Kitron stated earlier this year that the second half was expected to be more profitable than the first half. Based on preliminary and unaudited results, it is now evident that this has not been the actual outcome. Even so, the profit before tax in 2007 was the highest in any one year since the group was established in 2000, and 40 per cent higher than in 2006.

The revenue in the fourth quarter amounted to NOK 551 million, which was 7 per cent higher than the corresponding quarter of 2006. Revenue in the year 2007 was NOK 1,938 million, which represented an organic growth of more than 14 per cent over 2006. Order intake exceeded revenue in the fourth quarter.

Preliminary profit before tax in the fourth quarter of 2007 was NOK 18 million after one-off charges amounting to NOK 8 million. The one-off items related mainly to inventory adjustments. A smaller part related to discontinued property leases which were settled in the fourth quarter. In 2006, profit before tax in the fourth quarter was NOK 18 million after one-off charges amounting to NOK 5 million. In the year 2007 profit before tax amounted to NOK 63 million, up from NOK 45 million in 2006.

The interim report for the fourth quarter 2007 and preliminary results for the year 2007 will be published on 11 February 2008.

28 January 2008
Kitron ASA

For further information, please contact:
Jørgen Bredesen, CEO of Kitron ASA, phone: (+47) 4825 2584, or e-mail: jorgen.bredesen@kitron.com
Erling Svela, CFO of Kitron ASA, phone: (+47) 4062 1040, or e-mail: erling.svela@kitron.com

Kitron is one of Scandinavia’s leading companies in development, industrialisation and manufacturing of electronics for the data/telecom, defence/marine, industrial and medical sectors. The company is located in Norway, Sweden and Lithuania. Kitron had a revenue of about NOK 1.9 billion in 2007 and has about 1,300 employees. See also www.kitron.com