Amberg, Germany – Sales at automotive interiors firm Grammer rose by 5.4% in 2017 compared with the prior year period, to EUR 1.79bn.
Grammer 2017 numbers hit by cost of take over fight
Hartmut Muller, Grammer ceo. Credit: Deutsche Borse
The company's earnings before interest and tax fell 9% to EUR 66.5 m because of 'extraordinary expenses and currency-translation influences. The extraordinary expenses were connected with an attempted change in ownership,' the firm said.
The Commercial Vehicles Division benefited from strong off-road and material handling segments and growing demand for truck seats. The recovery in Brazil helped the firm grow revenue in the division by 14% to EUR 540 m in 2017. Operating EBIT in the division increased by 33% to EUR 47.5 m.
The company's Automotive Division's growth returned to trend and revenue reached EUR 1.3 bn. Operating EBIT increased by 11% to EUR 45 m.
‘We achieved further substantial growth globally, while at the same time improving operations profitability significantly,’ said Hartmut Muller, Grammer’s CEO. ‘Looking forward, we will continue to pursue this course,’ he added. Grammer said economically 2018 'will remain challenging,' but expects to raise revenue to EUR 185 bn with profitability higher than 2017.
