Parent company Ciech, a chemicals-based conglomerate, said that coronavirus-induced trade restrictions and the closing down of shopping centres and furniture stores in Poland and Europe led to a temporary reduction in demand for furniture and mattresses, and ultimately for the foam.
‘The most significant drop in sales was recorded in April,’ the company said. ‘May saw an improvement, June brought a significant improvement, and this month the sales of foams returned to pre-pandemic levels.'
Taking its business as a whole, Ciech said total sales were PLN1.5bn in the first half of 2020, down 14.71% on the same period last year. However, the company managed a 56.1% increase in adjusted EBITDA to PLN28.1m in the half.
Pianki is accounted for in Ciech's organic business. Here, sales fell by 15.0% between the first half of 2019 and the first half of 2020, to PLN136m. Adjusted EBITDA in the division fell by 14.5% to PLN4.7m in the first half of 2020.
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