These markets have remained relatively stable in recent years and are now showing signs of growth. As a result, IHC Merwede has been able to maintain its revenue and increase its profitability. The company is expecting to achieve a further growth of at least five per cent in turnover during 2011. There is a clear explanation for the increased net profit figure. The most important factor is that the sales agreements with customers were concluded in a busy market, while the purchases made by IHC Merwede to satisfy these orders were made during the decline of 2009. Furthermore, good margins were achieved on the more standardised product lines. A high level of project management has also been a determining factor in realising the expected margins. In addition, the profit figure in 2009 was hit by a disappointing result on a large custom-built vessel and fortunately such an occurrence has not materialised over the past 12 months. The results reflect the sale of non-strategic IHC Merwede business units and the acceptance of the company by the Dutch Government for the Innovation Box tax reduction scheme. As the first shipbuilding company to receive this status, IHC Merwede is once again recognised for its strong focus on innovation. IHC Merwede is in strong financial health and so is able to implement a strategy of future growth.