STEICO SE: Profitable growth continues
STEICO SE: Profitable growth continues
* Record revenues once again in Q3
Feldkirchen (Munich), 19 July 2016 - The STEICO Group (ISIN DE000A0LR9369) published its interim report for the third quarter of 2016 today.
KPI 9M 2016 9M 2015 Revenues EUR 157.1 million EUR 142.6 million Total operating revenue EUR 157.6 million EUR 139.7 million EBITDA EUR 26.1 million EUR 18.7 million EBITDA margin as a 16.6% 13.4% percentage of total operating revenue EBIT EUR 14.7 million EUR 9.4 million EBIT margin as a 9.3% 6.7% percentage of total operating revenue Net income for the period EUR 9.3 million EUR 6.9 million Equity ratio in % 47.9% 47.5% (30.09.16 / 30.06.16)
Revenues in the first nine months were up 10.2% year-on-year, from EUR 142.6 million to EUR 157.1 million.
Earnings also increased still further. EBITDA in the first nine months improved by 39.6% to EUR 26.1 million (previous year: EUR 18.7 million). 9-month EBIT totaled EUR 14.7 million, up by 56.4% (previous year: EUR 9.4 million). Net income for the period grew by 34.8% to EUR 9.3 million (previous year: EUR 6.9 million).
Growth in third quarter of 2016
The STEICO Group once again enjoyed a record-breaking quarter in Q3 with revenues of EUR 55.8 million (Q3 2015: EUR 50.1 million) lifting its revenues by 11.4%. Total operating revenue amounted to EUR 51.5 million (Q3 2015: EUR 48.4 million). Gross profits in Q3 totaled EUR 23.2 million (Q3 2015: EUR 20.8 million), up by 11.5%.
EBITDA in the third quarter was up by 19.4% to EUR 8.6 million (Q3 2015: EUR 7.2 million), and EBIT was up by 22.5% year-on-year to EUR 4.9 million (Q3 2015: EUR 4.0 million).
EBT amounted to EUR 4.7 million, up 17.5% year-on-year (Q3 2015: EUR 4.0 million). Net income for the period totaled EUR 3.3 million and was thus up by 6.5% compared to the previous year (Q3 2015: EUR 3.1 million).
STEICO is continuing to benefit from the continued high demand for ecological insulation materials and the positive growth in construction products such as I-joists and laminated veneer lumber.
Only the development on the UK market is slowing the pace of growth. Although the building industry and STEICO sales in the UK are robust, the pound has devalued substantially by around 20% since the start of the year as a result of the "Brexit" vote. As STEICO almost exclusively sells its goods in the UK in local currency, and thus bears the exchange rate risk, the weaker exchange rate is having an indirect impact on revenues and earnings. The UK accounts for around 15% of revenues and is the second largest single market for the STEICO group. Management is combating this development with increased exchange rate hedging.
As long as premature winter conditions do not hinder construction work, the board of directors is also forecasting growth to continue in the fourth quarter. The company's management is continuing to forecast revenue growth in the upper single-digit percentage range. In terms of EBIT, above average growth in the significant double-digit percentage range is forecast.
The company's management expects that the positive growth will also continue in the coming year. In addition to the positive effects from the in-house production of laminated veneer lumber, a series of new products, for example for facade and air injected insulation will also contribute to further growth.
A summary of the report can be downloaded from www.steico.com/ir.
Company profile STEICO develops, produces and markets ecological construction products made of renewable raw materials. STEICO is the global market leader for wood fiber insulation materials.
STEICO is positioned as a system provider for ecological residential construction and is the only manufacturer in the industry to offer an integrated wooden construction system in which insulation material and construction components supplement each other. These include flexible and stable wood fiber insulation panels, composite thermal insulation systems, insulation panels with a reinforcing effect, as well as cavity wall insulation made of wood fibers and cellulose. The construction elements comprise I-joists and laminated veneer lumber. In addition, the STEICO group also produces fiberboard and operates in the wood trade.
The Munich-based company's products are used in new construction and when renovating roofs, walls, ceilings, floors and facades. STEICO's products allow the construction of future-proof, healthy buildings with a particularly high quality of living and a healthy atmosphere. STEICO's products offer reliable protection against cold, heat and also noise, and they permanently improve the building's energy efficiency.
Contact: Andreas Schulze STEICO SE Otto-Lilienthal-Ring 30 85622 Feldkirchen Phone: +49-(0)89-99 15 51-48 Fax: +49-(0)89-99 15 51-98 E-mail: email@example.com www.steico.com
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Language: English Company: STEICO SE Otto-Lilienthal-Ring 30 85622 Feldkirchen Germany Phone: +49 - (0)89 - 99 15 51 - 0 Fax: +49 - (0)89 - 99 15 51 - 99 E-mail: firstname.lastname@example.org Internet: http://www.steico.com ISIN: DE000A0LR936 WKN: A0LR93 Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich (m:access), Stuttgart, Tradegate Exchange; Open Market (Entry Standard) in Frankfurt End of News DGAP News Service