Steico AG posts €3.3m profit

German-based wood fibre insulation and I-joist manufacturer Steico AG has achieved a turnaround in its profitability.

The group, which recorded its first ever loss in 2008, said profit before interest and tax was €3.3m in the first half of 2009 on a turnover of €50.3m.

It said restructuring had set it on a successful path, with expansion of international sales leading to a return of profitability.

Its full year forecast is for sales of €103m and profits of €5-7m.

Last year’s poor results were affected by a difficult market combined with an increase in amortisation and depreciation due to a high level of capital expenditure in the past few years.