Granitifiandre reports strong first half results

Granitifiandre has reported growth in the second quarter of 2008. The various economic indicators show a sharp increase over the first 3 months of the year (turnover up 9.7%, EBITDA up 25.8% ). During the period April-June the company secured a total of 36 new Xtra-granitifiandre brand contracts worth 9 million euro over the next 4 years. Strong results have also been achieved in the quarter by the German subsidiary Porcelaingres and in the American market, where the subsidiary StonePeak reported an additional 13% increase in sales volumes in July.

Although positive, the figures for the first half of 2008 failed to match those of the equivalent period last year due to the unfavourable economic situation and the increase in industrial costs caused by rising oil prices.
Turnover amounted to 110.4 million euro (6% down on 2007), while the operating margins of the first half of the year were affected by the significant commercial investments in brand strengthening and the new showroom opened at Castellarano in March. EBITDA amounted to 17 million euro (compared to 22.5 million euro in 2007) and EBIT 10.3 million euro (14.7 million euro in 2007).