Verdi hands over Granitifiandre in an excellent state of health

Graziano Verdi, managing director of Iris Group member company Granitifiandre for more than 20 years and architect of the company's growth and success, tendered his resignation at the last board meeting. He will take over as head of Technogym, an international leader in the wellness sector.

Granitifiandre made large-scale investments during the first nine months of the year as part of the approximately 12 million euro earmarked for investment in 2008-2009. This covers the production of large-format tiles (150 cm x 75 cm) of adequate thickness for use as floor and wall coverings in architectural applications. These investments will allow for significant industrial margins.

Consolidated turnover in the first nine months of 2008 amounted to 164.5 million euro (compared to 176.1 million euro in the same period in 2007). The quarter from July to September brought revenues of 54.1 million euro, substantially in line with those of the previous year. Brand sales in Europe performed well (up 7.5% in the first 9 months and up 20.8% in the third quarter) due to the consolidation of positions in Western Europe and continuous development in Eastern Europe. The group reported growth in Russia (+59.2%), Germany (+7.9%) and France (+5.3%) as well as in Belgium, Austria, Sweden, Romania, Poland and the countries of the former Yugoslavia.

Gross operating results (EBITDA) for the first 9 months amounted to 23.1 million euro (compared to 32.4 million euro in the corresponding period in 2007). EBIT totalled 12.5 million euro (compared to 21.1 million euro in 2007).

The Group enjoys a very strong financial situation, which at 20 September 2008, net of investments, payout of dividends to shareholders and tax deductions, was unchanged compared to 21 December 2007 at minus 46.4 million euro.

Prestigious contracts recently secured in the USA (USD 12.3 million) and in Portugal for the floor covering of Lisbon airport (1.8 million euro) give the company an optimistic outlook for the future and stand it in good stead to address the current economic situation.