Børsens News Service in English
ISS opens door for sale
Af Maria Fast
25-08-2010
12:05
The ISS management is pleased with the strong half-year results released today, and it also reveals possible plans to sell the company. An IPO is just one of more exit possibilities. Revenue rose by 6 per cent and amounted to DKK 36.2 billion against DKK 34 billion in the same period last year. EBITDA rose by 10 per cent to DKK 1.9 billion. But the result was no surprise to CFO Jakob Stausholm.
»All the time we have told the markets that we expected an improved development over the year, and this is what has happened. The first quarter was better than last year, and the second quarter is now quite a lot better than both the first quarter and the comparable quarter last year,« Jakob Stausholm told borsen.dk.
A stabilizing world economy and the restructuring measures which ISS implemented last year, have made the business more efficient and also improved the profitability. Consequently the CFO noted that the organic growth has increased by 3.8 per cent.
»This may not sound a lot, but ISS is a big and very stable business which shows positive organic growth even in difficult times.«
ISS also reveals its future plans for a sale of the business. The company has decided to initiate a strategic review process which includes considering an initial public offering. Goldman Sachs and Morgan Stanley have been appointed to assist in the review. An IPO has been discussed widely, but ISS itself is still considering all possibilities. Over the last five years the company has gone through a strong development.
»One possibility could be an IPO, but that is only one of several possibilities. Now we consider various possibilities, and one of them is clearly an IPO, but time will show what the right solution will be. What is important to us now is that we begin the preparations so that we shall be ready to follow the most appropriate course,« Jakob Stausholm said.
The expectations for the full-year result 2010 are also positive but Jakob Stausholm is aware that the future market is still not marked by a high growth because of the still uncertain global economy.
»We shall continue to improve our profitability and we shall continue working for an appropriate organic growth and development. We feel comfortable with the result delivered for the second quarter and believe that this will continue in the future.«
»All the time we have told the markets that we expected an improved development over the year, and this is what has happened. The first quarter was better than last year, and the second quarter is now quite a lot better than both the first quarter and the comparable quarter last year,« Jakob Stausholm told borsen.dk.
A stabilizing world economy and the restructuring measures which ISS implemented last year, have made the business more efficient and also improved the profitability. Consequently the CFO noted that the organic growth has increased by 3.8 per cent.
»This may not sound a lot, but ISS is a big and very stable business which shows positive organic growth even in difficult times.«
ISS also reveals its future plans for a sale of the business. The company has decided to initiate a strategic review process which includes considering an initial public offering. Goldman Sachs and Morgan Stanley have been appointed to assist in the review. An IPO has been discussed widely, but ISS itself is still considering all possibilities. Over the last five years the company has gone through a strong development.
»One possibility could be an IPO, but that is only one of several possibilities. Now we consider various possibilities, and one of them is clearly an IPO, but time will show what the right solution will be. What is important to us now is that we begin the preparations so that we shall be ready to follow the most appropriate course,« Jakob Stausholm said.
The expectations for the full-year result 2010 are also positive but Jakob Stausholm is aware that the future market is still not marked by a high growth because of the still uncertain global economy.
»We shall continue to improve our profitability and we shall continue working for an appropriate organic growth and development. We feel comfortable with the result delivered for the second quarter and believe that this will continue in the future.«
*****||*****ISS opens door for sale*****||*****The ISS management is pleased with the strong half-year results released today, and it also reveals possible plans to sell the company. An IPO is just one of more exit possibilities. Revenue rose by 6 per cent and amounted to DKK 36.2 billion against DKK 34 billion in the same period last year. EBITDA rose by 10 per cent to DKK 1.9 billion. But the result was no surprise to CFO Jakob Stausholm.*****||*****
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