The Portuguese cork group Corticeira Amorim SGPS has posted a 4.6 % drop in revenues from its Floor & Wall Coverings business unit to €116.4m in 2014. However, these operations did improve their EBITDA by 2 % to €15.5m thanks to a number of cost-cutting initiatives. In its annual report published in mid-February, Amorim mainly blamed the downward slide in revenues on Eastern European business, which suffered in a tough political and economic climate. What is more, US sales volumes were down since its US distribution partner US Floors Inc., based in Dalton, Georgia, had scaled back its cork flooring business. Amorim said that changes in the German DIY sector had also had a negative impact. However, Scandinavian operations had performed well. The Floor & Wall Coverings business unit saw its share of overall revenues dip again to 20.2 % last year, down from 23 % in 2012.
Amorim reports 4.6 % dive in flooring revenues
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