Amberg, Germany – Auto interior and commercial seating manufacturer The Grammer Group reported revenues over EUR860 m in H1 2016, a 21% rise on H1 2015 revenue.
The domestic EMEA (European, Middle Eastern and African) market was the fastest-growing with revenues of EUR628 m, an increase of 30% on H1 2015. The report credited the “successful integration of the Reum Group and good performance in core European markets” for the rise.
The firm’s H1 2016 operating EBIT (earnings before interest and taxes) of EUR35.8 m was double that of H1 2015, the report said. This was partly attributable to an “efficient implementation of cost and process optimisation measures,” it added.
Group EBIT rose to EUR36.4 m, almost 50% higher than H1 2015. H1 2016 net profit – at EUR21.3 m - increased by almost 60% compared to H1 2015, the report said.
Asia-Pacific H1 2016 revenue of EUR116.2 m reflected a 13% hike on H1 2015 - “despite muted economic conditions in China and Japan,” the report said.
H1 2016 revenue in the Americas was EUR116.3 m compared to EUR 125.7 m in H1 2015. The report blamed “persistently difficult market conditions in Brazil” for the drop.
Grammer AG ceo Hartmut Muller said the firm’s revenue and profit results showed “an encouragingly strong increase… despite the still challenging conditions in some core markets.”
The report said the automotive division remained “the main revenue driver in the half”. Its revenue reached EUR635 m in H1 2016, a growth of 28% on H1 2015.
The firm’s seating systems revenue increased to EUR250.5 m, a 7.5% hike on revenues of EUR233.1 m in H1 2015. This was despite “persistent weakness of the Brazilian market.”
Higher revenue in Europe more than compensated the contraction in Brazilian business, the report added. Grammer’s seating division H1 2016 EBIT was EUR20 m, 25% higher than H1 2015.