUR 375K (H1 FY 2020)

* ON COVID-19: MEASURES IN THE VARIOUS COUNTRIES IN WHICH WE OPERATE HAVE NOT AFFECTED OUR H1 NUMBERS, BUT WE DO EXPECT SOME EFFECTS IN H2, FY 2020

* ON COVID-19: WE EXPECT THAT CERTAIN OF OUR CUSTOMERS WILL BE HURT SIGNIFICANTLY BY THE COVID-19 MEASURES AND THAT THIS WILL AFFECT THEIR ABILITY TO COMMIT EARLIER PLANNED INVESTMENTS

* WE HAVE TEMPORARILY PAUSED PLANNED INVESTMENTS IN GROWTH, AND PLAN TO GO FORWARD WITH THESE INVESTMENTS THIS SUMMER, PROVIDED ECONOMIC CONDITIONS DO NOT DETERIORATE SIGNIFICANTLY - CEO Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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