Ricchetti Group maintains results of first 9 months of 2006

In the first nine months of 2007 the Ricchetti Group has reported a performance substantially in line with the corresponding period last year.

The Group's consolidated turnover amounted to 207.8 million euro (compared to 208.5 million euro to September 2006), while volumes fell by 5.2%. The decrease in volume terms was mainly due to the fall in sales in the North American and European markets by Italian subsidiary Biztiles Italia Spa and Danish subsidiary Evers As.

The results of consolidated operating margins were very positive. EBITDA amounted to 21.3 million euro compared to the 17.7 million euro in the corresponding period in 2006, while EBIT reached 12.1 million euro, 5.6% up on the same period last year.

The positive effect of the EBIT index is due both to the higher management results achieved by the Portuguese subsidiary Cinca SA and the reduction in personnel cost on the part of the parent company.

The consolidated net result was about 3.4 million euro, an improvement compared to the approximately 2.2 million euro the same period last year.

The factory in Finale Emilia (MO) is due to close by the end of the year. (JF)