August 23, 2018 / 5:18 AM / 10 months ago

Belgium's IBA expects recovery to speed up in second half

Aug 23 (Reuters) - Belgium’s Ion Beam Applications said on Thursday its recovery should speed up in the second half of the year, boosted by newer projects and installations of proton therapy machines.

The company, which makes machines that deliver cancer-fighting proton beams, maintained its expectation for positive recurring earnings before interest and taxes (REBIT) and net results after tax for 2018, “driven by a second half weighting.”

IBA has faced brutal competition as well as delays in constructing facilities that house its proton therapy systems.

As a result, it issued profit warnings last year while reporting a loss for 2017.

The group’s REBIT for the first half of the year was a loss of 4.5 million euros ($5.2 million), compared with a profit of 1.9 million euros a year earlier.

Revenue dropped 24.4 percent year-over-year to 114.7 million euros as the company derived less from new contracts. ($1 = 0.8744 euros) (Reporting by Piotr Lipinski in Gdynia; Editing by Sai Sachin Ravikumar)

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