Axis Half-year report 2011

Axis reports increased sales by 10 percent during the second quarter to SEK 747 M (678) and net sales increased by 27 percent in local currencies. The operating profit increased to SEK 90 M (74), which corresponds to an operating margin of 12.1 percent (10.9). Profit after tax for Q2 amounted to SEK 66 M (53) and aarnings per share amounted to SEK 0.96 (0.76).

The first half-year
• Net sales amounted to SEK 1,555 M (1,321) during the first half-year, corresponding to growth of 18 percent. Net sales increased by 33 percent in local currencies.
• Operating profit increased to SEK 216 M (169), which corresponds to an operating margin of 13.9 percent (12.8).
• Profit after tax amounted to SEK 157 M (122).
• Earnings per share amounted to SEK 2.27 (1.76).

Further growth potential
Ray Mauritsson, President of Axis comented: "After three very strong quarters with sales growth, measured in local currencies, of well over 30 percent, we noted a sales increase during the second quarter which was more in line with long-term expectations.
Axis operates in a rapidly growing market and our expansion plans remain unchanged. We passed the level of 1000 employees in the second quarter, and expect the high rate of recruitment to continue during the second half of 2011. We have also established cooperation with new distributors, including in China and in the UK. Consequently, there is a good basis for a continued positive development within network video in line with the expected annual growth potential of 25-30 percent per year."