Amberg, Germany – Grammer increased sales in the first half of 2015 by 6.6% to EUR 710m ($780) compared to the same period in 2014 but sees a tough year ahead, the firm said.
This was despite weakness in key markets for the Group Seating Systems division, such as in construction trucks, buses, trains and agricultural machinery, especially in the second quarter of the year.
The Chinese market for trucks and construction machinery fell by 30% in the first six months of 2015 compared with the same period in 2014. There was similar fall in registrations of agricultural machinery which led to drop in demand for suspended seats.
These losses were compensated for partly by positive business developments in the automotive sector and cost-cutting.
Earnings before interest and tax (EBIT) in the first half of 2015 were EUR 24.6m, compared with EUR 30.9m in the first 2014 half, said Grammer. The firm added that it now thinks EBIT for the year will be around EUR 42m, down by around EUR 15m compared to the 2014 total. The company expects that overall sales will be around EUR 1.4bn.
XE Currency conversion: 31 July 2015 EUR 1= $1.097
