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Don't have an account? Click here to register.Hightex confident of netting deals in Q4
Tue, 14th Sep 2010 14:14
Hightex, the company responsible for large membrane roofs on sports stadia and shopping centres, has met interim targets and is confident of nailing a couple of big deals before the year is out.Pre-tax profit swelled more than four-fold in the six months ended 30 June to €636,000 from €147,000, as turnover almost doubled to €13.8m from €7.3m in 2009, mostly due to work on the National Stadium in Poland and Olympic Stadium in Kiev for the Euro 2012 football championship, and BC Place Stadium, Vancouver, Canada.These three contracts had an aggregate value of about €45.3m, with €1.7m coming from elsewhere. Hightex reckons a little under €30m will be booked in 2010, which means €16m-17m is due in 2011. "That's almost 40% of forecast revenue in the bag," an upbeat non-executive director Charles Sebag-Montefiore told ShareCast Tuesday."What will underpin a re-rating is a contract win - or two. Unfortunately we can't arrange them to fit the timetable of a plc," he said. "There are two projects in particular that we're fairly hopeful will come our way before the end of this year and go a long way to filling the gap for 2011."Brazil, the venue for the 2014 World Cup, is using 12 stadiums, more than half of which need complete rebuilds and the rest extensive refurbs. All roofs must cover every spectator at kick-off in four years time.Middle East clients are also big for the company, especially in Saudi Arabia and Abu Dhabi, while Hightex is already working with architects on designs for Euro 2016 in France.Broker finnCap is predicting full-year revenue of €30m and a profit of €2.5m followed by €40m of sales next year and a profit of €4m."We're comfortable with targets for 2010, although the outcome is subject to the weather," Sebag-Montefiore said. "We're happy though."
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