Amberg, Germany -- Grammer AG – which manufactures auto interior components and commercial seating systems – reported a 4.2% increase in revenue during the first half of 2014 compared with the same period in 2013.
The first half of 2014 closed “on a successful note” with revenues reaching EUR669.6m ($894) – a 4% increase on the first half of 2013, the report said.
The company said its EBIT (earning before interest and tax) was EUR30.9m in the first half of the year – a rise of 2.5% on the first half of 2013, the report showed.
Grammer AG ceo Hartmut Muller said: “The fact that we were able to increase EBIT in the first half of the year testifies to our good global set-up and the high acceptance of our products in the market.
“With the successful completion of the optimisation and expansion projects in 2014, we are now creating the basis for more profitable and sustainable growth in the Grammer Group in the future,” he added.
The report highlighted the the growth which, it said, came “despite negative currency translation effects, which influenced revenue in the first half of the year by roughly EUR21m.”
The auto interior segment contributed a growth of 5.4% in revenues at EUR427.9m against EUR406.1m in half 1 2013.
The seating systems division, in which Grammer produces seating systems for trucks and trains as well as for agricultural and construction machinery, saw revenues rise by 2.8% to EUR253m compared to EUR246.1m in half 1 2013.
Overall, the company’s net profit rose 5.8% compared to the same period in 2013. As the first half of 2014 came to a close, revenue totalled EUR18.3m – a rise the company described as “disproportionate.”
The company projects an increase in revenue this year compared to 2013 with projections currently at EUR1.3bn, according to the report.
“Despite planned up-front costs of around EUR7 to EUR10m in 2014 as a whole, Grammer Group expects operating profit (EBIT) to match the previous year,” the report added.
Xe Currency conversion: 6 August, 2014