Belgian foam producer Recticel has reported a surge in sales within its UK division with profit more than doubling.
According to its latest filed accounts for the year ended 31 December 2021, total sales rose 33.7% to £156.5m from £117m in 2020.
Gross profit increased from £22m to £32.7m, while pre-tax profit resulted at £17.8m, up 157% from £6.9m recorded the previous year.
Stated within its report, Recticel said that following the challenges of 2020, these results ‘improved significantly’ with the impact of Covid-19 ‘much reduced’. Both its foams and insulation businesses returned double-digit growth in the UK.
Since its year-end results, Recticel has transferred its insulation business to a newly created subsidiary, Recticel Insulation UK Limited, which will remain within the group. It also transferred its Corby-based engineered foams activities to newly created subsidiary, Recticel Engineered Foams Corby Limited.
Recticel Limited is undergoing an acquisition by Carpenter, which is currently being investigated by the Competition and Markets Authority.