Baar, Switzerland - Forbo Group, a manufacturer of floor coverings and construction adhesives, including those made from polyurethane, has reported net sales of CHF 592.5m ($644m) in the first half of 2013, a decline of 1.8% from the first half of 2012.
The half year operating profit (EBIT) fell by 2.4% year-on-year to CHF 56.9 million, while the operating margin was 9.6%, down from 9.7% in 2012, remaining "more or less the same healthy level," Forbo said.
In a message to its shareholders, Forbo noted that market conditions were "very challenging" in the first half of 2013, and that the economic environment, especially cost-cutting measures in the public sector and softness in many of the company's important markets, demanded "great flexibility". It added that it was partially able to offset these challenges by targeting new market segments outside the public sector, and by "expanding existing sales channels".
Forbo, which has its headquarters in Baar, Switzerland, said it expects largely unchanged economic conditions for the remaining months of 2013. The company said it is well positioned, and will continue to improve its operational performance and to provide quality products to its customers.