Recticel First Half-Year 2022 Results
- Net sales increase from EUR 229.7 million to EUR 274.3 million (+19.4%), of which +15.6% organic growth, +0.6% currency effect, EUR 38.5 million contribution from Trimo, and a EUR 31.0 million drop in sales of chemicals to the divested Automotive companies
- Adjusted EBITDA: from EUR 22.4 million to EUR 29.2 million (+30.3%)
- Result of the period (share of the Group): from EUR 28.0 million to EUR 34.6 million
- Net financial debt: EUR 254.9 million (31 December 2021: EUR 147.8 million; 30 June 2021 : EUR 206.6 million)
Olivier Chapelle (CEO): “We are satisfied with the sales and profitability development of our Insulation activities, in a highly challenging environment characterised by supply chain disruptions, by historical inflation on raw materials, labour, transportation and energy costs, and by economic uncertainties. Volumes have been slightly higher than in 2021, and our business teams have been able to compensate all inflationary pressures during the period. In parallel, our operations teams have displayed high flexibility to accommodate the supply chain challenges.
The first half of 2022 has seen intense M&A activity, with sequentially the closing of the Bedding divestment to Aquinos on 31 March, the closing of the Trimo acquisition on 29 April, the final exit out of the Proseat joint venture on 20 May. The Competition and Markets Authority in the UK has recently decided to refer the divestment case of Engineered Foams to a phase II investigation, with the closing of the transaction now expected latest by the first quarter of 2023.”
Our Insulation business continues to perform well in difficult economic circumstances. However, the geopolitical turbulences, supply chain challenges and economic uncertainties prevent us from providing an outlook for the full year at this stage.