Floorcoverings manufacturer Belysse, formerly known as Balta, has reported a decline in third quarter sales.

According to its latest trading update, total Q3 2023 sales fell 19.2% to €73.6m from €91.2m. EU sales decreased 22.7% to €31.2m, while US sales fell 16.5% to €42.4m.

Adjusted EBITDA for the third quarter resulted at €11m, up 1.1%, with an Adjusted EBITDA margin of 15%. US EBITDA decreased 2.6% to €9.9m, while Europe EBITDA rose 46.9% to €1.2m.

Commenting on its performance, Belysse said: “In US, volumes and revenues were below a very strong third quarter of 2022 where higher volumes were shipped as the installation of new production capacity enabled a catch-up on the backlog of open orders. Revenues stayed at a similar level as previous quarter and remain above pre-Covid levels.

“In Europe, revenue has mainly been affected by a continued decrease of volumes in the Residential market, due to low footfall during summer combined with destocking by the retailers. Volumes in the Commercial business remained at the level of the previous quarter.”