Lindström Group’s turnover declined in 2009 but the company’s profit remained good. The parent company’s turnover in Finland increased somewhat, but the turnover of the foreign subsidiaries decreased as consequence of reductions in the operations of customer companies and weakening of local currencies in terms of the euro.
Lindström Group’s turnover contracted by 3.5 per cent from the previous year, to EUR 242 million (EUR 251 million in 2008). The turnover of the parent company was EUR 134 million (EUR 132 million in 2008). In 2009, the foreign subsidiaries accounted for 33 per cent, or EUR 79 million, of the consolidated turnover (EUR 89 million, or 36 per cent, in 2008).
Reduction of textile purchases due to dwindling growth, in particular, improved the Group’s profitability. The Group’s profit before taxes was EUR 36 million (EUR 18.8 million in 2008).
In 2009, the net investments of the Group were EUR 9.3 million, compared with EUR 20.3 million a year earlier. Investments abroad focused on China, India and Russia. We also established a subsidiary in Bulgaria.
During the year under review, the subsidiary Vision Design was merged to the parent company on 31 January 2009, and the parent company acquired the Virtaco personal protective equipment business in Finland.
Lindström’s development activities are mainly targeted at modelling and development of its service concepts and processes. The company also develops its operations in the fields of workwear design and procurement. We estimate the investments in 2010 will be larger than the 2009 investments.
For more information, please contact:
Juha Laurio
Lindström Group
President and CEO
juha.laurio@lindstrom.fi
tel. +358405016299
Lindström
Lindström is a global partner that enhances its client’s corporate image through textiles and cleanliness. Lindström Group operates in 19 countries in Europe and Asia providing workwear and personal protection services as well as other textile services such as mats, towels, hotel, and restaurant textiles. Lindström employs 2400 people and the company turnover was 242 million euros in 2009.