Pfleiderer profits grow as parent company files for insolvency

The publication of improved financial results for panels giant Pfleiderer has followed hot on the heels of a statement confirming its holding company Pfleiderer AG had formally filed for insolvency.

Pfleiderer maintains that its operational businesses are unaffected by the insolvency move and now its western Europe division has posted annual results showing a 33% rise in earnings before interest, taxes, depreciation and amortisation to €74.2m.

Accounting for the cost of restructuring measures, EBITDA were up by 187% to €63.5m.

Sales reached a better-than-expected €689m, nearly equaling the €692m recorded in 2010, despite the closure of three German production sites last year.

Pfleiderer said the results was attributed to larger volumes of higher quality products, improved group efficiency and price increases for raw particleboard and surface-finished panels.