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Steico delivered growth in second-quarter revenues

05.08.2020 − 

In spite of the coronavirus crisis, Steico achieved a small growth in revenues in the second quarter, as well. Revenues were 1.6% higher than in the same stretch last year at €69.7m. Total operating revenues, which also takes account of inventory changes, were slightly higher than last year at €69.8m. However, EBITDA fell 10.4% to €11.6m, and EBIT dropped 12.5% to €6.2m. The EBITDA margin, which is based on total gross revenues, thus stood at 16.6 %, with the EBIT margin reaching 8.9 %.

Steico’s revenues and earnings had also headed in opposite directions in the first three months, although decreases were not as pronounced as in 2019. The entire first half of the year hence ended with a 3.3% increase in revenues to €144.2m. This growth was mainly underpinned by considerable growth in the insulating materials (+10.3% to €94.5m), LVL (+13.3% to €17.9m) and speciality products (+13.5% to €9.7m) categories. On the other hand, revenues decreased in the I-joist (-32.3% to €14.6m), timber wholesale trade (-31.6% to €2.0m) and hard fibreboard (-19.2% to €1.3m) categories, which are all underpinned by the British market.

Total operating revenues amounted to €142.3m in the first half of the year. EBITDA decreased by 8.8% to €23.7m, while EBIT fell by 10.9% to €12.2m. The EBITDA margin thus reached 16.6 % and the EBIT margin softened to 8.6 %. Steico has set its sights on raising revenues by up to 5% and recording an 8.5-9.5% EBIT margin for the full year.

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