IMAREX Q207 – Revenues and profits up on higher activity

• The development in underlying operations confirmed a positive trend seen over the past year, and second quarter revenue of NOK 68 million was an increase of 14 percent from the previous quarter.
• Profit before tax increased by 6 percent over previous quarter to NOK 14.4 million.
• Operating costs increased due to start-up of new brokerage market initiatives, preparations for clearing of the Nordic and European power markets, increased staff to support the growing demand for clearing services, and full consolidation of Fish Pool.
• Both revenue and operating profit improved sharply from the second quarter 2006, reflecting significantly higher business volumes and the effect of mergers and acquisitions over the past year. Freight derivatives volumes doubled from the second quarter 2006, with notional contract values more than tripling to a record USD 3.5 billion.
• The market outlook for the existing main business areas remains firm, and new initiatives such as NOS’ power clearing, the energy brokerage and Fish Pool are expected to positively affect revenues going forward.
• Industry consolidation continues at a high pace, and IMAREX NOS restates its ambition to be an active participant in the market restructuring in order to retain and strengthen a leading position in the international commodity, energy and freight derivatives markets.

“This has been a strong quarter for us with high activity and new initiatives kicked off. Even though we’ve invested a lot in future businesses we are raising our profits, and continuing to grow our company in the right direction “ says CEO Tom Even Mortensen.

The group, consisting of exchange markets, clearing and settlement services, brokerage, and market analysis, is investing in further growth both in current operations and in new business areas. IMAREX NOS is developing trading and clearing services for the international commodity derivative markets and aspires to become a leading marketplace within energy, shipping and seafoods.

“The company has significantly and steadily lifted its financial and business performance since the merger in 2006, and is now in better shape than ever to reach for its ambitious goals” says Mortensen.

Please see the enclosed report and presentation for further details.

• IMAREX NOS Q207 Presentation

  imarex_nos_07Q2_presentation.pdf 276.73 kB

• IMAREX NOS Q207 - Interim Report

  imarex_nos_07Q2_report.pdf 106.80 kB

For more information, please contact:

• Tom Even Mortensen, CEO tel: +47 982 29 650 e-mail: tem@imarex.com
• Arild Jæger, CFO tel: +47 23 89 42 11 e-mail: arj@imarex.com