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 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.