Panaria Group reports growth in turnover

Panariagroup Industrie Ceramiche has closed the third quarter of 2011 with slight growth in revenues (+1.4%), substantially confirming the positive trend of the first 9 months (+2.4%). Net sales revenues to 30 September 2011 reached 220.3 million euro compared to 215.1 million euro in the same period the previous year (+5.2 million euro).

In the first 9 months of 2011, the Group showed good resilience in all its key markets. European markets accounted for around 41% of total turnover, a result that was substantially in line with 2010. The decline in Portugal was offset by was strong growth in German-speaking countries (Germany, Austria and Switzerland) and some Eastern European countries. The Italian market (29% of total revenues) saw 4% growth, a very positive figure compared to the sector-wide losses of 2.3%. In the USA (around 21% of total turnover), the Group reported more than 10% turnover growth in dollars, maintaining the trend established in the preceding quarters. This was a result of the strong performance both of the American subsidiary Florida Tile and of the Italian brands. The Group’s commercial policy gave excellent results in Asia, Oceania and Africa with 3.5 million euro turnover growth with respect to  2010 (+25%).

Operating margins suffered a slight fall due to rising energy prices and higher raw materials costs. EBIT amounted to 19.6 million euro (8.6% of the value of production) compared to the 21.9 million euro to 30 September 2010. EBITDA totalled 4.9 million euro (6.5 million euro in the same period in 2010). This resulted in consolidated net profits of 0.3 million euro. For the future the group is aiming to develop its turnover in new market areas and to maintain its strong competitive advantage gained through product innovation.