Lamosa sees recovery in first quarter of 2024
After a disappointing 2023, the Mexican group reported the first signs of recovery in demand in the first quarter of the current year.
![grupo_lamosa_logo_24.jpg](/sites/default/files/styles/in_article_image_300px/public/2024-07/grupo_lamosa_logo_24.jpg?itok=cMcpXFq-)
Grupo Lamosa saw a partial recovery in market demand in the first quarter of 2024, although not yet back to 2022 levels. Sales fell 2% on Q1 2023 to MX$8.13 billion (around €450 million at 31/3 exchange rate) but were 4.9% up on Q4 2023. Some 59% of revenue was generated from domestic sales (MX$4.78 billion, down 4% on Q1 2023), while exports reached MX$3.35 billion (+1%).
Out of the Mexican group’s two core businesses of ceramic tiles and adhesives, the former was worst hit by the contraction in the construction sector, with the segment’s revenues down 4% against Q1 2023 to MX$5.8 billion, or 72% of total sales.
In contrast, the adhesive segment showed good resilience with a 3% increase in sales to MX$2.32 billion.
During the quarter, the Mexican group continued its investment plan, allocating MX$303 million (about €17 million) to the upgrading of production facilities. It also continued the process of integrating Baldocer, a Spanish ceramic company acquired in October 2023.
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