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Medite Smartply reports drop in revenues

17.06.2020 − 

The Irish public forestry authority Coillte Teoranta has announced that its Medite Smartply division generated revenues of €207.4m last year. This 2% decrease compared with 2018 marked the first time since 2009 (-19% to €116.6m) that the company suffered a downturn in revenues. In 2010, revenues initially rose by 25%. The next few years then brought growth in the low to middle single-digit percentage range. 2018 ended with another double-digit percentage increase (+12%) on the back of higher average prices for MDF (+11%) and OSB (+27%). However, falling prices, especially in the second half of the year, made a dent into revenues in 2019. By the end of the year, MDF and OSB prices had tumbled by 15-20% compared with the peak seen in the first quarter.

In terms of the different sales markets, British operations had to contend with an 8% reduction in revenues to €127.8m, primarily because of uncertainty surrounding Brexit. A similar downturn was reported for Ireland (-6% to €26.1m).

Coillte’s total revenues dipped 1% to €327.4m last year. Although EBITDA declined by 11% to €102.8m, it was still above the €100m mark that had been passed for the first time in the previous year.

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