Pfleiderer earnings up 20%

Wood-based panels manufacturer Pfleiderer AG has reported 2007 full-year earnings (EBITDA) of €248.7m, a 20% increase on the previous year.

Sales grew 27% to €1.8bn and a further rise of around 15% is expected in 2008 to hit a target of €2bn.

Chief executive officer Hans H Overdiek said the group succeeded in 2007 despite problems with North American market sales.

Western European sales, the largest chunk of Pfleiderer’s business, reached €987m in 2007, a 26% growth on 2006.

Despite a 27% growth in North American sales to €443m, profits in the division dropped 68% to €17m.

The group expects business to develop well this year, especially in eastern Europe. New plants in Poland and Russia will contribute full-year earnings for the first time, as will Pergo – acquired by Pfleiderer in 2007.