HAMBURG (dpa-AFX) - The optical group Fielmann has recorded a significant increase in sales and profits in the third quarter. The company benefited from strong organic growth in its existing markets, as Fielmann announced in Hamburg on Thursday. The recession and subdued consumer sentiment played into Fielmann's hands, as the management explained the development in the quarter. Takeovers and cost savings gave the chain an additional boost.

The quarterly report was well received on the financial market. The SDax-listed share gained more than seven percent in the morning, making it one of the biggest winners in the index. So far this year, the share has gained a good 15 percent. Analyst Volker Bosse from Baader Bank spoke of a good third quarter, which was in line with his expectations. He continued to call the confirmed forecast conservative. His earnings estimate is higher than that of the company.

Group turnover rose by 13.8 percent to around 526 million euros in the quarter. Organic growth amounted to ten per cent, with the remainder coming from acquisitions, as Fielmann announced. The ongoing savings program had a positive effect on earnings. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose disproportionately by more than a third to 130 million euros. Before taxes, Fielmann earned 65 million euros, a quarter more than in the same period last year. The company therefore performed slightly better than analysts had expected.

Fielmann confirmed the annual forecast raised in September in view of the completion of two acquisitions in the USA. External sales (including VAT and changes in inventories) and consolidated sales are both expected to increase by around 13 per cent to around 2.3 billion and 2.0 billion euros respectively. The operating result (EBITDA) and pre-tax profit are expected to grow by 18 per cent each to around 400 million and over 190 million euros respectively./nas/ngu/zb