Amburg, Germany — Automotive interior company Grammer saw group sales rise 5% in the first half of 2017 to EUR 908 m compared to EUR 860 m in the 2016 period.
Grammer sees sales, earning growth in H1 2017
Hartmut Muller, Grammer ceo. Credit: Deutsche Borse
Growth in the automotive segment and console business contributed significantly to the development, the company said in its half-year report. This builds on Grammer's sales growth in its first quarter.
Despite weakness in the Brazilian truck market, the commercial vehicle segment posted a good result in sales, the company added.
Looking regionally, Grammer said it continued to grow in almost all markets. Its European revenue at EUR 625.7 m was stable. In the Americas sales grew by 27.1% to EUR 147.8 m compared to EUR 116.3 m in the first half of 2016. In the Asia-Pacific region, Grammer said it posted growth of 15.7% to EUR 134.5 m compared to EUR 116.2 m in the first half of 2016.
The company added it had seen a significant improvement in profitability at the earnings before interest and taxation level. This rose by 23.2% to EUR 44 m across the group for the first half of 2017. This compares with EUR 35.7 m for the first half of 2016. Operating margin increased from 4.1% in the first half of 2016 to 4.8% in the 2017 half.
‘We have [had] a lot of work-intensive months with great challenges, which we have mastered,’ said Hartmut Muller, CEO. Grammer’s board spent some time fighting off an attempt by a Cascade International to gain control the company and despite this, ‘we have been able to significantly improve performance in our operating business. The success of which is reflected in the operating results of the first half of the year,’ he said.
