Warsaw – Ciech, a conglomerate listed on the Polish stock exchange that owns foamer Pianki, generated sales of PLN861.1m ($236m) in the first quarter of 2021. This is up 8.9% on the same period last year. Adjusted EBITDA across the business rose 58.5%, reaching PLN221.9m in the first quarter of 2021.
Q1 sales on the up at Ciech
Ciech restructured its reporting structure in the first quarter of 2021, making good on a promise in November last year. The company has split its business into a number of smaller business units. These include one containing Pianki, the foam manufacturer based in Bydgoszcz.
In the company's foams business, sales rose by 57.4% between the first quarter of 2020 and the first quarter of 2021, at PLN102.6m. This compares with PLN65.2m in the equivalent period in 2020.
Adjusted EBITDA in the division rose 133% to PLN18.9m in the first quarter of 2021, compared with PLN8m in the equivalent period in 2020.
The company said that the availability of raw materials was a problem in the first quarter of this year as it was in the first quarter of 2020. This led to price increases of about 20% in the first quarter, it said.
Like the furniture sector, the business was resilient, and benefitted from the lifting of coronavirus restrictions in the UK during the quarter. Furniture makers had to accept higher prices for the business unit's foam, and the segment performed better than management initially expected, Ciech said.
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