Foam producer Recticel has reported a growth in half year sales and profit.
According to its latest trading update, net sales increased 19.4% from €229.7m to €274.3m. Adjusted EBITDA rose 30.3% from €22.4m to €29.2m.
Recticel said demand ‘remained solid’ with the exception of COVID-related demand for VIP-insulation products, which decreased with the progressive recess of the COVID-pandemic.
Olivier Chapelle, CEO, said: “We are satisfied with the sales and profitability development of our Insulation activities, in a highly challenging environment characterised by supply chain disruptions, by historical inflation on raw materials, labour, transportation and energy costs, and by economic uncertainties.
“Volumes have been slightly higher than in 2021, and our business teams have been able to compensate all inflationary pressures during the period. In parallel, our operations teams have displayed high flexibility to accommodate the supply chain challenges.
“The first half of 2022 has seen intense M&A activity, with sequentially the closing of the Bedding divestment to Aquinos on 31 March, the closing of the Trimo acquisition on 29 April, the final exit out of the Proseat joint venture on 20 May.
“The Competition and Markets Authority in the UK has recently decided to refer the divestment case of Engineered Foams to a phase II investigation, with the closing of the transaction now expected latest by the first quarter of 2023.”
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