Floorcoverings group Balta has reported a growth in half year sales.
According to its latest trading update, total sales rose 24.3% to €164.2m from €132.1m against the same period last year.
Sales in Europe rose 17.1% to €82.9m, with revenues in its US division also rising by 32.7% to €81.3m.
Adjusted EBITDA resulted at €17m, down 17.6% from €20.6m, which was impacted by its Europe segment as adjusted EBITDA fell 86% to €1.3m from €9.6m. As the for the US, this rose 42.5% to €15.6m.
Commenting on its Europe division, Balta Group said: “While on a like for like basis, the volumes for the semester are flat, the revenue increase is mainly driven by the several price increases that were implemented and trading of some PP products to end-customers in specific markets. The European Commercial Tiles business showed more resilience in demand than the European Broadloom business.
“The disappointing H1 performance was largely driven by the high input cost pressure and timing delays in passing these on to customers especially in the beginning of the year.”
Cyrille Ragoucy, CEO and Chairman of the Board of Balta Group nv, said: “H1 2022 marked a new and important chapter in the history of the company with the closing of the Transaction with Victoria PLC and transformation of Balta Group nv into a more focused and resilient business.
“During H1, we experienced a strong order book in our US business, with higher costs that were promptly passed on to our customers. In our European business, we suffered from the significant headwinds caused by unprecedented and sudden cost increases which require further commercial action and recently lower footfall in shops in many of our Residential markets.”
On 4 April 2022, Balta Group nv announced the completion of the sale of its Rugs, Residential polypropylene and Non-Woven businesses, together with the Balta brand, to Victoria PLC.
Balta Group nv manufactures sustainable textile floor coverings for commercial and residential applications and commercialises its products focusing 90% on North-America and Europe under premium brands modulyss, arc edition, ITC and Bentley.