u-blox H1 revenue: 2.3% growth

u-blox H1 revenue: 2.3% growth
Switzerland-based GPS manufacturer u-blox announced on Friday its financial results for the first half of 2008. With CHF 40.3 million ($35.7 million) revenue this is a small 2.3% growth over the first half year of 2007, despite 32% volume growth.

“Without the negative impact of the weak US dollar, growth would have been 11.9%,” explains the Swiss company. Net profit of CHF 3.7 million ($3.3 million) remained unchanged in comparison to the same period in 2007.

u-blox expects a stronger second half of 2008 with sales growth over the first half year in the range of 10% to 20% and an adjusted EBIT margin of 16% to 20%, based on actual exchange rates for the Swiss franc.

“Despite the challenges, gross margin increased from 35.7% in the first half of 2007 to 39.8% in the first half of 2008”, said u-blox. “This is thanks to u-blox 5 products, which in the first six months of this year already represented 25% of the shipped volume”.

Monday, September 8th 2008

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