Steico static in difficult market
1 October 2012German I-joist and wood fibre insulation products manufacturer Steico matched last year’s sales and profits for the half year.
The company said production efficiencies helped offset rising costs of materials and manufacture, while sales remained hampered by the continuing Eurozone debt crisis and significant fall in construction activity.
A statement said a traditionally better second half of the season would produce growth for the full year and an increased focus outside Europe would bring double digit revenue growth in 2013.
Steico’s sales were almost unchanged at €71.9m for the first six months, with profits static at €1.6m. Earnings and interest were also static at €3.9 and 5.3% margin.
Depreciation due to recent investment activity was up, raising EBITDA to €8.9m from €7.7m a year before.
