Panariagroup expands in all markets

Nov 20, 2006

20/11/06 - Panariagroup, the large ceramic group listed on the Milan stock market and controlled by the Mussini family, has reported growth during the first nine months of the current year with total turnover at 265.4 million euro, 47.3% on the same period the previous year.
A big contribution to this result came from the consolidation of Novagres and Florida Tile, acquired respectively in December and February, while 5% of the total increase is due to organic growth. Net profits have risen by 15% to almost 16 million euro.
As for profitability, gross operating margin is close to 39 million euro (22% up on 2005) and net operating margin at 25 million euro (15% up on 2005).

The group has reported strong results in all three of its key geographical areas. Sales in the Italian market have increased by 3.7% but now account for just 30% of total revenues following the two acquisitions in Portugal and USA.
The Group also performed strongly in European markets (which account for 39% of total turnover), with increases in sales in Portugal, France, Germany and Holland.
However, the highest growth was in the United States, which now makes up 25% of the Group’s turnover.
Turnover reached 67.9 million euro in the first nine months of 2006 compared to 17.6 million euro in the corresponding period last year.

Again in the United States, Panariagroup has decided to bring forward the rationalisation of the Florida Tile manufacturing facilities.
The Shannon factory will be shut down earlier than originally planned and the new glazed porcelain tile production line started up at the Lawrenceburg facility by June 2007.
This will allow output to be doubled and contribute to repositioning the product range.