SON, THE NETHERLANDS – Neways Electronics today reported revenues of €98.8 million ($104.7 million) in the fourth quarter, up 9.6% year-over-year.

For the year, sales were a record €393.2 million ($416.8 million), up 5.1% from a year ago on higher demand for automotive and semiconductors. Operating income rose 26% to €12.7 million. Netincome jumped 201% to €9.7 million. Bookings as of Dec. 31 were €191.3 million, compared to €167.6 million at year-end 2015.

Gross margin rose 4% year-over-year to €153.8 million on the back of higher activity level; relative margin impacted by increasing demand for box built systems and related higher levels of materials, partly offset by procurement savings.

In a statement CEO Huub van der Vrande said, “We saw continued good top line growth throughout the year and ended with better than anticipated fourth quarter sales and order intake. This proves our strong client proposition as a trusted development and technology partner. These positive developments reflect the strategic reform at Neways and the first concrete results of our operational improvement initiatives under our 'Up to the next level' program. In 2016 we focused on group-wide business processes by strengthening the coordinating role of the holding across various disciplines such as logistics and procurement. We will continue to further execute our strategy to improve our customer intimacy, technological leadership and operational efficiency."

Neways said that based on the strategic progress made in 2016 and its current order book, it expects to higher net sales and operating results for 2017.

Ed.: 1 EUR = $1.06012

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