Depa Announces First Quarter 2016 Financial ResultsMay 24 ,2016
DEPA ANNOUNCES FIRST QUARTER 2016 FINANCIAL RESULTS
24 May 2016; Dubai, UAE: Depa Limited [Nasdaq Dubai: DEPA; ""the Company""/""the Group""], the global interior solutions group, today reported its financial results for the three months ending March 31, 2016. Despite an overall drop in revenue and profit on the same quarter in 2015, Depa has shown a robust start to the year with a satisfactory performance by most of its operating companies, notably Deco Emirates, Design Studio and Vedder. Costs associated with restructuring in the quarter will show an improved operating result going forward. A stable balance sheet, cash position and growing backlog demonstrate the underlying strength of the business for the coming year.
OPERATIONAL HIGHLIGHTS (Best performing units in Q1 2016)
Highest backlog by sector:
Backlog by geography:
Hamish Tyrwhitt, Group Chief Executive Officer of Depa, added: : ""Depa Limited's financial performance in the first three months of 2016 was satisfactory and reflective of the restructuring that is required to position the Group on a solid foundation. As we work to make the Group more efficient and better equipped to increase its share of the addressable market, we have been able to increase our backlog, most notably in our core UAE market, while strengthening our cash position relative to the same quarter of last year. Our focus over the coming months is to leverage the many synergies within the Group and reduce our cost base to ensure we remain competitive and focused on our core business.""
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