Floorcoverings manufacturer Belysse, formerly known as Balta, has reported an increase in third quarter revenues with both major markets experiencing growth.

According to its latest Q3 trading update, total sales rose 34.1% to €91.2m from €68m. EU sales increased 21.6% to €40.4m, while US sales jumped 46.1% to €50.8m.

Q3 Adjusted EBITDA increased to €10.9m, up 2.6%, with an Adjusted EBITDA margin of 12%. US EBITDA increased 43.8% to €10.1m, while Europe EBITDA was down 77.7% to €0.8m from €3.6m in Q3 2021.

Belysse said that the US division saw increased volumes and compensation of higher input and transformation costs via sales price increases, while the strong revenue increase in Europe reflects the implemented price increases. The decline of EBITDA is explained by the high input costs which could not be fully passed on to customers.

Cyrille Ragoucy, CEO and Chairman of the Board of Belysse Group nv said: “In Europe we are confronted with unprecedented and continuing rapid cost increases which require constant commercial actions. In Q3 we started to observe signs of demand softening in Europe affecting our Residential business. Whereas in the US, sales as well as our order book remain strong and higher costs are being passed on to our customers.”

James Neuling was appointed Managing Director Belysse Europe and joined the company on 3 October 2022. Furthermore, the group has appointed Flora Siegert to the Board of Directors of Belysse Group NV as a non-executive director, replacing the outgoing Jeremy Fryzuk.

“The Board of Directors thanks Jeremy for his contribution over many years and welcomes Flora, appreciating her relevant background in corporate finance and law,” the group added.