Media release 12.09.2016
First half-year results 2016 – good sales growth – half-year impacted by one-off costs – 2016 goals reconfirmed
The consolidation of the production sites in France is turning out to take longer and to be more costly than planned. The negative impact of the reorganisation of the direct door business in France on the gross margin of the Group was approximately one percentage point in the first six months. The related additional personnel cost and logistics charges amounted to EUR 0.9 million in the first half of 2016. Separately, the Group booked a restructuring charge of EUR 0.6 million related to the integration of High Performance Door Solutions acquired in the U.K. in April 2016.
In France, the situation in the direct door business is improving and the cost related to the reorganisation is expected to diminish in the second half of 2016. ISEA and PACA outperformed expectations in the first six months of 2016, while the U.K. business substantially improved compared to 2015.
The financial result was significantly better compared to the first half of 2015.
Net liquidity was EUR 45.5 million as of 30 June 2016 which corresponded to a gearing of – 21.7 %.
The outlook for the whole of 2016 remains unchanged with sales expected to grow by 8 – 9 % and operating profit anticipated to increase by less than that.
Group key figures (January – June)
|Turnover||166.4||100.0||148.9||100.0||+ 11.8 %|
|Gross profit||119.7||71.9||108.5||72.9||+ 10.3 %|
|Personnel expenses||78.1||46.9||69.1||46.4||+ 13.0 %|
|Structure cost||28.4||17.1||26.2||17.6||+ 8.4 %|
|EBIT||11.6||7.0||12.0||8.1||– 3.3 %|
|Profit for the period||8.4||5.0||7.0||4.7||+ 20.0 %|
Half-Year Financial Report
The complete half-year financial report 2016 is published online in the shareholders’ section of the Group website: shareholders.agta-record.com.