Recticel trading update 1st quarter 2022
- Net sales increase from EUR 206.2 million to EUR 294.7 million (+42.9%), mainly driven by the FoamPartner scope change, as well as a 28.1% increase in Insulation sales
- Net financial debt: EUR 129.6 million (31 December 2021 : EUR 147.8 million)
Olivier Chapelle (CEO): “ We are pleased with the sales and profitability development of our Insulation and Engineered Foams activities in 1Q2022, in a business environment marked by strong inflationary pressures and supply chain disruptions.
While volumes have remained broadly supportive, our business and commercial teams are remaining fully focussed on the pass-through in selling prices of the inflation pressure affecting raw material, transportation, energy and labour costs.
The first quarter has been intense on the M&A front. We have signed on 22 March 2022 with Innova Capital the acquisition of Trimo, which is a key step in strengthening our positions in the insulation markets; we now intend to close within the coming days. On 31 March 2022, we have closed the divestment of the Bedding business line to Aquinos, which is perfectly matching its portfolio of activity. On 14 April 2022, we have notified to Sekisui Kasei Co. the exercise of our put option on the remaining 25% participation in Proseat, which we expect to complete before the end of May 2022. Finally, we are making progress together with Carpenter Co., in the preparation for the closing of the Engineered Foams divestment around mid-2022.
Regarding the shareholding of Recticel, we are very happy to welcome Baltisse as our new reference shareholder and as director, represented by Mr Filip Balcaen.”
As mentioned in our previous communication, given the important scope changes expected in Recticel during 2022, the uncertainties on the timing of the closings of the Engineered Foams divestment and the Trimo acquisition, as well as the subsequent alignment of our organization setup, the Group does not provide an outlook for the full year at this stage. However, despite the current geopolitical instability and the inflationary pressure, the business continues to develop well in 2022, and Recticel continues to work on accelerated growth plans in order to double its sales by 2025.