Sales down at floorcoverings group; appoints new CEO

Floorcoverings manufacturer Belysse, formerly known as Balta, has reported a decline in sales with both key markets experiencing a downturn in performance.

According to its full year results for 2023, total group sales fell 10.8% to €300.9m from €337.4m in 2022. In Europe, sales were down 12.2% to €140.1m, while in the US, revenues declined 9.5% to €160.8m.

Adjusted EBITDA resulted at €33.7m, down 5.1% from €35.5m, with the US division experiencing a decline of 7.8% to €30.6m. In Europe, EBITDA increased 34% to €3m.

Belysse said that the decline within its European market was driven by weak demand, while prices increased to compensate for rising cost inflation.

Furthermore, Belysse has announced the appointment of James Neuling (representative of EQIDNA BV), Managing Director for Europe since October 2022, as its new CEO, succeeding Cyrille Ragoucy.

Mr Neuling will continue to hold his position as MD Europe in parallel. Mr Ragoucy will continue to support the company in his roles as member and Chairman of the Board of Directors of Belysse Group and as an advisor to the management.

The Board stated: “With a year of dedicated service within our organization, James has already demonstrated his leadership qualities and his deep understanding of Belysse’s values and objectives. His international background and sales and marketing strength will help Belysse focusing on further developing its business.

“James is expected to continue focusing on profitability, sustainability, growth through innovation, manufacturing optimization and more agile digital solutions. The Board expresses its full confidence in James’ ability to lead Belysse together with the executive team, Jay Brown (President US) and Andy Rogiest (Group CFO) into its next phase. Cyrille’s continued support and guidance as Chairman of the Board will ensure continued availability of his vast experience.

“The Board thanks Cyrille for his leadership during the last five years during which he navigated Balta and then Belysse through several challenging circumstances from which the company has emerged stronger and more resilient.”

James Neuling added: “I am honoured to take on the role as CEO of Belysse Group and build upon the foundations laid by Cyrille. |am committed to continue focusing on innovation and excellence that defines Belysse, and | look forward to working closely with all stakeholders to drive our company forward.”

Cyrille Ragoucy stated: “l am proud to welcome James as the new CEO. In the last year, he has proven that his dedication and his commitment to excellence make him the ideal leader to carry Belysse’s vision into the future. As Chairman, | am happy to be able to work with James for the success of Belysse.”

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