The Supervisory Board of Damartex met on 15 March 2004 to examine the interim financial statements for the period ended 31 December 2003 of the company and its subsidiaries.

Activity

Turnover for the first half came to € 277.9 million, corresponding to an increase of 4.1% in actual terms and an increase of 7.1% at constant exchange rates.

This performance reflects gains in market share in the group's main areas of activity.

Earnings

Operating profit increased by 31.1% during the first half, from € 11.2 million to € 14.7 million, while pre-tax profit on ordinary activities progressed by 47.5%, from € 9.9 million to €14.6 million.

These figures reflect increased sales efficiency as well as a further significant improvement in productivity. This is the result of the streamlining carried out over the last few years: optimising purchasing and marketing, adapting structures and overhauling processes.

Outlook

The interim results are in line with the objectives of the business plan established in 2001, i.e. steady growth in sales accompanied by a gradual recovery in profitability.

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