UTI expects 20m-euro turnover growth this year

Tiberiu Urdăreanu, founder of UTI group, with 126m-euro turnover last year, says the volume of works the company has gained abroad this year doubled from 2009, with this as one of the reasons making the businessman project 2010 turnover will rise by 20m euros, to over 146m euros.
"For UTI, the decline was more visible in 2009, the first year of real economic crisis, and translated into a 25% turnover slide, from 160m euros in 2008 to 126m euros. The decrease came as some of our clients gave up previously announced development plans, particularly in the constructions and IT fields. This year, though, we've entered with a portfolio of newly signed contracts, to be carried out over several years," says Urdăreanu, explaining cost cutting steps hurt all the companies of the group, but allowed the profit margin to rise.
Thus, while in 2008 generated EBITDA stood at 15.2m euros, accounting for a 10% profitability rate, in 2009 EBITDA reached 16.9m euros, meaning a 13% profitability rate.
In the first half of this year, the company's turnover reached 68m euros, while EBITDA hit 10m euros. For the entire 2010, the company's representatives expect net income to go beyond 12.5m euros from 4.87m euros last year.