Hagemeyer Reports 2007 Profits of $229 Million, Up 3.4 Percent

CEO Rudi de Becker said 2007 was "another year of spectacular progress for Hagemeyer" today when the Dutch company released its 2007 full-year results. They include net profit of 156 million euros, equivalent to about $229 million in U.S. dollars -- the highest profit for a full year for Hagemeyer in the past five years. The company is in the process of being purchased by Rexel and has its Extraordinary General Meeting of Shareholders set for Feb. 25 in Amsterdam. Net profit was up 3.4 percent from a year ago, but even better when considering change-of-control related costs of 10 million euros were recorded this year, he said.

The 2007 results show 6,444 million euros ($9.45 billion U.S.) in net revenue companywide and gross margin of 23.0 percent, on par with the gross margin for the past three years. Net revenue was 6,228 million euros in 2006, 5,595 million euros in 2005, and 5,427 million euros in 2004, by comparison. De Becker pointed to exceeding 2007's goal of 9 percent return on invested capital for the core Professional Products and Services unit as a highlight.

PPS North America's net revenue declined to 1,280 million euros in 2007 from 1,407 million in 2006, according to the company's posted results. Gross profit for this unit fell from 317 million euros in 2006 to 292 million in 2007. The release says organic revenue growth in the United States turned negative in the second half of 2007 because two government contracts expired and weren't renewed in the first half, Hagemeyer wound down some unprofitable large MRO customers, and there was reduced activity from some large Integrated Supply customers, "particularly in the automotive industry." PPS organic growth year-over-year improved in Mexico, Canada, and Europe, the release shows.

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