GranitiFiandre reports positive first-half results

A limited fall in volumes, positive profit margins, a strong improvement in financial position and a significant increase in revenues and margins in the second quarter against the first quarter of the year were the essential 2009 first half results of GranitiFiandre, a company belonging to the Iris Group and listed on the Milan stock exchange.
Consolidated revenues as of 30 June 2009 amounted to 95.2 million euro, 6.5% down on the 101.9 million euro of the first half of 2008 but substantially in line with management forecasts and significantly ahead of the ceramic sector in general.
The results achieved in non-European markets were particularly significant with turnover from brand materials up by 13.7% to more than 31.7 million euro. In the United States, in spite of the sharp market contraction, efforts in promoting the StonePeak brand amongst large clients contributed significantly to the 20.5% growth in consolidated turnover. StonePeak Ceramics has won a major contract for 2010 from the world’s largest large retail chain and will supply around 400,000 square metres of floor and wall tiles for both new and renovated stores in North America in an order worth more than USD 12 million.

Although GranitiFiandre’s profit margins are falling, they nonetheless remain positive with EBITDA at 11.4 million euro, 27.9% down on the 15.8 million euro of the first half of 2008; EBIT at 4.9 million euro (down 48.2%); profits before taxes and minority share at 4 million euro compared to 7.5 million euro in the first half of 2008.
The net result from continuing operations amounts to 1.9 million euro (compared to 4.1 million euro in the first half of 2008). Although the deconsolidation of the Hydrodesign Group had a 1.5 million euro negative impact, the Group reported a net profit of 549,000 euro.