Granitifiandre: 109.2 million euro turnover to 30 September
The Group's performance was adversely affected by the unfavourable trend in the euro/dollar exchange rate, which showed a more than 17% variation in the first nine months of the year over the same period in 2002.
Turnover, which at constant exchange rates would have remained substantially in line with the 2002 figure (-0.8%), was slightly down (-3.9%) on the 113.6 million euro of 2002.
Graziano Verdi, the Group's chairman and managing director, nonetheless anticipates high levels of profitability and cash flow for the end of 2003.
"The brand's turnover in October was up on 2002 and our orders portfolio remains at +10%," Verdi told Ceramic World Web. "Likewise in 2004," he continued, "we expect to maintain the overall growth that began in June 2001 when we entered the stock market."
During the quarter, Granitifiandre opened its new German factory located at Vetschau in the Brandenburg state and won a contract through its German subsidiary Porcelaingres to supply floor tiles for use in more than 1,100 railway stations.
Granitifiandre also signed an important partnership agreement with Villeroy & Boch for the production of through-bodied porcelain tiles which will bring the Group revenues of more than 3.5 million euro in 2003.
In Italy the Group has strengthened its three-year-long partnership with Salamone & Pullara, an important retailer based in Palermo. The agreement follows the one stipulated in Florence in 2002 with the Tanini Group, which brought good results for both partners.
The in-focus section contains the Granitifiandre Group's quarterly report
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