Surteco EBIT beats latest forecasts after all
German Surteco booked group revenues of €639.8m in the 2016 financial year, only marginally higher than the figure reported one year earlier, according to preliminary financials published on 24 March. This minor growth is also primarily connected to the contribution to revenues made by British Nenplas, whose majority owner it became on 1 December 2016. The company thus did not achieve the slight organic growth in revenues forecast at the publication of its nine-month figures. However, EBIT was a little better than last anticipated. Towards the middle of November, Surteco had announced that EBIT would only be towards the lower to middle end of its original forecast range of €38m-42m.
However, EBIT ultimately ended up towards the upper end of this spectrum at €40.9m. This figure was 31% higher than 2015. Surteco also reported a 31% growth in pre-tax profits to €35.0m. The company said that both of its strategic business units played a part in this positive trend in earnings. The Paper division slashed its exceptional charges for the concentration of German decor printing activities in Buttenwiesen-Pfaffenhofen, as planned. The full annual report with final figures for 2016 will likely be published on 28 April.