Zetes nine-month sales rise, seeks takeover targets

BRUSSELS, Nov 10 (Reuters) - Belgian identification systems maker Zetes (ZTS.BR: Quote, Profile, Research) reported a 4.6 percent rise in nine-month sales on Monday and said that the economic downturn could present interesting acquisition opportunities.

"Zetes is still looking to grow by acquisition and its net cash position and ability to generate substantial operating cash flow will enable it to seize opportunities in the present economic situation", the group said in a statement.

The company, which provides barcodes, voice recognition, smartcard and biometric technology, said it continues to anticipate growth in full-year sales for 2008 compared with 2007, but added that the unpredictable economic environment makes it difficult to provide a more detailed target.

In March, the group said it expected 2008 revenues slightly above 200 million euros ($257.9 million) and earnings before interest, tax, depreciation and amortisation (EBITDA) of 17.4 million euros, giving the group an 8.7 percent margin.

Zetes said it had taken measures to achieve its profitability objectives, in particular that of recurring EBITDA/sales in excess of 8 percent. (Reporting by Antonia van de Velde; Editing by David Cowell)