Standex bounces back with better numbers


Standex has told the market it expects fiscal year 2015 to be a “strong year” for the company after delivering growth during the first quarter.

The manufacturer increased sales by 13% to $178m (£111m) overall as it saw a return to more favourable conditions in the majority of its end-markets.

Food Service Equipment Group sales increased 14% year-on-year, although operating income was down 2.5%.

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However, Standex said incoming orders remained strong while backlogs were up from a year ago.

“The food service equipment group had good growth for the quarter with organic sales growth of 10.1%, acquisition accounted for 3.7% and foreign exchange was 0.1%,” stated David Dunbar, president and CEO at Standex.

In the US, Standex had a good quarter in refrigeration, while its specialty cabinet business also made progress with the beverage industry.

Sales in specialty solutions were up, year-over-year, largely due to its roll-out of a new line of open air merchandiser products.

Sales in the cooking solutions group, meanwhile, were down slightly due to the slow ramp-up of production at one of its factories. But Standex said shipments out of the plant were steadily improving as it begins the second quarter and measures to improve the site were taking shape.

"We are making good progress on strategic growth initiatives in each of our businesses,” added Dunbar. “Our recent acquisitions are performing well, and our balance sheet provides us with the flexibility to pursue opportunities for driving organic and acquisition-driven growth and delivering greater shareholder value.”

Tags : businesscatering equipmentfinancial resultskitchensManufacturersStandex
Andrew Seymour

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