PanariaGroup reports growth in Group margins

PanariaGroup has posted satisfactory results in the third quarter of 2010, including a sharp improvement in both operating margins and financial position compared to the previous year. Net sales revenues totalled 215.1 million euro, up 0.4% from the 214.2 million euro reported to 30 September 2009.
The Group has reported divergent performances in its three main markets, Italy, Europe and the USA.
In Europe (around 42% of total turnover), overall investments remain stagnant in spite of timid signs of recovery. Western European markets have seen a 5.5 million euro fall in turnover, while Eastern Europe has maintained the growth rate of previous months (+0.9 million euro). These opposing trends have resulted in an overall contraction of the European market of around 4.6 million euro (-4.7%). The Italian market, which accounts for 29% of total revenues, has also reported a contraction compared to the first nine months of 2009 (-5.2%).
In the United States (22% of total turnover), the Group is reaping the first fruits of its large-scale investment programme, including a substantial (7 million euro) increase in turnover and 16.8% growth over the previous year.
Profit margins have also grown. EBITDA has risen to 21.9 million euro (up 6 million euro on the first nine months of 2009), while net operating margin has totalled 6.5 million euro (compared to 0.4 million euro to 30 September 2009), a net growth of around 6.1 million euro.
The consolidated net profit of 2.1 million euro for the period marks a significant improvement over the 5.3 million euro loss reported in 2009.