Panariagroup reports two-phase performance in 2009

Panariagroup’s 2009 performance was inevitably affected by the contraction of the ceramic sector, which saw a significant fall in European markets, slight growth in emerging countries and a further if smaller downturn with respect to the previous year in the American market. However, Panariagroup’s negative values were almost all concentrated in the first six months of 2009, while encouraging signs of recovery emerged in the second half of the year.
Whereas net sales revenues dropped from 328.3 million euro in 2008 to 284.5 million euro to 31 December 2009, the decline in the last quarter of the year was just 6.3% compared to the average fall of 15.4% during the first 9 months of the year.
Gross operating margin totalled 21.109 million euro (compared to 35.902 million euro in 2008). This decrease is partly attributable to the substantial strategic investments made by the group, including the conversion of the Fiorano Modenese facility for the innovative production line for large-format and low-thickness (3 mm) porcelain tile laminate sheets.