Panaria Group reports 12% growth in American Business Unit

The American Business Unit of PanariaGroup has continued its positive performance, closing the first quarter of 2013 with 12% growth. Although all distribution channels reported positive results, the Florida Tile chain of stores showed a particularly strong performance with an almost 20% increase in sales.

But while the American market (31% of total turnover) is further confirming the signs of recovery first shown in 2012, the Group's turnover has been adversely affected by a contraction in sales in other markets. Sales dropped by 12% in Italy and by 13% in Europe as a whole, largely because of the severe difficulties of the Portuguese market (-24%) and declining sales in France, Germany and Holland. Sales in Asia, South America, Oceania and Africa also fell with respect to the first quarter of 2012, although major new orders and a commercial partnership with one of the leading players in the Brazilian ceramic industry will enable the Group to make up for the lost sales over the next few months.

Net sales revenues to 31 March 2013 totalled 66.7 million euro, 7% down on the corresponding period in 2012. Gross operating margin totalled 5.1 million euro, corresponding to 7.2% of the value of production (6.8 million euro to 31 March 2013). Net operating margin was 0.7 million euro (compared to 2.2 million euro to 31 March 2012).