Steico reports €3.4m annual profit growth
15 May 2013I-joist and wood fibre insulation manufacturer Steico has reported a “significant improvement” in profitability in its 2012 full-year results.
Earnings before interest, tax, depreciation and amortisation (EBITDA) were €18.2m, up from €14.8m in 2011 from sales of €146.5m (2011: €144.8m).
Steico said its German domestic market had grown in 2012, whereas export markets had been in decline. Sales prices had also been under pressure due to market oversupply.
Steico said its better performance was due to improvements in efficiency and ongoing process improvements.
“Despite a sometimes difficult environment, management expects 2013 revenue growth in a high single-digit percentage range and a further increase in results,” Steico said.
