A searing summer and a new line of robots helped Maytronics Ltd. (TASE:MTRN) reach NIS 180 million in revenue a 26% jump. The manufacturer of robotic pool cleaners from Kibbutz Yizre'el near Afula - finished the second quarter of 2015 with a 7.5% increase in net profit, up to NIS 33 million.
These results are the last to be reported under CEO Yuval Beeri, who will step down next month after seven years in the role. Addressing the financial reports, Beeri said, "the pool season in the northern hemisphere opened very positively and it is possible we will see a prolonged season due to the warm weather in Europe and the US."
He added: "We are experiencing significant growth in these territories, partly as a result of the very successful launch of a new line of robots which are in high demand."
The value of shares in Maytronics, which is controlled by Kibbutz Yizre'el, rose 7% in response to the report reaching a 50% increase within a year and 340% over the last 3 years.
The increasing worth of its stocks has pushed Maytronics' value to NIS 1.1 billion.
On Wednesday, the company said Beeri's replacement, Eyal Tryber, will take charge next month, after serving as vice president of sales marketing for the last seven years. Maytronics has called for a shareholders' meeting next month to approve the terms of Beeri's retirement package and the employment terms for Tryber.
Ahead of the meeting, the Maytronics board presented the advances made under the leadership of Beeri, including a doubling of its revenue, a 66% increase in profits, and a 40% growth in equity capital.
Under Beeri, the company distributed dividends of some NIS 160 million and was added to the TA 100 index.
Published by Globes [online], Israel business news - www.globes-online.com - on August 19, 2015
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