RECTICEL
Disappointing H1 with significant fall in sales / Acquisitions planned
The strategy pursued by CEO Olivier Chapelle to concentrate exclusively on products for the construction segment has not particularly helped Belgian PU converter Recticel (Brussels; www.recticel.com) in recent months. Because of the economic slowdown throughout Europe – especially in housing construction – the company reported a “disappointing” first half-year 2023. 

PU insulation boards for construction applications have so far recorded declining sales (Photo: Recticel)


Volume sales declined in the first six months of the year by 15%, reducing turnover by a good 7% to EUR 266 mn. Part of this reduction was, however, compensated by the renewed fall in the costs of raw materials. From the middle of the second quarter, there were also small improvements in sales volumes and incoming orders for heat-insulating panels and insulated wall systems.

EBITDA lost 41.5% to just under EUR 16 mn, while earnings, at only EUR 4 mn (down 80%), ended up only just in the black. For the year as a whole, the board of management headed by new CEO Jan Vergote expects EBITDA, adjusted for special effects, to be around EUR 40-45 mn.  

Related: Slump in revenues follows Recticel's Trimo acquisition

While the sale of its Engineered Foams division 252967 to US competitor Carpenter (Richmond, Virginia; www.carpenter.com) has now been completed, the divestment of the 33% interest in Orsa Foam (Gorla Minore, Italy; www.orsafoam.it) is still in the middle of negotiations with partner Orsa srl. They should, however, also be completed by the end of September 2023.

On the other hand, there are also “several opportunities for acquisitions”, which Recticel says it is currently pursuing, without providing any further details. 
21.09.2023 Plasteurope.com [253633-0]
Published on 21.09.2023
Recticel: Enttäuschendes erstes Halbjahr mit AbsatzrückgangGerman version of this article...

© 2001-2024 Plasteurope.com  |  Imprint  |  Privacy  |  Cookie settings

Plasteurope.com is a business information platform for the European plastics industry. It is part of KI Kunststoff Information and PIE Plastics Information Europe, one of the leading content providers for the European plastics industry. We offer daily updated business news and reports, in-depth market analysis, polymer prices and other services for the international plastics industry, including a suppliers guide, career opportunities, a trade name directory and videos.

News | Polymer Prices | Material Databases | Plastics Exchange | Suppliers Guide | Jobs | Register | Advertising

PIE – Plastics Information Europe | KI – Kunststoff Information | KunststoffWeb | Plastics Material Exchange | Polyglobe | K-Profi
© 2001-2024 by Plasteurope.com, Bad Homburg
Date of print: 16.07.2024 13:50:48   (Ref: 848062342)
Text and images are subject to copyright and other laws for protection of intellectual property.
Any duplication or distribution in any media as a whole or in parts requires prior written approval by Plasteurope. URL: http://www.plasteurope.com/news/detail.asp