• Combined (a) sales growth of +5.9%, despite negative currency effects (-1.0%)
• Combined REBITDA of EUR 50.1 million (-8.6%)
• Result of the period (share of the Group): from EUR 15.5 million to EUR 14.3 million
• Combined net financial debt: EUR 151.4 million

Olivier Chapelle (CEO): “Sales growth accelerated to +6.2% in the second quarter, leading to a solid +5.9% top line growth over the first half.

During the first half of 2017, the Group has faced very challenging raw material supply conditions: several forces majeures at suppliers, unprecedented raw material price increases and MDI supply shortages have constituted very serious headwinds for the business. This was complemented by the further weakening of the Pound Sterling and the overall appreciation of the Euro.

In these conditions, we are satisfied with the resilience of our REBITDA and the reactivity of the commercial teams who have taken swift re-pricing measures. Volume growth, pricing actions and cost efficiencies have indeed almost fully compensated the above-mentioned negative raw materials and currency impacts. We remain focused on our growth agenda, and are on track with the continuous improvement of our operational efficiency.

The consequences of the fire incident in our Automotive Interiors factory in Most (Czech Republic) are in the process of being gradually solved. Reconstruction of the Most facility is ongoing and the plant will be fully operational again by mid-October 2017, hence the supply situation will be entirely normalised by then."

(a) For the definition of other used terminology, see glossary in this press release.

Download Press Release (PDF - 422 KB)

Financial calendar

For additional information

RECTICEL - Olympiadenlaan 2, B-1140 Brussels (Evere)

Press: 
Mr Olivier Chapelle
Tel: +32 2 775 18 01
chapelle.olivier@recticel.com

Investor relations: 
Mr Michel De Smedt
Mobile: +32 479 91 11 38
desmedt.michel@recticel.com

Recticel in a nutshell

Recticel is a Belgian Group with a strong European dimension, but it also operates in the rest of the world. Recticel employs 7,925 people in 98 establishments in 28 countries.

Recticel contributes to daily comfort with foam filling for seats, mattresses and slat bases of top brands, insulation material, interior comfort for cars and an extensive range of other industrial and domestic applications.

Recticel is the Group behind well-known bedding brands (Beka®, Lattoflex®, Literie Bultex®, Schlaraffia®, Sembella®, Swissflex®, Superba®, Ubica®, etc.) and GELTEX® inside. Within the Insulation sub-segment high-quality thermal insulation products are marketed under the well-known brands Eurowall®, Powerroof®, Powerdeck®, Powerwall® and Xentro®. Technological progress and innovation have led to breakthrough at the biggest names in the Automotive industry thanks to Colo-Fast®, Colo-Sense® and Colo-Sense Lite®.

In 2016 Recticel achieved combined sales of EUR 1.35 billion (IFRS 11 consolidated sales: EUR 1.05 billion).

Recticel (Euronext: REC – Reuters: RECTt.BR – Bloomberg: REC:BB) is listed on Euronext in Brussels.