Granitifiandre reports increase in turnover.

Nov 12, 2004

12/11/04 – Granitifiandre, an Iris Group company listed in the Star segment of the Italian stock market, continues to report turnover growth.

In the first nine months of the year the Castellarano-based company led by Graziano Verdi reported a turnover of 120.8 million euro, 10.6% up on the same period in 2003 (12.1% up at constant exchange rates).
In the third quarter alone, turnover reached 41.3 million euro, 13.4% up on the same period last year.

Profitability remains high. In the first nine months of the year, Ebitda totalled 21.9 million euro (compared to 24.4 million euro in 2003), 18.1% of turnover, and pre-tax profits of 12.9 million euro (against 18.8 million euro in 2003).

The Group’s profit margin during the first nine months of the year has however been adversely affected by the unfavourable euro/dollar exchange rate and the start-up of the Porcelaingres factory in Germany.

The Group has reported growth in all the main European markets. France, Spain, and UK and Eire have shown increases of 26%, 108% and 60% respectively.
The Group has also performed very well in Poland, Holland, Hungary, Belgium, Romania and Russia, with growth levels everywhere higher than 50%. The increase in Germany was 60%.

In the United States, Granitifiandre is completing the work of installing and connecting up the machinery in its new factory, which is due to begin operation in March 2005. All products manufactured at the new factory will be marketed under the “StonePeak” brand name.