Brussels – Recticel's sales increased 1.7% to EUR1.2bn ($1.3bn) during 2014 compared to 2013, according to its annual report.
Flexible foam sales increased by 1.6% to EUR593m over the full year 2014 compared to 2013. In Q4 2014, sales reached EUR148.8m – a 1.5% hike on Q4 2013.
According to Recticel, its latter half year results were severely impacted by “the sudden surge in polyols prices” during Q4, 2014, as well as operational issues that arose in the final quarter of 2014.
The company’s seating segment reported sales of EUR144.3m during 2014, a hike of 5.5% on 2013.
In the fourth quarter however, sales reflected poorly on Q4 2013 with the company’s sales turnover decreasing by 1.7% to EUR63.6m.
Despite the poor Q4 performance, the segment’s EBITDA (earnings before interest, tax, depreciation and amortisation) rose by almost 20% to reach EUR12.5m for the full year.
In bedding, there was a “slight” increase in sales over 2014 with the overall revenue reported at EUR261m. In Q4 2014, sales increased by 4.3% to reach EUR73.5m, the report said.
Bedding’s EBITDA was negatively impacted by EUR10.6m due to the combination of a fine of EUR8.2m in respect of the settlement of the German Federal Cartel Office investigation, as reported at utech-polyurethane.com, and by restructuring charges in Switzerland.
In insulation, the company reported sales of EUR56.4m in Q4, 2014 – 6.7% higher than Q4 2013. For 2014, sales rose 3.2% to EUR227m but EBITDA decreased 1.8% to EUR27.1m for 2014.
The report said: “The structural demand for high performing polyurethane building insulation products is expected to continue to grow on the long term as a result of stricter insulation standards and regulations such as the European Energy Performance of Buildings Directive (EPBD) (Directive 2010/31/EU) which will be progressively adopted by the EU member states), higher energy prices and ever growing awareness of the need for more and better insulation.”
XE Currency conversion: 2 March, 2015