Magellan reports 37% increase in sales in H1 2010

2010-09-03

Magellan, the provider of financial services for hospitals and their suppliers, reported a 37.5% y-o-y jump in group revenues in the first half of the year, to PLN 29m (€7.3m). Sales growth accelerated substantially, following an 11% increase in 2009. Net profit climbed 24.4% y-o-y in H1, to PLN 10.7m (€2.7m).
In its H1 report, Magellan pointed to a stellar 114% increase in the value of new contracts concluded in the reported period. (They included debt- and receivables financing agreements with customers in Poland, the Czech Republic and Slovakia). The company closed contracts worth a total of PLN 392.7m (€98.4m) during the period. Of this, off-balance sheet agreements (i.e. framework and conditional agreements), surged 57% y-o-y to PLN 123.4m (€30.9m), whereas the more important category of new balance-sheet agreements increased by 156% to PLN 269.2m (€67.4m). The number of balance-sheet agreements increased as well to 836 from 570 recorded in the analogous period of the previous year.