Recticel First Half Results
1H2021 sales of EUR 596.2 million (+59.3%) – Full-year 2021 guidance confirmed
Regulated information, Brussels, 27/07/2021 — 07:00 CET, 27.07.2021
- 1H2021 net sales: from EUR 374.3 million to EUR 596.2 million (+59.3%)
- Net sales include FoamPartner as from 1 April 2021 (EUR 71.9 million over 2Q2021)
Based on unaudited information, 1H2021 net sales will amount to EUR 596.2 million compared to EUR 374.3 million in 1H2020 (+59.3%) and EUR 453.8 million in 1H2019 (+31.4%).
The main growth drivers are (i) strong demand in most markets, (ii) price increases to mitigate the substantial impact of higher raw material prices and (iii) the integration since April 2021 of the net sales of FoamPartner.
Olivier Chapelle (CEO): “The positive sales trend observed during 1Q2021 continued in 2Q2021, driven by very strong demand in Insulation and solid demand in Engineered Foams. In Bedding, volumes are improving due to the lifting of the mobility and business restrictions which still affected Germany during 2Q2021.
The chemical raw materials supply remains very tight due to planned maintenance and new force majeure incidents at the premises of our suppliers, affecting primarily the MDI availability. Normalization of the situation is difficult to predict, and we therefore continue to adapt pricing to compensate for the cost increases.
The integration of FoamPartner progresses as planned, and forecasted synergies at the horizon of 2023 are now expected to reach EUR 18 million versus EUR 14 million estimated previously. In the meantime the divestment process of the Bedding business has been launched, with non-binding offers expected before the end of July 2021.”« Previous Post Next Post »