NEWS
Hubbard initiates relocation plans
H
ubbard Products has announced plans for its relocation into a new site in Ipswich, Suffolk. The relocation is planned for early 2021 into a ‘state-of-the-art’ 80,000 sqft manufacturing facility at Futura Park. The new development is designed to meet Daikin Global Production Standards as part of its ‘Fusion 2025’ plan for business expansion in the UK and Europe.
A breaking ground event took place on the 8 September 2020 with representatives from Hubbard Products, Ipswich Borough Council, developer AquiGen, design and build contractor Marbank Construction and New Anglia LEP.
Chief executive of Hubbard Products, Mr. Ilias Katsoulis commented: “We welcome the opportunities this exciting and innovative site will bring
LU-VE sees growth through diversification
L
L-r: Ilias Katsoulis and Paul Isaacs of AquiGen.
in creating the perfect environment for excellence in manufacturing, quality and improved efficiency. The development will generate new value for Hubbard’s ‘blue-chip’ customers as well as the local community, by providing advanced products and job opportunities for the next five years and beyond.”
U-VE’s financial report for the first six months of 2020 showed over 4% growth
despite restrictions imposed as a result of the global pandemic. In the first half-year of 2020 the Group achieved: Turnover of €194.8m, up by 4.3% EBITDA of €21.8m, up by 7.3% Net profit of €6m, up by 6.7%.
In June 2020 the net financial position was €126.2m, an improvement of 16.8% compared to June 2019, thanks to an adjusted net cash generation in the 12 months of €29.7m – up by 16.5% compared to the result in June 2019.
“The first half of 2020 ended with positive data,” said Iginio Liberali,
president of LU-VE Group. “I thank the women and men of LU-VE Group, who reacted promptly, with a sense of sacrifice and the ability to adapt, to ensure everyone’s health and production continuity. The good results of the first part of the year derive from our long-term growth strategy, based on geographic and product diversification, investments in R&D and targeted acquisitions. The future macroeconomic
scenario remains uncertain and it is difficult to predict. However, I am sure that the strength demonstrated by the managers and all the Group collaborators will enable us to pursue our objectives of medium and long-term growth in volumes and profitability.”
Petra
www.acr-news.com
October 2020 5
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