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Simona’s pipes and fitting division performed well in the first half of the year
Simona boosts sales as profits decline by 3%
Simona of Germany has posted increased first-half sales – though profitability dipped slightly. The company says that
sales grew by 11% to exceed €227 million (US$247m) in the first six months of the year. This was fuelled by a solid perfor- mance in the USA and a healthy pipes and fittings business in Europe – though revenue remained stagnant in Asia. Overall, the USA account- ed for almost one-third of revenue for the period, with sales of nearly €70m (US$76m). Sales in Europe rose more than 2% to €142m (US$154m). Sales in Asia declined slightly, to just over €15m (US$16m). The pipes and fittings division increased revenue by nearly 17%, to more than €46m (US$50m). Operating profit, in the form of EBIT (earnings
www.pipeandprofile.com
before interest and taxes), was just over €18m (US$20m) – a dip of around 3% compared with the corresponding period in 2018. “The substantial contribu- tion made by our US business stands in contrast to a downturn in earnings in our semi-finished products business in Europe,” said Wolfgang Moyses, CEO of Simona. “We are highly satisfied with profitability levels in the pipes and fittings division.” The outlook for the second half of the year is dampened by a deteriora- tion in economic conditions, said the company – though it still expects to meet its guidance target of €435- 450m (US$473-489m) in annual group revenue. It added that its projected EBIT margin of 6-8% was “ambitious but achievable”. �
www.simona.de
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