Kardex AG announced earnings results for the first half of 2017. The Group generated revenue of EUR 178.6 million, up 4.8% on the first half of 2016 of EUR 170.5 million. This resulted in an operating income (EBIT) of EUR 20.0 million, 11.1% higher than the result obtained during the same period last year of EUR 18.0 million and equating to a return on sales of 11.2%. With a comparable financial result and an almost normalized tax rate of 25.9%, net profit increased by 7.7% to EUR 14.0 million (EUR 13.0 million). The generated free cash flow almost doubled to EUR 19.1 million (EUR 10.7 million) compared to the same period in the previous year and when viewed over both years is once again at a normalized level. EBITDA was EUR 22.5 million against EUR 20.3 million a year ago. Net cash flow from operating activities was increased by EUR 9.5 million to EUR 23.8 million. Capital expenditures were EUR 2.1 million.

The company expects that the tax rate will increase to a level more or less about 27% for the year 2017.