Brussels – Recticel said that sales are likely to be EUR596m in the first half of 2021. This is an increase of 59.3% on 2020, and 31.4% on the EUR453.8m recorded in the first half of 2019.
Commenting in the trading statement, CEO Oliver Chapelle said: 'The positive sales tend observed during Q1 2021 continued in Q2, driven by very strong demand in insulation and solid demand in engineered foams.'
Chapelle: materials supplies are tight
He added that raw materials supply remains very tight, with MDI in particular being affected by planned maintenance and new force majeure incidents affecting primarily MDI. ‘It is hard to see when the situation will normalise,’ he said, adding that Rectiel is passing on costs.
The cost savings from the FoamPartner integration look likely to be EUR18m, not EUR14m as earlier predicted, and should start to be felt in 2023. FoamPartner sales added EUR71.9m to Recticel's sales in the first half of this year.
Recticel is pressing on with the disposal of its bedding division and non-binding offers are expected before the end of July 2021, Chapelle said.
