LANGBROEK, 12/08/06 - Aalberts Industries booked better-than-expected results in the first half. Sales expanded by 40 percent from a year earlier to nearly 700 million euros, where analysts had reckoned on 640 million. Net profit climbed by more than one-third to 51 million, where 45 million had been forecast.

The maker of all kinds of fittings, cranes and beer tapping systems has been known for years as a takeover machine. Acquisitions, particularly that of Comap of France, again contributed most to sales growth. But 14 percent of the 40 percent sales growth was organic. Around half the organic sales growth was accounted for by the high price of copper, which was passed on to customers.

CFO John Eijgendaal said Friday that the company was able to capitalise well on the improved market conditions. "This succeeded among other means by introducing new products on the American market such as fittings that thanks to new systems no longer have to be soldered to pipelines."

The purchase of Comap was the biggest ever made by the group. Comap generated 2005 sales of 180 million euros with its water and gas products. It was consolidated from 1 March this year, contributing roughly 60 to 70 million euros to first-half sales.

Aalberts' market valuation has nearly doubled since end-2004 to around 1.5 billion euros. At its bourse launch in 1987, the company was 'only' worth 22 million euros. Since then, Aalberts has been promoted to the Amsterdam bourse's MidKap index, and since last April, it has also been traded on the Euronext.liffe options exchange.