SON, THE NETHERLANDS – Neways reported net sales of €374.1 million ($413 million) in 2015, up 21% over 2014 on acquisitions.

Operating profit was €10.1 million, up 12% from a year ago, while net profit excluding charges was up 15% to €6.2 million.

Net income including charges fell 54% year-over-year to to €3.2 million.

Neways said its sales growth came almost entirely in the first half, attributable to its 2014 acquisition of BuS Group. Sales flattened in the second half as customers tightened inventories.

In a statement, CEO Huub van der Vrande called 2015 an "important year of transition."

"A better spread across the various market segments, to which the acquisition of BuS Group made a clear contribution, has transformed Neways into a structurally stronger company. In 2015, we also introduced a group-wide improvement program to align the organization with market dynamics. The basic goals are to create a more efficient organization and a better balance in capacity utilization. The first effects are already becoming visible, resulting in a more stable performance of the various operating companies."

Neways reiterated plans to restructure its Cable & Wire Solutions unit and reallocate its Micro Electronics activities in China, moves that will reduce headcount by 15 jobs in the Netherlands."

Sales in the second half 2015 were at the same level as the first half of the year, and 6% higher than in the second half of 2014. While growth in the first half of the year was due entirely to the former BuS Group, the growth in the second half, compared with the second half of 2014, was realised by a combination of the Neways operating companies and BuS.

By end-market, industrial made up the largest segment in 2015, at 38%, followed by automotive at 24%, semiconductor at 18%, medical at 15% 55 18 defense at 2% and telecom at 1%.

Ed.: 1 EUR = 1.10432 USD