Recticel Annual Results 2022
- Net sales increase from €449.2 million in 2021 to €561.5 million (+25.0%) in 2022, of which €129.2 million contribution from Trimo and a €48.9 million reduction following the phasing out of sales of chemicals to divested Automotive companies
- Adjusted EBITDA: from €48.4 million to €62.2 million (+28.4%)
- Result of the period (share of the Group): from €53.5 million to €63.2 million
- Closing of the divestment of Engineered Foams expected at the end of 1Q2023
- Proposal to pay an increased gross dividend of €0.31 per share
Olivier Chapelle (CEO Recticel): “The European construction market has become increasingly challenging as the year 2022 unfolded, with growing economic uncertainties and historically high inflation and rising interest rates weighing progressively more and more on construction activities. In that environment, I am proud of all our employees and want to thank them. In 2022, their focus and contributions have allowed to deliver, when compared to 2021, slightly higher volumes in Insulation Boards and flat volumes in Insulated Panels. Reactivity on pricing and margin management have in turn contributed to deliver solid results.
The divestment of Engineered Foams is expected to close at the end of the first quarter of 2023. It follows the decision on 26 January 2023 by the Competition and Markets Authority in the UK, to approve the Final Undertakings, which execution is now entering its final phase.
With the acquisition of Trimo on 1 May 2022, now fully integrated, we have created a broader basis for further internal and external growth.
With regard to ESG and sustainable development, after having announced our commitment to the SBTi, we can report a 11.2% reduction in our Scope 1 & 2 carbon emissions in 2022 versus reference year 2021.”
The year 2022 has been very challenging due to the consequences of the geopolitical turmoil. During that year, our business has resisted well and is well positioned at the beginning of 2023, despite the current lack of visibility. Margin management, growth initiatives and further progress on ESG are the priorities in 2023.
At this stage, the Company does not provide guidance related to its full year 2023 expected results.