Panaria Group announces 2011 first half results

In spite of the persistent volatility of the world economy, Panariagroup has reported positive first half results including 4.2 million euro turnover growth (151.8 million euro compared to last year’s figure of 147.6 million euro).

The following are the key figure for the first half of the year:
•    Net consolidated earnings from sales and services of 151.8 million euro
•    Gross operating margin of 14.2 million euro
•    Net operating margin of 4.9 million euro
•    Consolidated results of period of 1 million euro.

Differences in turnover were observed between the Group’s different markets. The European market, accounting for around 41%, remained stable with respect to the first half of last year (+0.5%). The significant growth in Germany, Austria and France was entirely offset by downturns in Portugal and Greece due to these countries’ economic and financial difficulties. The Eastern European markets saw an increase of 10.7%, with especially strong growth in Romania and Russia.
The Italian market, which accounts for 30% of total revenues, saw a 3.3% increase in turnover compared to the first half of 2010. This contrasts with the sector-wide fall of 0.15% announced by Confindustria Ceramica.

The US market accounts for around 20% of turnover, with first-half sales confirming the growth trend of above 10% reported in 2010.
Overseas markets are beginning to show the positive results of development, with 15.1% growth over the first half of last year.