Brussels – Recticel sales for the first half of 2016 were EUR 534m up 3% on the EUR 519m reported in H1 2015.
However, the percentage difference in sales was -1.4% if currency effects were included in the calculation, the firm said.
EBITDA (earnings before interest, tax, depreciation and amortisation) rose 29.2% from EUR 31.7 m in H1 2015 to EUR 41.0 m in H1 2016. EBIT was up 45.3% from EUR 16.9m in H1 2015 to EUR 24.6m in H1 2016.
The report also said that “overall volume growth had over-compensated the negative currency effects and lower average selling prices in some markets.”
“Raw materials prices, which progressively decreased during Q1 2016, have significantly increased month after month as from April 2016, as a consequence of increasing oil price and some supply tension on isocyanates (TDI and MDI),” it added.
According to the report, flexible foams continued to enhance H1 performance throughout and has further increased volumes and improved its product/market mix. Meanwhile, bedding benefited in H1 2016 from an improved product-mix, including strong growth in boxsprings sales and continued advertising efforts on Geltex inside product line, the report said.
“Insulation profitability increased on higher volumes and improved efficiency, despite price erosion in some of its most competitive markets and in automotive there were positive effects from the closure of the Russelsheim, Germany-based seating plant in 2015,” it added.