Steico results break records

Its preliminary results for 2021 show revenues of €388.2m, an increase of 25.7% on 2020, while earnings before interest (EBIT) were at €67.9m (+102.2%).

However, Steico did caution that when comparing the figures with the previous year, it had to be borne in mind that earnings in 2020 were depressed by the COVID-19 pandemic.

The group said the positive earnings result was despite the increase in the prices for raw materials.

The positive trend in sales and earnings also continued on a quarterly basis, making Q4 2020 the most successful fourth quarter in the company’s history.

Revenues in Q4, 2021 were €99.6m, up 22.1% from a year ago, while EBIT rose a staggering 94.8% to €17.8m.

“Management is very positive about 2022,” said Steico. “Demand for environmentally-friendly insulation material and construction products continues to be high and the underlying regulatory conditions support further growth.

“To the extent that the prevailing growth in costs does not result in any further negative effects, the Board of Directors believes that revenues will grow by around 15% with an EBIT margin of between 13% and 15% (in terms of total operating revenue).

Steico’s operations extend to three plants in Poland and one in France.